1934 U.S. Federal Reserve Notes // Complete Set of 5 Denominations // $5, $10, $20, $50, & $100 // Circulated

Federal Reserve Notes (FRNs) are the only form of banknotes currently produced in the United States. This type of currency was introduced in 1914, originally in a large-size format, before being reduced to the modern-day size in 1929 as a cost-cutting measure. Offered here is a complete 5-note set of all denominations issued in the 1934 Federal Reserve Note series, which were the first FRNs to employ the green Treasury seal that is now standard on all notes produced today.

FRNs were first authorized by Section 16 of the Federal Reserve Act of 1913 and are issued to the Federal Reserve Banks at the discretion of the Board of Governors of the Federal Reserve System. FRNs are legal tender and bear the obligation "this note is legal tender for all debts, public and private" printed on each note. They replaced United States Notes, which were once issued by the Treasury Department. FRNs are backed by the assets of the Federal Reserve Banks, which serve as collateral under Section 16. These assets are generally Treasury securities which have been purchased by the Federal Reserve through its Federal Open Market Committee in a process called debt monetizing.

Series 1914 FRNs were the first of two large-size issues. Denominations were $5, $10, $20, $50, and $100, printed initially with a red seal and then later with a blue seal. Series 1918 notes were issued in $500, $1,000, $5,000, and $10,000 denominations. The 1914 and 1918 series notes measured approximately 7.4" x 3.1". Notes of this era were often referred to as “horse blankets” due to their large size. As a cost-cutting measure, the size of FRNs was reduced in 1929 to the present-day smaller dimensions.