akdrv Posted August 17, 2005 Report Share Posted August 17, 2005 I received this question through BNB. I don't know anything about US notes. Can someone please answer this lady's question? HI, I have a $20.00 dollar bill from 1929. It says federal reserve bank of San Francisco Cal., Pay to the bearer on demand $20.00 dollars. I was just curious if it was valuable and what it might be worth. It is in excellent condition. If you could help me I would be greatly appreciative. Link to comment Share on other sites More sharing options...
Tiffibunny Posted August 17, 2005 Report Share Posted August 17, 2005 I don't think my book is updated enough to give a good price, but, yes it is valuable. Link to comment Share on other sites More sharing options...
Scottishmoney Posted August 17, 2005 Report Share Posted August 17, 2005 Without looking at my books, I think there are two varieties of notes issued in 1929, the Federal Reserve Notes, which we are all still familiar with, and the National Currency which are no longer in circulation. The Federal Reserve Bank in San Francisco also issued National Currency, so it is possible to have either. In addition to these two possibilities, National Banks issued banknotes in San Francisco during that time, I have a Anglo California $20 from 1929, it is my only California National. Link to comment Share on other sites More sharing options...
whohah Posted August 18, 2005 Report Share Posted August 18, 2005 The description makes it sound like a FRBN [Federal Reserve Bank Note]. The clue is the date. Small sized Federal Reserve Notes are dated 1928. If this is dated 1929, it was printed from plates prepared for the National bank notes of the era. All small-sized FRBN's and small-sized Nationals are dated 1929. The first FRBN's were issued just after FDR entered office in order to get currency out into circulation. The legislation authorizing FRBN's allowed the various Federal Reserve Banks to issue currency on commercial paper as well as US Bonds and Notes. Thus the tiny lettering near the top which says: "or by like deposit of other securities" This considerably widened the basis for the 'security' of the notes. Of course, if the business issueing the commercial paper failed, the security failed, So, this was a note issue with a considerably riskier foundation than notes 'secured' only by government bonds. Esssentially, these are National Bank notes issued by a Federal Reserve Bank as opposed to a National Bank note issued by an 'ordinary' National bank. Please, someone who knows more, enlighten us all, as I may be wrong... Link to comment Share on other sites More sharing options...
whohah Posted August 18, 2005 Report Share Posted August 18, 2005 OOPS! I left off my opinion of its value. Yes, more than $20, how much more would depend on its condition. IIRC, the SF fed did issue a large number of notes. I'd hazard a guess that at low end condition, it would be at least double face, high end condition a lot more... Link to comment Share on other sites More sharing options...
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