1918 $1 Federal Reserve Kansas City

Description

Federal Reserve Bank Notes were U.S. legal tender issued between 1915 and 1934 alongside other forms of currency like Silver Certificates and Federal Reserve Notes. Authorized by the Federal Reserve Act of 1913, these notes were backed by individual Federal Reserve Banks rather than the system as a whole. Intended to replace National Bank Notes, they instead coexisted with them, using a similar bond-backed system but issued by Federal Reserve Banks.

Large-size notes were first issued in 1915 in $5, $10, and $20 denominations, with $1, $2, and $50 added in 1918 as temporary replacements for Silver Certificates under the Pittman Act. In 1933, small-size Federal Reserve Bank Notes were printed as an emergency measure during the banking crisis, using the same paper as 1929 National Bank Notes. Issued in $5 to $100 denominations, they featured brown seals and serial numbers but were distinct from National Bank Notes despite similar designs. Discontinued in 1934, they were no longer available from banks after 1945.