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| 表面の説明 | Central intaglio vignette of Ulysses S. Grant in an oval frame with laurel branches below, set against a fine guilloche underprint. The issuing bank name — Federal Reserve Bank of Cleveland, Ohio — appears in bold letterpress text to the left, with brown seal and serial number in the lower left. District letter D, series date 1929, and two facsimile signatures of the Cashier and Governor are printed below and to the right of the portrait. |
|---|---|
| 表面の銘文 | NATIONAL CURRENCY SECURED BY UNITED STATES BONDS DEPOSITED WITH THE TREASURER OF THE UNITED STATES OF AMERICA OR BY LIKE DEPOSIT OF OTHER SECURITIES THE FEDERAL RESERVE BANK OF (City) (State) WILL PAY THE BEARER ON DEMAND FIFTY DOLLARS REDEEMABLE IN LAWFUL MONEY OF THE UNITED STATES AT UNITED STATES TREASURY OR THE BANK OF ISSUE FIFTY DOLLARS |
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The Federal Reserve Bank Notes of 1929 were a deliberate policy instrument, not a routine printing run. When the Federal Reserve Act was amended that year, the old large-size format was retired and all U.S. currency was reduced to a uniform smaller size — the dimensions now familiar. FRBNs were technically obligations of the individual issuing Federal Reserve Bank rather than the United States government, a legal distinction that separated them from Federal Reserve Notes proper and gave each note a specific bank's name and charter number.
The brown seal distinguishes this series from the green-sealed Federal Reserve Notes issued simultaneously. Twelve banks issued the 1929 FRBN series; the rarer district issues — Minneapolis, Dallas, Kansas City — command serious premiums over their New York or Chicago counterparts at equivalent grades.