Federal Reserve System
The Federal Reserve System operates as the central banking system of the United States, issuing a globally used currency defined by district identifiers, specialized print runs and high-denomination legacy notes.
Quick Facts
Institutional Identity
The Federal Reserve operates as the central banking system of the United States, issuing Federal Reserve Notes through its 12 regional banks (A–L), each marked by a district letter, while managing monetary policy and maintaining stability in the world’s dominant reserve currency system.
Historical Evolution
Established in 1913, the system introduced Federal Reserve Notes in 1914, with its history marked by iconic high-denomination notes ranging from $500 to the legendary $10,000 bill, officially discontinued in 1969 but remaining among the most coveted rarities in global numismatics.
Design Philosophy
Modern U.S. banknotes are produced by the Bureau of Engraving and Printing (BEP) in Washington, D.C. and Fort Worth, with specialists identifying Fort Worth printings by the small “FW” mark, while designs feature presidents and national architecture enhanced by advanced security elements such as 3D ribbons, color-shifting ink, and microprinting.
For collectors
For collectors, the Federal Reserve System offers one of the most intricate collecting ecosystems, driven by district letter variations, replacement Star Notes, experimental “Web Notes,” and the highly competitive market for “Fancy Serial Numbers” including radars, repeaters, and solid-number sequences.