This is a 1934 $50 Federal Reserve Note, Light Green in Choice Uncirculated Condition. This note is in stunning condition. This note is from a collection that we are auctioning off, so please take a look at our other auctions. Thank You

These were issued under the same Act which authorized the first issue of Federal Reserve Bank Notes, namely the Fedreal Reserve Act of December 23, 1913. All denominations were issued from 5 to 10,000 Dollars. The notes from 5 to 100 Dollars are series of 1914, those from 500 to 10,000 Dollars are series of 1918. The Federal Reserve Notes were issued by the United States to all twelve Federal Reserve Banks and through them to the member banks and the public. The notes were not issued by the banks themselves (as were the Federal Reserve Bank Notes) and the obligation to pay the bearer is borne by the government, and not by the banks. Hence, these notes were not secured by United States bonds or other securities. (In practice, they were secured, but the nature of the security is not certified no the notes.) The obligation of the Federal Reserve Notes is completely unlike that on the Federal Reserve Bank Notes, and is as follows, "The United States of America will pay to the bearer on demand....Dollars..This note is receivable by all national and member banks and Federal Reserve Banks and for all taxes, customs and other public dues. It is redeemable in gold on demand at the Treasury Department of the United States in the city of Washington, District of Columbia or in gold or lawful money at any Federal Reserve Bank."

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