$20 Small Size Federal Reserve Error Note Collection // Set of 3 // PMG Certified

Despite exquisite quality control at the U.S. Bureau of Engraving and Printing, numerous errors are known to occur during the printing and production of paper money. These error notes are typically discovered and destroyed by inspectors. In an exceedingly small number of instances, however, error notes escape recognition and enter circulation. Approximately two dozen distinct types of paper money errors exist, some of which can be quite bizarre and very rare.

Offered here is a delightful collection of three $20 Small Size Federal Reserve Notes showcasing three different errors, the gutter-fold, the butterfly fold, and the printing fold error. You will receive the remarkably unique notes shown in the photos, accompanied by a certificate of authenticity.

Federal Reserve Notes (FRNs) are the only banknotes currently produced in the United States. They 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. The notes are then placed into circulation by the Banks, at which point they become liabilities of the Federal Reserve Banks and obligations of the United States. 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.