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Thirty Thursday: 1914 $20 / $10 Double Denomination Fr. 988

 
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Author Previous TopicReplies: 5 / Views: 328Next Topic  
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 Posted 02/18/2021  7:33 pm Show Profile   Bookmark this topic Add CCFPress to your friends list Get a Link to this Message
Fr. 988 $20/$10 1914 Federal Reserve Note Fine+. This example is one of about ten examples currently known and it has remained out of the census. In today's error market a scarcity such as this certainly will enter five figure territory.

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 Posted 02/18/2021  8:18 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
Staggering, thanks for that!
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 Posted 02/18/2021  9:32 pm  Show Profile   Bookmark this reply Add Ynnad to your friends list Get a Link to this Reply
What is the face value of a double denomination note like the one above. I say it is twenty dollars because of the statement on the obverse that says "THE UNITED STATES OF AMERICA WILL PAY TO THE BEARER ON DEMAND TWENTY DOLLARS." The reverse does not have a similar statement. If there were a double denomination like above but with the ten on the obverse and the twenty on the reverse then I say the face value would be ten dollars because of the statement on the observe that would say "THE UNITED STATES OF AMERICA WILL PAY TO THE BEARER ON DEMAND TEN DOLLARS" with no similar statement on the reverse.

But what about contemporary double denomination Federal Reserve Notes, if any? There is no statement on either side obligating anyone to do anything.
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 Posted 02/18/2021  9:47 pm  Show Profile   Bookmark this reply Add bobby131313 to your friends list Get a Link to this Reply
Irrelevant really, this one sold for over $40K.
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 Posted 02/18/2021  11:11 pm  Show Profile   Bookmark this reply Add Ynnad to your friends list Get a Link to this Reply
Of course it's irrelevant. That's what makes it a fun question. Maybe the answer lies elsewhere. A Federal Reserve Note is just a piece of paper when it is first printed. It only becomes an obligation of the United States and the Federal Reserve system when it is issued by a Federal Reserve Bank. What did the Federal Reserve Bank of Chicago intend for the denomination of this note to be? How was the issuance of this note recorded on the accounting records of the Federal Reserve Bank of Chicago?
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