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1914 $20 Cleveland Federal Reserve Note -Circ-

Itemnumber: 859613

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Availability: sold out
$ 150.10


Coin/Currency Type: PaperNote


The $20 dollar dated 1914 is a Federal Reserve Note featuring Cleveland in the center portrait and is in Well Circulated condition with stains, folds and tears. The note features the signatures of Burke/Houston and the serial no.F12384883A. A Federal Reserve Note (FRNs or ferns) is a type of banknote issued by the Federal Reserve System and is the main type of paper currency in the United States.Federal Reserve Notes are fiat currency, with the words this note is legal tender for all debts, public and private printed on each bill.They are issued by the Federal Reserve Banks and have replaced United States Notes, which were once issued by the Treasury Department.Federal Reserve Notes are fiat currency, which means that they are not redeemable in gold, silver or any other form of lawful money (even though U.S.C. 12,411 states Federal Reserve Notes...shall be redeemed in lawful money on demand).This has been the case since 1968.The notes have no value for themselves, but for what they will buy.They have no backing other than the full faith and credit of the U.S. government (i.e. the governments ability to levy taxes to pay its debts).In another sense, because they are legal tender, Federal Reserve Notes are backed by all the goods and services in the economy.
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