2100528

$2 U.S. Federal Reserve Notes Set of 2 (Postmarked 1976 1st Day Issue & 2003)

Product Description:
On April 13, 1976, to celebrate the bicentennial of American independence, new $2 Federal Reserve Notes were issued with backs featuring the well-known painting Signing of the Declaration of Independence. Collector's were able to take the newly-issued notes to their local post office and have them postmarked and affixed with a 13-cent stamp on that day only. Today, a limited number of these original 1976 First Day of Issue $2 notes remain, postmarked from small towns and big cities all over the United States. Offered here is a presentation set including one 1976 $2 note with a First Day of Issue postmark and one modern $2 note dated 2003. Post office towns and zip codes will be of our choosing and selected based upon stock on hand. Your product is guaranteed to be in choice crisp uncirculated condition and will match the quality of the notes shown. Each note will be housed in an archival-quality plastic sleeve.

About Federal Reserve Notes
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. Series 1914 FRNs were the first of two large-size issues. Denominations were $5, $10, $20, $50, and $100, printed initially with a red seal and then later with a blue seal. Series 1918 notes were issued in $500, $1,000, $5,000, and $10,000 denominations. The 1914 and 1918 series notes measured approximately 7.4 x 3.1 inches. Notes of this era were often referred to as “horse blankets” due to their large size. As a cost-cutting measure, the size of FRNs was reduced in 1929 to the present-day smaller dimensions.
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