The authority of the Federal Reserve Banks to issue notes comes from the Federal Reserve Act of 1913. In view of its highly successful run, President Taft subsequently appointed a committee that reported favorably on the advantages and savings from adopting the dimensions of Philippine notes for use in the United States.įinal implementation of today's small-size format, however, only occurred in 1928. The latter dimensions originated from the size of the Philippine peso Silver Certificates issued in 1903 while William Howard Taft served as Philippine governor-general under the United States colonial administration.
#FEDERAL RESERVE BANK NOTE SERIES#
From 1862 to 1913, a system of national banks was instituted by the 1863 National Banking Act.įederal Reserve Notes have been printed from Series 1914 in large-note format, and from Series 1928 in modern-day (small-note) format. From 1837 to 1862, in the Free Banking Era, there was no formal central bank, and banks issued their own notes again. In 1816, the Second Bank of the United States was chartered its charter was not renewed in 1836, after President Andrew Jackson campaigned heavily for its disestablishment. was the First Bank of the United States, chartered in 1791 by Alexander Hamilton. The first institution with responsibilities of a central bank in the U.S.
Prior to centralized banking, each commercial bank issued its own notes.
0 kommentar(er)
