1934 U.S. Federal Reserve Notes // Complete Set of 5 Denominations // $5, $10, $20, $50, & $100 // Circulated

Federal Reserve Notes (FRNs) are the only form of banknotes currently produced in the United States. This type of currency was introduced in 1914, originally in a large-size format, before being reduced to the modern-day size in 1929 as a cost-cutting measure. Offered here is a complete 5-note set of all denominations issued in the 1934 Federal Reserve Note series, which were the first FRNs to employ the green Treasury seal that is now standard on all notes produced today.

FRNs were first authorized by Section 16 of the Federal Reserve Act of 1913 and are issued to the Federal Reserve Banks at the discretion of the Board of Governors of the Federal Reserve System. FRNs are legal tender and bear the obligation "this note is legal tender for all debts, public and private" printed on each note. They replaced United States Notes, which were once issued by the Treasury Department. FRNs are backed by the assets of the Federal Reserve Banks, which serve as collateral under Section 16. These assets are generally Treasury securities which have been purchased by the Federal Reserve through its Federal Open Market Committee in a process called debt monetizing.