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Item Description:
Includes archival-grade plastic banknote sleeve for protection.
- Size: 7 3/8 x 3 1/8 inches
- Issuer: The Federal Reserve Bank of St. Louis
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Issuing Location: St. Louis, Missouri
- Date: 1914
- Type Numbers: Krause Lemke 303, Freidberg 875
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Face Side: Portrait of Abraham Lincoln, center.
- Reverse Side: Columbus landing in the Americas, left. The landing of the pilgrims, right.
About Federal Reserve Notes:
Federal Reserve Notes are the form of paper money still in use in the United States today, and were first authorized by the Federal Reserve Act of 1913. The bills were initially printed in large format until 1929, when bills shrunk from being over 7 inches long and 3 inches wide to their present day size of 6.14 inches long and 2.61 inches wide.
The Federal Reserve Act of 1913 was the result of a secret meeting of prominent businessmen and politicians after the Financial Panic of 1907, caused by a failed attempt to corner the market of United Copper Company Stock. This triggered a loss of confidence in the banking sector, and banks and trust companies collapsed after being unable to meet withdrawal demands. At the time, there was no central bank to stabilize the financial system, which forced private financiers like J.P. Morgan to coordinate a response. The Panic of 1907 highlighted the need for banking reform, and in November of 1910, a secret meeting of six prominent figures across American finance and politics convened at Jekyll Island off the coast of Georgia to discuss reforms. These reforms were meant to address issues with the money supply, with currency being concentrated in major cities and to create a centralized banking authority to manage such crises.
The meeting laid the groundwork for the Federal Reserve System, which was established by the Federal Reserve Act of 1913. The participants of the meeting at Jekyll Island remained anonymous for many years, only acknowledging their participation in the 1930s, in part due to the rampant mistrust the public had with financial elites from the previous financial instability.
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