1 Dollar Large-Size Federal Reserve Bank Note

The 1918 Federal Reserve Bank Notes were issued under emergency authority granted by the Federal Reserve Act as a way to get small-denomination paper currency into circulation quickly — at the time, the $1 Silver Certificate was doing most of that work, and the Fed needed its own instrument at the low end. New York was one of twelve issuing banks in this series, each printing notes with its own district officers' signatures alongside the Register and Treasurer of the United States, which is why the same Pick number produces so many distinct signature combinations.

The four signature pairings for New York reflect staff turnover at the bank itself — Hendricks replaced by Sailer as Cashier, Strong replaced by Miller as Governor — making this a rare case where local administrative changes are directly legible in the paper record. The Strong-to-Miller transition at New York is the more historically significant of the two: Benjamin Strong's tenure shaped early Fed policy considerably, and his name dropping off these notes coincided with a broader institutional shift.