Rookie Question, What Does The City Actually Mean?

I'm not going to check every possible but let's just take one more sample, the 1928A $20, which indeed has a very low total production across all districts. My price guide lists 2051-J, Kansas City, with a scant 114k production, at $650 in CU; it lists Philadelphia, 2051-C, with the largest production of 1.7 mil, at $550 in CU. Not much difference.

In actual auction results on HA, the last ones listed, from 2018-late 2017, show a 2051-E (production 1.5 mil) going for $288 in 64, a 2051-H (production .6 mil) going for $264 in 64, and two 2051-A's going for $456 and $446 in 64 (production 1.3 mil). Further along, there was a 2051-G that went for just $211 in 64 (production .8 mil) and a 2051-K for $258 (production 1 mil).

I'm really not seeing any significance to these numbers. Prices seem to be 90% based on note's grade and eye-appeal, centering, paper quality, etc but not district. The fact that the Boston notes went for such a large premium, even with their higher production, shows this.

Not quite, Sel. Rather, the terminology you're using isn't quite right.

There are 12 note-issuing "Banks" which combine to form the Federal Reserve Bank - these are the twelve cities you'll find on the notes. Each Bank is responsible for a District, within which that Bank's notes are issued. Larger districts have Branches, which act as more localized distribution centres for that District's Bank. There are 24 Branch cities throughout the country; these Branches do not get named on the notes. Some Districts are large and have numerous Branches; District 12, San Fransisco, has four Branches (Seattle, Portland, Los Angeles and Salt Lake City). The smaller Districts don't have any.

You might find Wikipedia's Map of the Federal Reserve System useful; black squares are Banks; red dots are Branches.

The layout of the Districts was set down by the Federal Reserve Act of 1913 and reflects the population density of America at that time. Apparently, getting it changed to more accurately reflect the current population density of the country is more trouble than it's worth.

Thanks, Sap.
Quite informative for those of us that have less than perfect knowledge on the subject.

This is a very informative thread, even for those of us that have been around a bit.

Coinfrog, you're right inasmuch as the small-sized bills seem to be collected as types, more than anything. I know that's what I do, rarely checking on the signature combinations.

Aside from the well known 1933 $10 SC and the 1934 NAs, I didn't know of any rare series among the small-sized $10 & $20s. But I checked some more and found the 1928C $10s are scarce and the 1928C $20s are rare in CU. Only 4 districts printed them for the $10s and just 2 districts for the $20s.

I agree with what Mr.Frog just said,and reminds me of an extraordinary low print run on a modern star note.

Series 2004A $10 Atlanta Star (GF*). A measly 9,600 or so printed and just about everyone I know has at least one. Released at a major Coin/Currency show in sheet form, these went directly into collectors hands. Some were kept in sheet form, but many individual notes exist today in high grade holders. Print run totals don't always tell the whole story.

All it takes is two savvy buyers to push a price up, so I'm trying to scurry around now before they start doing so. I really think the early FRNs are a fertile field, and if you want to talk about rarity, the stars are out of sight.

A recent pickup is this 1928-A St. Louis note, with a print run of only 573K. Great margins, super embossing and will be on its way to PMG shortly.