National Bank Notes were United States currency banknotes issued by National Banks chartered by the United States Government. The notes were usually backed by United States bonds the bank deposited with the United States Treasury. In addition, banks were required to maintain a redemption fund amounting to five percent of any outstanding note balance, in gold or "lawful money." The notes were not legal tender in general, but were satisfactory for nearly all payments to and by the federal government.
The first $10 National Bank Note issued by The First National Bank of Hawaii at Honolulu, Territory of Hawaii (1900), signed by Cecil Brown (President) and W.G. Cooper (Cashier). The vignette at left shows Benjamin Franklin conducting the famous Kite experiment. The 5550 in brown ink (and large numerals on the reverse) is the issuing bank's national charter number, also shown in the note's border engraving.
A small-size National Bank Note, series of 1929
Image: US NBN IL Lebanon 2057 Orig 1 400 C
Image: US NBN KS Emporia 1915 1875 2 1915 A
Federal Reserve Notes, also United States banknotes, are the currently issued banknotes of the United States dollar. The United States Bureau of Engraving and Printing produces the notes under the authority of the Federal Reserve Act of 1913 and issues them to the Federal Reserve Banks at the discretion of the Board of Governors of the Federal Reserve System. The Reserve Banks then circulate the notes to their member banks, at which point they become liabilities of the Reserve Banks and obligations of the United States.
Image: US $5 FRN 1914 Fr 832a
Image: US $5 FRN 1914 Fr 848
Image: US $10 FRN 1914 Fr 894b
Image: US $10 FRN 1914 Fr 919a
