A
Federal Reserve Note (
FRNs or
ferns, commonly referred to as
U.S.The United States of America is a federal constitutional republic comprising fifty states and a federal district...
paper money, or
bills, and not to be confused with "
Federal Reserve Bank NoteFederal Reserve bank notes were United States currency banknotes issued by individual Federal Reserve Banks. They were based upon the earlier National Bank Notes...
") is a type of
banknoteA banknote is a kind of negotiable instrument, a promissory note made by a bank payable to the bearer on demand, used as money, and in many jurisdictions is legal tender. Along with coins, banknotes make up the cash or bearer forms of all modern money...
issued by the
Federal Reserve SystemThe Federal Reserve System is the central banking system of the United States. It was created in 1913 by the enactment of the Federal Reserve Act, largely as a response to a series of financial panics or bank runs, particularly a severe panic in 1907...
and is the only type of U.S. banknote that is still produced today.
Federal Reserve Notes are
fiat currencyFiat money is money declared by a government to be legal tender. The term derives from the Latin fiat, meaning "let it be done". Fiat money achieves value because a government demands it in payment of taxes and says it should be used within the country as a "tender" to pay all debts...
, with the words
"this note is legal tenderLegal tender or forced tender is an offered payment that, by law, cannot be refused in settlement of a debt, and have the debt remain in force....
for all debts, public and private" printed on each bill. (See generally .) They are issued by the
Federal Reserve BanksThe Federal Reserve System is the central banking system of the United States. It was created in 1913 by the enactment of the Federal Reserve Act, largely as a response to a series of financial panics or bank runs, particularly a severe panic in 1907...
and have replaced
United States NoteA United States Note, also known as a Legal Tender Note, is a type of United States paper money that was issued from 1862 to 1971. Having been current for over 100 years, they were issued for longer than any other form of United States paper money. They were known popularly as "greenbacks" in...
s, which were once issued by the
Treasury DepartmentThe Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue...
.
The paper on which the Federal Reserve Notes are printed is made by Crane & Co. of
Dalton, MassachusettsDalton is a town in Berkshire County, Massachusetts, United States. Dalton is the transition town between the urban and rural pieces of Berkshire County, Massachusetts. It is part of the Pittsfield, Massachusetts Metropolitan Statistical Area. The population was 6,892 at the 2000 census.- History...
.
History
The first institution with responsibilities of a central bank in the U.S. was the
First Bank of the United StatesThe First Bank of the United States was a bank chartered by the United States Congress on February 25, 1791. The charter was for 20 years. The Bank was created to handle the financial needs and requirements of the central government of the newly formed United States, which had previously been...
, chartered in 1791 by
Alexander HamiltonAlexander Hamilton was the first United States Secretary of the Treasury, a Founding Father, economist, and political philosopher...
. Its charter was not renewed in 1811. In 1816, the
Second Bank of the United StatesThe Second Bank of the United States was chartered in 1816, five years after the First Bank of the United States lost its own charter. The Second Bank of the United States was initially headquartered in Carpenters' Hall, Philadelphia, the same as the First Bank, and had branches throughout the...
was chartered; its charter was not renewed in 1836, after it became the object of a major attack by president
Andrew JacksonAndrew Jackson was the seventh President of the United States . He was military governor of Florida , commander of the American forces at the Battle of New Orleans , and eponym of the era of Jacksonian democracy...
. From 1837 to 1862, in the Free Banking Era there was no formal central bank. From 1862 to 1913, a system of national banks was instituted by the 1863
National Banking ActNational Bank Act was a United States federal law that established a system of national charters for banks. It encouraged development of a national currency based on bank holdings of U.S. Treasury securities. It also established the Office of the Comptroller of the Currency as part of the...
. A series of bank panics, in 1873, 1893, and 1907 provided strong demand for the creation of a centralized banking system. The first printed notes were Series 1914.
Value
The authority of the Federal Reserve Banks to issue notes comes from the
Federal Reserve ActThe Federal Reserve Act is the act of Congress that created the Federal Reserve System, the central banking system of the United States of America, which was signed into law by President Woodrow Wilson.-Background:...
of 1913. Legally, they are liabilities of the Federal Reserve Banks and obligations of the United States government. Although not issued by the Treasury Department, Federal Reserve Notes carry the (engraved) signature of the
Treasurer of the United StatesThe Treasurer of the United States is an official in the United States Department of the Treasury that was originally charged with the receipt and custody of government funds, though many of these functions have been taken over by different bureaus of the Department of the Treasury...
and the
United States Secretary of the TreasuryThe United States Secretary of the Treasury is the head of the United States Department of the Treasury, concerned with finance and monetary matters, and, until 2003, some issues of national security and defense. This position in the Federal Government of the United States is analogous to the...
.
Federal Reserve Notes are fiat currency, which means that the government is not obligated to give the holder of a note
goldGold is a chemical element with the symbol Au and an atomic number of 79. It has been a highly sought-after precious metal for coinage, jewelry, and other arts since the beginning of recorded history. The metal occurs as nuggets or grains in rocks, in veins and in alluvial deposits. Gold is...
,
silverSilver is a chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...
, or any specific
tangible commodityCommodity money is money whose value comes from a commodity out of which it is made. It is objects that have value in themselves as well as for use as money....
in exchange for the note. Before 1964, some notes were "backed" by silver and before 1933, by gold: that is, the law provided that holders of Federal Reserve notes could exchange them on demand for a fixed amount of metal (although from 1934–1971, only
foreign holders of the notes could exchange the notes for gold on demand). Since 1964 (see
Silver CertificateSilver Certificates are a type of representative money printed from 1878 to 1964 in the United States as part of its circulation of paper currency. They were produced in response to silver agitation by citizens who were angered by the Fourth Coinage Act, which had effectively placed the United...
), Federal Reserve Notes have not been backed by any single specific asset, but are backed by all assets held in collateral by the Federal Reserve, and by the power of the government to collect assets in taxes. While states that "Federal Reserve Notes. . . shall be redeemed in lawful money on demand" this means U.S. coins. Thus today the notes are backed only by the "full faith and credit of the U.S. government"—the government's ability to levy
taxTo tax is to impose a financial charge or other levy upon a taxpayer by a state or the functional equivalent of a state such that failure to pay is punishable by law.Taxes are also imposed by many subnational entities...
es to pay its debts. In another sense, because the notes are legal tender, they are "backed" by all the goods and services in the U.S. economy; they have
valueThe economic value of a good or service has puzzled economists since the beginning of the discipline. First, economists tried to estimate the value of a good to an individual alone, and extend that definition to goods which can be exchanged...
because the public may exchange them for valued goods and services in the U.S. economy.
Production and distribution
Federal Reserve Notes are printed by the
Bureau of Engraving and PrintingThe Bureau of Engraving and Printing is a government agency within the United States Department of the Treasury that designs and produces a variety of security products for the United States Government, most notable of which is paper currency for the Federal Reserve. In addition to paper...
(BEP), a bureau of the Department of the Treasury. The Federal Reserve Banks pay the BEP not only the cost of printing the notes (about 4¢ a note), but to circulate the note as new currency rather than merely replacing worn notes, they must pledge collateral for the face value, primarily in Federal securities.
The Federal Reserve shreds 7,000 tons of worn out currency each year. Federal Reserve notes, on average, remain in circulation for the following periods of time:
| $1 |
21 months |
| $5 |
16 months |
| $10 |
18 months |
| $20 |
24 months |
| $50 |
55 months |
| $100 |
89 months |
The
Federal ReserveThe United States Federal Reserve System consists of twelve Federal Reserve Banks, each responsible for a particular district, and some with branches.-Brief history:...
does not publish an average life span for the $2 bill. This is likely due to the fact that it is treated as a collector's item by the general public, and therefore is not subjected to normal circulation.
In contrast, the Federal Reserve pays the
United States MintThe United States Mint primarily produces circulating coinage for the United States to conduct its trade and commerce. The main Mint facility is located in Washington, D.C., and branch facilities are located in Philadelphia, Pennsylvania; Denver, Colorado; San Francisco, California; and West...
—another Treasury bureau—face value for
coinA coin is a piece of hard material, usually metal or a metallic material and sometimes made of synthetic materials, usually in the shape of a disc, and most often issued by a government. Coins are used as a form of money in transactions of various kinds, from the everyday circulation coins to the...
s, as coins are direct obligations of the Treasury.
A
commercialCommerce is a division of trade or production which deals with the exchange of goods and services from producer to final consumer. It comprises the trading of something of economic value such as goods, services, information, or money between two or more entities...
bank that maintains a reserve account with the Federal Reserve can obtain notes from the Federal Reserve Bank in its district whenever it wishes. The bank must pay for the notes in full, dollar for dollar, by debiting (drawing down) its reserve account. Smaller banks without a reserve account at the Federal Reserve can maintain their reserve accounts at larger "correspondent banks" which themselves maintain reserve accounts with the Federal Reserve.
Nicknames
U.S. paper currency has had many nicknames and slang terms. The notes themselves are generally referred to as
bills (as in "
five-dollar billThe United States five-dollar bill is a denomination of United States currency. The $5 bill currently features U.S. President Abraham Lincoln's portrait on the front and the Lincoln Memorial on the back. All $5 bills issued today are Federal Reserve Notes.The $5 bill is sometimes nicknamed a "fin"...
") and any combination of U.S. notes as
bucks (as in "fifty bucks").
- See tables below for nicknames for individual denomination
- Greenbacks, any amount in any denomination of Federal Reserve Note (from the green ink used on the back). The Demand Note
A Demand Note is a type of United States paper money that was issued between August 1861 and April 1862 during the American Civil War in denominations of 5, 10, and 20 dollars...
s issued in 1861 had green-inked backs, and the Federal Reserve Note of 1914 copied this pattern.
- Dead presidents, any amount in any denomination of Federal Reserve Note (from the portrait of a U.S. president on most denominations)
- fin or finif (from the Yiddish word for five) is a slang term for a five-dollar bill
- sawbuck
A sawbuck is a device for holding rough wood so that it may be sawn into pieces of length usable in a stove or fireplace. Easily made in the field from rough material, it consists of two "X" forms, one at each end, which are stabilized by a central piece...
is a slang term for a ten-dollar bill, from the image of the roman numeral X
- double sawbuck is slang term for a twenty-dollar bill, from the image of the roman numeral XX
- One hundred dollar bills are sometimes called "Benjamins" (in reference to their portrait of Benjamin Franklin
Benjamin Franklin was one of the Founding Fathers of the United States of America. A noted polymath, Franklin was a leading author and printer, satirist, political theorist, politician, scientist, inventor, civic activist, statesman, soldier, and diplomat...
) or C-Notes (the letter "C" is the Roman Numeral 100).
- One thousand dollars ($1000) can be referenced as "Large", "K" (short for "kilo"), "Grand" or "Stack", and as a "G" (short for "grand").
- The popularity of the Saturday Night Live
Saturday Night Live is a weekly late-night sketch comedy and variety show filmed in New York City. It made its debut on October 11, 1975, under a slightly different title. The show features a regular cast of comedy actors, joined by a guest host and musical act...
skit Lazy Sunday"Lazy Sunday", the second SNL Digital Short, aired on the December 17, 2005 episode of Saturday Night Live. It features cast members Chris Parnell, an eight-year veteran of SNL, and Andy Samberg a first-year featured player with little previous screen time...
has led to $10 notes sometimes being referred to as "Hamiltons".
- In Raymond Chandler
Raymond Thornton Chandler was an Anglo-American novelist and screenwriter who had an immense stylistic influence upon the modern private detective story, especially in the style of the writing and the attitudes now characteristic of the genre...
's novel, The Long GoodbyeThe Long Good-bye is a 1953 novel by Raymond Chandler, centered on his famous detective Philip Marlowe. While some consider it not on the level of The Big Sleep or Farewell, My Lovely, others rank it as the best of his work. It is notable for using hard-boiled detective fiction as a vehicle for...
, the protagonist Marlowe refers to a five thousand dollar bill as "a portrait of Madison," due to the president portrayed on the bill being James MadisonJames Madison was an American politician and political philosopher who served as the fourth President of the United States , and was one of the Founding Fathers of the United States....
.
Many more slang terms refer to money in general (moolah, gwop (George Washington on Paper), paper, cash, bread, loot, dinero, cheese, cake, stacks, greenmail, jack, cabbage, pie, cutter, cheddar etc.).
Security
Despite the relatively late addition of color and other anti-counterfeiting features to U.S. currency, critics hold that it is still a straightforward matter to counterfeit these bills. They point out that the ability to reproduce color images is well within the capabilities of modern color
printersIn computing, a printer is a peripheral which produces a hard copy of documents stored in electronic form, usually on physical print media such as paper or transparencies. Many printers are primarily used as local peripherals, and are attached by a printer cable or, in most newer printers, a USB...
, most of which are affordable to many consumers. These critics suggest that the Federal Reserve should incorporate
holographicHolography is a technique that allows the light scattered from an object to be recorded and later reconstructed so that it appears as if the object is in the same position relative to the recording medium as it was when recorded...
features, as are used in most other major currencies, such as the
pound sterlingThe pound sterling , often simply called the pound, is the currency of the United Kingdom, its Crown dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands and British Antarctic Territory...
,
Canadian dollarThe Canadian dollar is the currency of Canada. It is normally abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents...
and
euro banknotesEuro banknotes are the banknotes of the euro, the currency of the eurozone . They have been in circulation since 2002 and are issued by the European Central Bank , each bearing the signature of the President of the European Central Bank...
, which are more difficult and expensive to forge. Another robust technology, the
polymer banknotePolymer banknotes were developed by the Reserve Bank of Australia , Commonwealth Scientific and Industrial Research Organisation and The University of Melbourne and were first issued as currency in Australia in 1988. These banknotes are made from the polymer biaxially-oriented polypropylene ...
, has been developed for the
Australian dollarThe Australian dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu...
and adopted for the
New Zealand dollarThe New Zealand dollar is the currency of New Zealand. It also circulates in the Cook Islands , Niue, Tokelau, and the Pitcairn Islands. It is divided into 100 cents....
,
Romanian leuThe leu is the currency of Romania. It is subdivided into 100 bani . The name of the currency means "lion". On 1 July 2005, Romania underwent a currency reform, switching from the previous leu to a new leu . 1 RON is equal to 10,000 ROL...
,
Thai bahtThe baht is the currency of Thailand. It is subdivided into 100 satang . The issuance of currency is the responsibility of the Bank of Thailand.-History:...
, Papua New Guinea kina and other circulating, as well as commemorative, banknotes of a number of other countries. Polymer banknotes are a deterrent to the counterfeiter, as they are much more difficult and time consuming to reproduce. They are said to be more secure, cleaner and more durable than paper notes. Furthermore, recent redesigns of the $5, $10, $20, and $50 notes have added
EURion constellationThe EURion constellation is a pattern of symbols found on a number of banknote designs since about 1996. It is added to help software detect the presence of a banknote in a digital image...
s which can be used by scanning software to recognize banknotes and prohibit scanning them.
However, U.S. currency may not be as vulnerable as it is said to be. Two of the most critical anti-counterfeiting features of U.S. currency are the paper and the ink. The exact composition of the paper is confidential, as is the formula for the ink. The ink and paper combine to create a distinct texture, particularly as the currency is circulated. The paper and the ink alone have no effect on the value of the dollar until post print. These characteristics can be hard to duplicate without the proper equipment and materials.
The differing sizes of other nations' banknotes are a security feature that eliminates one form of counterfeiting to which U.S. currency is prone: Counterfeiters can simply bleach the ink off a low-denomination note, typically a single dollar, and reprint it as a higher-value note, such as a $100 bill. To counter this, the U.S. government has included in all $5 and higher denominated notes of 1990 series and later a vertical laminate strip imprinted with denominational information, which under ultraviolet light fluoresces a different color for each denomination ($5 note: blue; $10 note: orange; $20 note: green; $50 note: yellow; $100 note: red).
Differentiation
Critics, like the
American Council of the BlindThe American Council of the Blind is a nationwide organization in the United States. It is an organization mainly made up of blind and visually-impaired people who want to achieve independence and equality .-History:The American Council of the Blind was formed out of the dissolution of the...
, also note that U.S. bills are often hard to tell apart: they use very similar designs, they are printed in the same colors (until the 2003 banknotes), and they are all the same size. The American Council of the Blind have argued that American paper currency design should use increasing sizes according to value and/or raised or indented features to make the currency more usable by the
vision-impairedBlindness is the condition of lacking visual perception due to physiological or neurological factors.Various scales have been developed to describe the extent of vision loss and define blindness...
, since the denominations cannot currently be distinguished from one another non-visually. Use of
BrailleThe Braille system is a method that is widely used by blind people to read and write. Braille was devised in 1821 by Louis Braille, a blind Frenchman. Each Braille character or cell is made up of six dot positions, arranged in a rectangle containing two columns of three dots each...
codes on currency is not considered a desirable solution because (1) these markings would only be useful to people who know how to read braille, and (2) one braille symbol can become confused with another if even one bump is rubbed off. Though some blind individuals say that they have no problems keeping track of their currency because they fold their bills in different ways or keep them in different places in their wallets, they nevertheless must rely on sighted people or currency-reading machines to determine the value of each bill before filing it away using the system of their choice. This means that no matter how organized they are, blind Americans still have to trust sighted people or machines each time they receive change for their purchases or each time they receive cash from their customers.
By contrast, other major currencies, such as the
pound sterlingThe pound sterling , often simply called the pound, is the currency of the United Kingdom, its Crown dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands and British Antarctic Territory...
and
euroThe euro is the official currency of 16 of the 27 Member States of the European Union . The states, known collectively as the Eurozone, are Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain...
, feature notes of differing sizes: the size of the note increases with the denomination and are printed in different colors. This is useful not only for the vision-impaired; they nearly eliminate the risk that, for example, someone might fail to notice a high-value note among low-value ones.
Multiple currency sizes were considered for U.S. currency, but makers of
vending machineA vending machine provides snacks, beverages, lottery tickets, and other products to consumers without a cashier. Items sold via these machines vary by country and region....
s and
change machineA change machine is a device that accepts large denominations of currency and returns an equal amount of currency in smaller bills or coins. Typically these devices are used to provide coins in exchange for paper currency....
s successfully argued that implementing such a wide range of sizes would greatly increase the cost and complexity of such machines. Similar arguments were unsuccessfully made in Europe prior to the introduction of multiple note sizes.
Alongside the contrasting colors and increasing sizes, many other countries' currencies contain tactile features missing from U.S. banknotes to assist the blind. For example, Canadian banknotes have a series of
raised dotsThe Canadian currency tactile feature is a feature on the current "Canadian Journey" series of Canadian banknotes. The feature indicates the banknote denomination in the upper right corner of the face side of the bill using a series of raised dots. It was suggested by Bruno Thériault, an...
(not Braille) in the upper right corner to indicate denomination.
Mexican pesoThe peso is the currency of Mexico. The peso was the first currency in the world to use the "$" sign, which the United States dollar later adopted for its own use. The peso is the 12th most traded currency in the world and by far the most traded currency in Latin America and third most traded in...
banknotes also have raised patterns of dashed lines.
Suit by sightless over U.S. banknote design
On November 28, 2006, U.S. District Judge
James RobertsonJames Robertson is a judge for the United States District Court for the District of Columbia. James Robertson was appointed a United States District Judge by President Bill Clinton in 1994. Chief Justice William Rehnquist later placed him on the Foreign Intelligence Surveillance Court...
ruled that the American bills gave an undue burden to the blind and denied them "meaningful access" to the U.S. currency system.
Ruling on a lawsuit filed in 2002 by the American Council of the Blind, Judge Robertson accepted the plaintiff's argument that current practice violates Section 504 of the
Rehabilitation ActThe U.S. Rehabilitation Act of 1973 prohibits discrimination on the basis of disability in programs conducted by Federal agencies, in programs receiving Federal financial assistance, in Federal employment, and in the employment practices of Federal contractors...
.
(Ruling as PDF file) The Treasury is appealing the decision. The judge has ordered the
Treasury DepartmentThe Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue...
to begin working on a redesign within 30 days.
The
plaintiffA plaintiff , also known as a claimant or complainant, is the party who initiates a lawsuit before a court...
's attorney was quoted as saying "It's just frankly unfair that blind people should have to rely on the good faith of people they have never met in knowing whether they've been given the correct change."
Government attorneys estimated that the cost of such a change ranges from $75 million in equipment upgrades and $9 million annual expenses for punching holes in bills to $178 million in one-time charges and $50 million annual expenses for printing bills of varying sizes.
On May 20, 2008, in a 2-to-1 decision, the
United States Court of Appeals for the District of Columbia CircuitThe United States Court of Appeals for the District of Columbia Circuit known informally as the D.C. Circuit, is the federal appellate court for the U.S. District Court for the District of Columbia. Appeals from the D.C. Circuit, as with all the U.S. Courts of Appeals, are heard on a...
upheld the earlier ruling, pointing out that the cost estimates were inflated and that the burdens on blind and visually impaired currency users had not been adequately addressed.
Fiat currency
Congressman
Ron PaulRonald Ernest Paul, M.D. is an American physician and Republican Congressman for the state of Texas. Paul is a member of the Liberty Caucus of Republican congressmen which aims to limit the size and scope of the federal government, and serves on the House Foreign Affairs Committee, the Joint...
, Austrian Economists, and other libertarians and constitutionalists criticize Federal Reserve Notes because they are a form of fiat currency and are not backed by tangible assets such as
goldGold is a chemical element with the symbol Au and an atomic number of 79. It has been a highly sought-after precious metal for coinage, jewelry, and other arts since the beginning of recorded history. The metal occurs as nuggets or grains in rocks, in veins and in alluvial deposits. Gold is...
or
silverSilver is a chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...
. Such critics argue that Federal Reserve Notes can lose value easily and point to the currency's inflation rates for proof of this claim.
Constitutionality
Critics, including U.S. Congressman
Ron PaulRonald Ernest Paul, M.D. is an American physician and Republican Congressman for the state of Texas. Paul is a member of the Liberty Caucus of Republican congressmen which aims to limit the size and scope of the federal government, and serves on the House Foreign Affairs Committee, the Joint...
, allege that according to the U.S. Constitution, Article I, Section 8, that only the U.S. Congress has the ability
To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;
and thus Federal Reserve banknotes are
not legal tender, as they were not issued by Congress and the Federal Reserve does not have the authority to print or create money.
However, others contend that, since Congress passed the Federal Reserve Act, the Federal Reserve is constitutional as it was created by Congress and Congress retains oversight over the Federal Reserve. Congress retains the ability to delegate some of its legislative powers to other branches of the government or agencies based on the U.S. Supreme Court's interpretation of the
nondelegation doctrineThe doctrine of nondelegation is explicit or implicit in all written constitutions that impose a structural separation of powers. It is usually applied in questions of constitutionally improper delegations of legislative powers to executive branch officials, but may be more broadly applied to...
.
Series detail
| Series overview |
| Large-size notes |
| Series |
| $1 | $2 | $5 | $10 | $20 | $50 | $100 | $500 | $1000 | $5000 | $10 000 |
|---|
| Obligation clause | Remarks |
|---|
| 1914 |
|
|
v |
v |
v |
v |
v |
|
|
|
|
This note is receivable by all national and member banks and Federal Reserve Banks and for all taxes, customs and other public dues. It is redeemable in gold on demand at the Treasury Department of the United States in the city of Washington, District of Columbia or in gold or lawful money at any Federal Reserve Bank. |
|
| 1918 |
|
|
|
|
|
|
|
v |
v |
v |
v |
|
| Small-size notes |
| Series |
| $1 | $2 | $5 | $10 | $20 | $50 | $100 | $500 | $1000 | $5000 | $10 000 |
|---|
| Obligation clause | Remarks |
|---|
1928Series 1928 was the first issue of small-size currency printed and released by the U.S. government. These notes were the first standardized notes in terms of design and characteristics, featuring similar portraits and other facets...
|
|
|
v |
v |
v |
v |
v |
v |
v |
v |
v |
Redeemable in gold on demand at the United States Treasury, or in gold or lawful money at any Federal Reserve Bank |
Branch ID in numerals |
| 1934 |
This note is legal tender for all debts, public and private, and is redeemable in lawful money at the United States Treasury, or at any Federal Reserve Bank |
Branch ID in letters; after the Great Depression The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
in 1929 |
| 1950 |
|
|
v |
v |
v |
v |
v |
|
|
|
|
Slight design changes: branch logo; placements of signatures, "Series xxxx", and "Washington, D.C.", |
| 1963, 1969, 1974 |
v |
|
v |
v |
v |
v |
v |
|
|
|
|
This note is legal tender for all debts, public and private |
First FRN $1; "Will pay to the bearer on demand" removed; Seal in Latin replaced by seal in English in 1969 |
| 1976 |
|
v |
|
|
|
|
|
|
|
|
|
First FRN $2, Bicentennial The United States Bicentennial was celebrated on Sunday, July 4, 1976, the 200th anniversary of the adoption of the Declaration of Independence.-Coins:...
|
| 1977, 1981, 1985, 1988 |
v |
|
v |
v |
v |
v |
v |
|
|
|
|
|
| 1990 |
|
|
|
v |
v |
v |
v |
|
|
|
|
|
| 1993 |
v |
|
v |
v |
v |
v |
v |
|
|
|
|
|
| 1995 |
v |
v |
v |
v |
v |
|
|
|
|
|
|
|
| Large-portrait ($1 and $2 remain small-portrait) |
| Series |
| $1 | $2 | $5 | $10 | $20 | $50 | $100 | $500 | $1000 | $5000 | $10 000 |
|---|
| Obligation clause | Remarks |
|---|
| 1996 |
|
|
|
|
v |
v |
v |
|
|
|
|
This note is legal tender for all debts, public and private |
|
| 1999, 2001 |
v |
|
v |
v |
v |
v |
v |
|
|
|
|
|
| 2003 |
v |
v |
v |
v |
|
|
v |
|
|
|
|
|
| Color notes ($1 and $2 remains unchanged) |
| 2004 |
|
|
|
v |
v |
v |
|
|
|
|
|
This note is legal tender for all debts, public and private |
|
| 2006 |
v |
|
v |
v |
v |
v |
v |
|
|
|
|
|
Series 1928–2003
| Small size notes |
| Image | | Description | 
|  |
$1The United States one-dollar bill is the most common denomination of US currency. The first president, George Washington, painted by Gilbert Stuart, is currently featured on the obverse, while the Great Seal of the United States is featured on the reverse. The one-dollar bill has the second...
|
George WashingtonGeorge Washington was the commander of the Continental Army in the American Revolutionary War and served as the first President of the United States of America...
|
Great Seal of the United StatesThe Great Seal of the United States is used to authenticate certain documents issued by the United States federal government. The phrase is used both for the physical seal itself , and more generally for the design impressed upon it...
|
1963 |
current (2006) |
|---|
 |
 |
$2 The United States two-dollar bill is a current denomination of U.S. currency. Former U.S. President Thomas Jefferson is featured on the obverse of the note. The design on the obverse is the oldest design of current U.S. currency, having been adopted in 1929.The reverse is the second oldest...
|
Thomas JeffersonThomas Jefferson was the third President of the United States , the principal author of the Declaration of Independence , and one of the most influential Founding Fathers for his promotion of the ideals of republicanism in the United States...
|
Trumbull's Declaration of IndependenceJohn Trumbull's Declaration of Independence is a 12-by-18-foot oil-on-canvas painting in the United States Capitol Rotunda that depicts the presentation of the draft of the Declaration of Independence to Congress...
|
1976 |
current (2003A) |
 |
|
$5The United States five-dollar bill is a denomination of United States currency. The $5 bill currently features U.S. President Abraham Lincoln's portrait on the front and the Lincoln Memorial on the back. All $5 bills issued today are Federal Reserve Notes.The $5 bill is sometimes nicknamed a "fin"...
|
Abraham LincolnAbraham Lincoln was the 16th President of the United States, serving from March 1861 until his assassination in April 1865. He successfully led his country through its greatest internal crisis, the American Civil War, preserving the Union and ending slavery...
|
Lincoln MemorialThe Lincoln Memorial is an American memorial built to honor the 16th President of the United States, Abraham Lincoln. It is located on the National Mall in Washington, D.C. and was dedicated on May 30, 1922. The architect was Henry Bacon, the sculptor of the main statue was Daniel Chester French,...
|
1928 |
1995 |
 |
 |
$10 The United States ten-dollar bill is a denomination of United States currency. The first U.S. Secretary of the Treasury, Alexander Hamilton is currently featured on the obverse of the bill, while the U.S. Treasury is featured on the reverse. The United States ten-dollar bill ($10) is a...
|
Alexander HamiltonAlexander Hamilton was the first United States Secretary of the Treasury, a Founding Father, economist, and political philosopher...
|
United States Department of Treasury Building |
 |
|
$20The United States twenty-dollar bill is a denomination of United States currency. U.S. President Andrew Jackson is currently featured on the front side of the bill, which is why the twenty-dollar bill is often called a "Jackson," while the White House is featured on the reverse side.The...
|
Andrew JacksonAndrew Jackson was the seventh President of the United States . He was military governor of Florida , commander of the American forces at the Battle of New Orleans , and eponym of the era of Jacksonian democracy...
|
White HouseThe White House is the official residence and principal workplace of the President of the United States. Located at 1600 Pennsylvania Avenue NW in Washington, D.C., it was built between 1792 and 1800 of white-painted Aquia sandstone in the late Georgian style and has been the residence of every...
|
 |
 |
$50The United States fifty-dollar bill is a denomination of United States currency. U.S. President Ulysses S. Grant is currently featured on the obverse, while the U.S. Capitol is featured on the reverse...
|
Ulysses S. GrantUlysses S. Grant was general-in-chief of the Union Army from 1864 to 1869 during the American Civil War and the 18th President of the United States from 1869 to 1877....
|
United States CapitolThe United States Capitol is the meeting place of the United States Congress, the legislature of the Federal government of the United States. Located in Washington, D.C., it sits atop Capitol Hill at the eastern end of the National Mall. Though not in the geographic center of the District of...
|
1993 |
 |
 |
$100 The United States one hundred-dollar bill is a denomination of United States currency. U.S. statesman, inventor, and diplomat Benjamin Franklin is currently featured on the obverse of the bill. On the reverse of the banknote is an image of Independence Hall. The time on the clock according to the...
|
Benjamin Franklin Benjamin Franklin was one of the Founding Fathers of the United States of America. A noted polymath, Franklin was a leading author and printer, satirist, political theorist, politician, scientist, inventor, civic activist, statesman, soldier, and diplomat...
|
Independence Hall |
 |
 |
$500Today, the currency of the United States is the U.S. dollar, printed bills in denominations of $1, $2, $5, $10, $20, $50, and $100.At one time, however, it also included five larger denominations. High-denomination currency was prevalent from the very beginning of U.S. Government issue...
|
William McKinleyWilliam McKinley Jr. was the 25th President of the United States, and the last veteran of the American Civil War to be elected to the office....
|
Value |
1934 |
 |
 |
$1000Today, the currency of the United States is the U.S. dollar, printed bills in denominations of $1, $2, $5, $10, $20, $50, and $100.At one time, however, it also included five larger denominations. High-denomination currency was prevalent from the very beginning of U.S. Government issue...
|
Grover ClevelandStephen Grover Cleveland was both the 22nd and 24th President of the United States. Cleveland is the only President to serve two non-consecutive terms and therefore is the only individual to be counted twice in the numbering of the presidents...
|
 |
 |
$5000Today, the currency of the United States is the U.S. dollar, printed bills in denominations of $1, $2, $5, $10, $20, $50, and $100.At one time, however, it also included five larger denominations. High-denomination currency was prevalent from the very beginning of U.S. Government issue...
|
James MadisonJames Madison was an American politician and political philosopher who served as the fourth President of the United States , and was one of the Founding Fathers of the United States....
|
 |
 |
$10 000Today, the currency of the United States is the U.S. dollar, printed bills in denominations of $1, $2, $5, $10, $20, $50, and $100.At one time, however, it also included five larger denominations. High-denomination currency was prevalent from the very beginning of U.S. Government issue...
|
Salmon P. ChaseSalmon Portland Chase was an American politician and jurist in the Civil War era who served as U.S. Senator from Ohio and Governor of Ohio; as U.S...
|
| Large portrait |
 |
 |
$5The United States five-dollar bill is a denomination of United States currency. The $5 bill currently features U.S. President Abraham Lincoln's portrait on the front and the Lincoln Memorial on the back. All $5 bills issued today are Federal Reserve Notes.The $5 bill is sometimes nicknamed a "fin"...
|
As small-size, small-portrait notes |
1999 |
2006 |
 |
 |
$10 The United States ten-dollar bill is a denomination of United States currency. The first U.S. Secretary of the Treasury, Alexander Hamilton is currently featured on the obverse of the bill, while the U.S. Treasury is featured on the reverse. The United States ten-dollar bill ($10) is a...
|
1999 |
2003 |
|
|
$20The United States twenty-dollar bill is a denomination of United States currency. U.S. President Andrew Jackson is currently featured on the front side of the bill, which is why the twenty-dollar bill is often called a "Jackson," while the White House is featured on the reverse side.The...
|
1996 |
2001 |
|
|
$50The United States fifty-dollar bill is a denomination of United States currency. U.S. President Ulysses S. Grant is currently featured on the obverse, while the U.S. Capitol is featured on the reverse...
|
 |
 |
$100 The United States one hundred-dollar bill is a denomination of United States currency. U.S. statesman, inventor, and diplomat Benjamin Franklin is currently featured on the obverse of the bill. On the reverse of the banknote is an image of Independence Hall. The time on the clock according to the...
|
current (2006) |
|
Post-2004 Redesigned Series
Beginning in 2003, the Federal Reserve introduced a new series of bills, featuring images of the symbols of freedom. The new $20 bill was first issued on October 9, 2003; the new $50 on September 28, 2004; the new $10 bill on March 2, 2006; the new $5 on March 13, 2008. Introduction of a new $100 has been repeatedly delayed.
| Color series |
| Image | | Main Color | | Date of |
|---|
| Obverse | Reverse | Obverse | Reverse | Watermark | first series | Issue |
|---|
 |
 |
$5The United States five-dollar bill is a denomination of United States currency. The $5 bill currently features U.S. President Abraham Lincoln's portrait on the front and the Lincoln Memorial on the back. All $5 bills issued today are Federal Reserve Notes.The $5 bill is sometimes nicknamed a "fin"...
|
Purple |
President Abraham LincolnAbraham Lincoln was the 16th President of the United States, serving from March 1861 until his assassination in April 1865. He successfully led his country through its greatest internal crisis, the American Civil War, preserving the Union and ending slavery...
; Great Seal of the United StatesThe Great Seal of the United States is used to authenticate certain documents issued by the United States federal government. The phrase is used both for the physical seal itself , and more generally for the design impressed upon it...
|
Lincoln MemorialThe Lincoln Memorial is an American memorial built to honor the 16th President of the United States, Abraham Lincoln. It is located on the National Mall in Washington, D.C. and was dedicated on May 30, 1922. The architect was Henry Bacon, the sculptor of the main statue was Daniel Chester French,...
|
Two Watermarks of the Number "5" |
2006 |
March 13, 2008 |
 |
 |
$10 The United States ten-dollar bill is a denomination of United States currency. The first U.S. Secretary of the Treasury, Alexander Hamilton is currently featured on the obverse of the bill, while the U.S. Treasury is featured on the reverse. The United States ten-dollar bill ($10) is a...
|
Orange |
Secretary Alexander HamiltonAlexander Hamilton was the first United States Secretary of the Treasury, a Founding Father, economist, and political philosopher...
; The phrase "We the People" from the United States ConstitutionThe Constitution of the United States of America is the supreme law of the United States. It is the foundation and source of the legal authority underlying the existence of the United States of America and the federal government of the United States...
and the torch of the Statue of LibertyThe Statue of Liberty , officially titled Liberty Enlightening the World , dedicated on October 28, 1886, is a monument commemorating the centennial of the signing of the United States Declaration of Independence, given to the United States by the people of France to represent the friendship...
|
United States Department of Treasury Building |
As portrait |
2004 A |
March 2, 2006 |
 |
 |
$20The United States twenty-dollar bill is a denomination of United States currency. U.S. President Andrew Jackson is currently featured on the front side of the bill, which is why the twenty-dollar bill is often called a "Jackson," while the White House is featured on the reverse side.The...
|
Green |
President Andrew JacksonAndrew Jackson was the seventh President of the United States . He was military governor of Florida , commander of the American forces at the Battle of New Orleans , and eponym of the era of Jacksonian democracy...
; EagleEagles are large birds of prey which are members of the bird family Accipitridae, and belong to several genera which are not necessarily closely related to each other. Most of the more than 60 species occur in Eurasia and Africa...
|
White HouseThe White House is the official residence and principal workplace of the President of the United States. Located at 1600 Pennsylvania Avenue NW in Washington, D.C., it was built between 1792 and 1800 of white-painted Aquia sandstone in the late Georgian style and has been the residence of every...
|
2004 |
October 9, 2003 |
 |
 |
$50The United States fifty-dollar bill is a denomination of United States currency. U.S. President Ulysses S. Grant is currently featured on the obverse, while the U.S. Capitol is featured on the reverse...
|
Pink |
President Ulysses S. GrantUlysses S. Grant was general-in-chief of the Union Army from 1864 to 1869 during the American Civil War and the 18th President of the United States from 1869 to 1877....
; Flag of the United StatesThe flag of the United States of America consists of thirteen equal horizontal stripes of red alternating with white, with a blue rectangle in the canton bearing fifty small, white, five-pointed stars arranged in nine offset horizontal rows of six stars alternating with rows of five stars...
|
United States CapitolThe United States Capitol is the meeting place of the United States Congress, the legislature of the Federal government of the United States. Located in Washington, D.C., it sits atop Capitol Hill at the eastern end of the National Mall. Though not in the geographic center of the District of...
|
2004 |
September 28, 2004 |
|
All small-sized bills measure .
See also
- Bureau of Engraving and Printing
The Bureau of Engraving and Printing is a government agency within the United States Department of the Treasury that designs and produces a variety of security products for the United States Government, most notable of which is paper currency for the Federal Reserve. In addition to paper...
External links