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My US Bank Note Type Set

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 Posted 02/19/2021  3:30 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
It came in. Have I told you how much I liked stamped packages?




Well, this is not only my oldest note, its the oldest money item I own (the Meteorites are billion's of years old, they win on age).

This is a 18 pence or 1 shilling and 6 pence note. Its dated 10/1/1773. Friedberg Number PA-163. This note predates the United States. It was issued in Pennfylvania (Pennsylvania).

The paper bills issued by the colonies were known as "bills of credit". Bills of credit were usually fiat money: they could not be exchanged for a fixed amount of gold or silver coins upon demand. Bills of credit were usually issued by colonial governments to pay debts. The governments would then retire the currency by accepting the bills for payment of taxes. When colonial governments issued too many bills of credit or failed to tax them out of circulation, inflation resulted. This happened especially in New England and the southern colonies, which, unlike the Middle Colonies, were frequently at war. Pennsylvania, however, was responsible in not issuing too much currency and it remains a prime example in history as a successful government-managed monetary system. Pennsylvania's paper currency, secured by land, was said to have generally maintained its value against gold from 1723 until the Revolution broke out * (Adam Smith Wealth of Nations Pg 262) - Please Note, while this statement maybe controversial, analysis based on cost of goods lends some credence to it. See here for more information (PGs 68-72) https://www.jstor.org/stable/pdf/1009592.pdf

Thanks for looking.


Edited by hfjacinto
02/19/2021 3:42 pm
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 Posted 02/24/2021  09:50 am  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
And I was thinking I was done. I got a little bit of extra cash, so I ordered some cash with the cash I got. That's cool its like I made change, but got less money back? I think I may have lost on the transaction
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 Posted 02/24/2021  10:17 am  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
Very nice example, great background information.
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 Posted 02/24/2021  11:17 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
And I was thinking I was done. I got a little bit of extra cash, so I ordered some cash with the cash I got. That's cool its like I made change, but got less money back? I think I may have lost on the transaction
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 Posted 02/27/2021  4:03 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
Well I got my notes , only took 2 days but I haven't had time to take pictures and I probably won't till Monday. This is what happens when my wife is off (not that I mind) and I took a few days off.
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 Posted 03/01/2021  11:09 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
Well I got my notes , only took 2 days but I haven't had time to take pictures and I probably won't till Monday.
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 Posted 03/01/2021  2:54 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
I like packages with stamps! Sadly this package had none, I mean not one, I was like what the heck




While it had no stamps, it did some notes inside

Today you get a $20 Federal Reserve Bank Note from Richmond. So you ask yourself "What are Federal Reserve Bank Notes?" (You probably don't as you know what they are, but this forum's job is to educate, so I will the question that you already know the answer to).

Small size Federal Reserve Bank Notes were printed as an emergency issue in 1933 using the same paper stock as 1929 National Bank Notes. They were printed in denominations of $5 through $100. A National Bank Note has a line for the signature of the president of the national bank, but the small size Federal Reserve Bank Note printed a bar over the label for this line, since Federal Reserve Banks had governors, not presidents. The wording, "Or by like deposit of other securities" was added after the phrase, "Secured by United States bonds deposited with the Treasurer of the United States of America". This emergency issue of notes was prompted by the public hoarding of cash due to many bank failures happening at the time. This also limited the ability of the National Banks to issue notes of their own. Small size Federal Reserve Bank Notes were discontinued in 1934 and have not been available from banks since 1945. As small size notes, they have brown seals and serial numbers, as do National Bank Notes of the era. But while they look very similar, and both have the words, "National Currency" across the top of the obverse, they had different issuers and are considered to be distinctly different types of bills.

From reading these aren't actively collected, but I find them interesting. I was looking to get a $100 series but they were sold out so I got a $20 from Richmond as we helped a good friend move to VA. Gives the note some sentimental value.


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 Posted 03/01/2021  3:45 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
I like packages with stamps! Sadly this package had none, I mean not one, I was like what the heck



Quote:
While it had no stamps, it did some notes inside
Excellent!


Quote:
Small size Federal Reserve Bank Notes were printed as an emergency issue in 1933 using the same paper stock as 1929 National Bank Notes...
Very interesting.
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 Posted 03/02/2021  09:39 am  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
Today's note is a 1966 $100 US Note.

A United States Note, also known as a Legal Tender Note, is a type of paper money that was issued from 1862 to 1971 in the U.S. Being issued for 109 years, they were issued for longer than any other form of U.S. paper money. Often termed Legal Tender Notes, they were named United States Notes by the First Legal Tender Act, which authorized them as a form of fiat currency.

They were originally issued directly into circulation by the U.S. Treasury to pay expenses incurred by the Union during the American Civil War. During the next century, the legislation governing these notes was modified many times and numerous versions were issued by the Treasury.

United States Notes that were issued in both the large-size format, before 1929, and in the small-size format, starting 1929. They are very similar to contemporary Federal Reserve Notes of the same denominations with the distinction of having red U.S. Treasury Seals and serial numbers in place of green ones.

Existing United States Notes remain valid currency in the United States; however, as no United States Notes have been issued since January 1971, they are increasingly rare in circulation and command higher prices than face value as items of numismatic interest.

This note is from 1966 in which the $100 was the only one issued. A total 768,000 1966 $100 red seals were printed and most were stored in treasury vaults. Many were destroyed when the law repealing the Legal Tender status was terminated by congress. Red Seals were also issued in $1, $2 and $5.



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 Posted 03/02/2021  09:47 am  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
My US Red Seal Type Set:










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 Posted 03/02/2021  09:59 am  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
Now that's impressive!
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 Posted 03/03/2021  08:30 am  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
From red we go to blue. I was missing a star 1957 A and the price was good.

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