Why Series 1915 & 1918 Large Size Failed. (They're NOT Nationals)
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- เผยแพร่เมื่อ 4 ก.พ. 2025
- From a novice collector’s view point Federal Reserve Bank Notes (FRBNs) are confused with National Bank Notes because they state ‘National Currency’ across the top. The twin Series 1915 & 1918 FRBNs look the same yet each have their own narrative and history. From a way to replace National Bank Notes to unscrupulous silver mine owners, questionable politicians, a U.S. Treasury fire sale, World War I, and the minting of both 1921 silver dollars FRBNs have quite the story to tell. The convoluted story of 1915 & 1918 Large Size Federal Reserve Bank Notes, silver mine owners, politics, the US Treasury, WWI & the 1921 Silver Dollars.
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Hi, I’m Dan and welcome to Polar Currency and video number eleven. This video explores the Series 1915 and 1918 Federal Reserve Bank Notes, or FRBNs because I’m not going to say Federal Reserve Bank Note a thousand times in this video. The twin Series 1915 & 1918 FRBNs look the same yet each have their own narrative and history. From a way to replace National Bank Notes to unscrupulous silver mine owners, questionable politicians, a U.S. Treasury fire sale, World War I, and the minting of both 1921 silver dollars FRBNs have quite the story to tell. FRBNs were basically three things; one, a possible way to replace National Bank Notes, two a currency supply stop gap, and three, a failure. Both Series years were issued with different legislation and reasons.
From a novice collector’s view point FRBNs are confused with National Bank Notes because they state ‘National Currency’ across the top. But they aren’t National Bank Notes. FRBNs were originally meant to replace National Bank Notes. But so were the 1914 Federal Reserve Notes. The Federal Reserve Act of 1913 gave national banks the option to sell their circulation privilege to the Federal Reserve System beginning in 1915. Meaning that Federal Reserve Banks would purchase the bonds the banks used to secure their National Bank Note circulations. In turn, the Federal Reserve Banks would use those bonds to secure their own circulations. That’s why the designation "National Currency" was carried over across the top of all FRBNs.
Alright, before I get too far I have to take a pause. I’m not some economic expert, and frankly, the financial aspect of bank notes can sometimes - well, bore me to tears. I’m fully aware that the circumstances of what does, or does not, provide securities that back various bank note types is part of currency stories and sometimes, that’s interesting…but, in this case, it’s not. Trust me the details get deep.
Honestly, I prefer Legal Tender Notes and modern Federal Reserve Notes because they’re simple to understand because, being a FIAT currency, they aren’t backed by anything. The government says it’s legal tender. That’s easy to understand and I’m good with that. And for those of you who want to carry around 100 pounds of silver for pocket change? All I have to say is: I man is entitled to his own opinion. Like usual, I digress. I’ll do my best to provide a financial 101 overview as to why there were two separate issues of large size FRBNs. The Series 1915 FRBNS were basically issued and redeemed under the silimiar terms and conditions as National Bank Notes, except that weren’t limited to the amount of the capital stock of the Federal Reserve Bank issuing them - whatever that means. Some local national banks took advantage of the offer, but the sales never materialized into the expected flood hoped for by Treasury officials. Accordingly, the Series of 1915 FRBNs sputtered along being issued in rather small numbers and were only issued by five of the twelve Federal Reserve Banks.
The first large size 1915 FRBNs began appearing in February 1916, but at a snail’s pace. Clearly local national banks weren’t biting and the National Bank Act was amended to repeal the requirement for a minimum bond deposit with the Federal Reserve Act enacted June 21, 1917. Are you bored yet? The legislative change created the high point of the Series 1915 by October 1917 with just under $13 million out in circulation. Here’s a reference point comparing just five dollar notes issued from 1915-1921. Roughly, there was $1.9 million five dollar 1915 FRBNs and 24 million 1918 FRBNs while an estimated 800 million $5 dollar bank notes of Series 1899 Silver Certificates, Series 1902 National Bank Notes, 1907 Legal Tender Notes and 1914 Federal Reserve Notes that were issued.
Currency, Money, Collecting, Numismatist, Numismatic, Numismatist, History, Dollar, Bank note, Banknote, Hobby, Coin, Gold, Silver, Unites States Money, Bureau of Engraving & Printing, United States Treasury, Paper Currency, Gold Certificate, Silver Certificate, Legal Tender Note, United States Note, National Banknote, Obsolete Banknote, Federal Reserve Note, Federal Reserve Bank Note, National Bank Note, Small Size Bank Notes, U.S. Mint, US Mint, Obsolete Bank note
I like your video style and edit. So much better than all the "talking hands" videos out there. It's nice to see a friendly face in addition to the notes.
With a face only a mother can love those are kind words! Appreciate the comment - thank you.
This was fantastic! I had no idea the battleship note is so popular. I’ve seen them before, but didn’t realize they are sought after. Thank you for sharing.
Thanks Dean - it's a beauty.
A great video summarizing the large type FRBN’s, so close and still for far away in our history. Many of my older aunts, uncles and of course grandparents would have used them, along with the several other types of banknotes in circulation then. Sadly, non are around to ask what they thought of them. I think that they would not have paid much attention to them though, as I have family that would have used the Green, Red and Blue seal notes, and they can hardly even remember them - not because they’re old and feeble, but because it wasn’t a big deal for them. It was just money.
For me, I’ve always been a currency guy, likely because I saw many of the older Blue seal Silver Certificates in circulation while I was a kid in the 1970’s. I’d get them in cards for birthdays from grandpa and grandma, and occasionally even in circulation, though never any large sized notes. I grew up in Nevada, whose casinos then still drew in people from all over, especially California, and many of them evidently had some to spend. Unfortunately as a kid, though I loved them but I only kept them until the candy and comic books made me part with them. Even still, there was no-one else besides me who thought too much of the older Blue seal notes then as a curiosity, and I guess it is because the notes were still similarly designed. This is not so with the various large sized notes. The difference in design is quite noticeable, and there must’ve been some thought put to their differences - and yet, for the common, non-currency nerds, I suppose it’s just money. Like with my old Silver Certificates I had as a kid, if that’s all the money I have, that’s what I have to spend.
I really do enjoy your videos, and look forward to them.
David - love the background history. Same way with me as a kid in the 1970s getting the occasional red seal 2 or 5 - although I don't recall ever getting the one dollar silver certificate. And yeah - try to save them and just had to have the Bubs-Daddy. But as a currency nerd I can't fathom having 5 different types (colors) in my wallet. Maybe because we have just seen the green FRNs for so long with little change until the colorized came about. Thanks for the kind words and comment.
WOW. 💥You deserve an Oscar or an Emmy or something just for the research you did for this video ! 💥Really enjoyed all the history. What a winding path! Thanks!! 👍
Yeah, this one took a bit of research but it was fun after I got past tall the "financials"! And the 1918s certainly had a tangled tail to tell.
I always learn cool stuff from you. Now I have to see how close I am to finishing this set. Great work once again!
Thanks Steve! "Get her dun"
Thanks for the recommendation! This looks like a great channel!
I, too, have a particular fascination for Federal Reserve Bank Notes, both large and small. These (this and the later one for the small FRBNs) are truly great videos which explained much to me despite your limited willingness to dwell on the background economic and legislative details regarding each of these series.
You're great at highlighting what I get frustrated. First, second and third is time. I'm not making videos for massive views and the longer the video is the less views - according to the TH-cam "experts". Not highly concerned about it with the exception that I personally only have so much time. It can take 20-40 hours to put together a video. Not complaining because I really enjoy all of the aspects. Inevitably information has to hit the cutting room floor. In my opinion economic and legislative details are the areas to be cut and what the average currency may not care enough. Not that they aren't key components. We both know that without the economic reasons that prompts the legislation there would be no reason for whatever currency type needed to be issued, etc. Appreciate the support and comment.
HI! Just came over from Stuplubak Currency! Loved the video - Will now binge watch all of the rest of your videos!
Thanks to Stuplubak! He is just amazing - He was my main inspiration and an very thankful for his support - shows you what type a person he is and am glad to call him a friend today!
That was an awesome video. Super interesting info. Glad you woke up to finish the video. I always was wondering wtf a FRBN was…..😉
Great comment! WTF are they! Still haven't woken up.
I enjoy watching 'reruns' of your note videos 😊
I’m getting worried Mark - are you OK!?
🤪
Fantastic video my friend! The FRBN's have some unique history that as always was tainted with self serving interests to a degree. It always amazes me to learn about how intertwined coins/currency was with the development of our country and world events. I agree with you on the battleship, one of the best vignettes of any note. Darn things have shot up in price lately. I was happy to obtain one quite some time ago which filled my void. I enjoy placing them on the same pages as my 1914 FRN's due to their similarities as you mentioned. Would be interesting to see the connections between the 1915/1918 FRBN's and 1914/1918 FRN's. Thanks again for this video!
Thanks Surfer! Appreciate the kind words. And the 1914 FRN connection is there and baked into the Fed Res Act of 1913 - another video. Thanks for the support hope the new one is doing well!
Very Good Info!! Thx 4 Sharing!! JJ
Thanks for the kind words and the comment JJ. Welcome to the channel!
@@PolarCurrency Thank you Kindly! JJ
Another fantastic video, I watched it three times today.
Thanks Mark for the comment - and are you a glutton for punishment? Glad you liked it.
Great vidéos and informations of history
Thank you!
New video! Automatic thumbs up!
Thank you!
The what I call "financial history" of the United States, is admittedly extremely convoluted and super boring, BUT it is a topic that is very important (and under-appreciated) - especially in terms of how we got to where we are now. This video, along with your other videos, is a great way of putting into terms the complexity of banking schemes that normal people can understand. Kudos and keep it up!
Thank You! Part of my collecting hobby "problem" is why we have some of the bank notes and they are all the result of something "financial" - and I am no expert by any means. Just did my best to relate my understanding why in a way that I could understand. I realize it's not exciting but the financial "why" is part of the history. Appreciate the kind words.
Большое Спасибо за интересную и познавательную серию видео выпусков
Спасибо - ценю комментарий и спасибо за просмотр.
Great video, especially the part about COINS! 😅 Jk, I enjoyed the whole thing, so much I didn't know.
Thanks Joe - and I can tolerate coins - as long as they are part of the story. Appreciate the comment.
I notice you left off mention of William S. Elliot, the next Registar of the Treasury whose signature also appears on FRBN's series 1918 one through twenty dollars. Who was he?
Will have to dig into that. Right now I'm only sticking to the signatures on my notes and all of my FRBNs are Minneapolis issued so I haven't covered other Federal Reserve Banks.
Elliot's signature is found on $1 and $2 Federal Reserve Bank Notes from all 12 banks, including Minnesota. For the $5 denomination, his signature is found only on notes from the Cleveland, Atlanta, St. Louis, and Kansas City banks. For the $10 and $20 notes, his signature is found only on notes from the Atlanta bank. His signature is not found on any $50 Federal Reserve Bank Note.
@@griffruby8756 Thank you sir - strange how the signatures run depending on when the notes were issued.
Elliot replaced Teehee as Registar in November 1919.
Very interesting. Skol Vikings!
Thanks and SKOL back at you. RIP Bud Grant.
@@PolarCurrency RIP Bud Grant. 54 years following diehard Vikings Fan.
Even back then, the Fed was leaving kibble in the kennel.
And I guess a lot more than I found out about - But I'm not a coin guy!
I've been looking for just this kinda show... I've got into coin/currency collecting but don't know much 👍
That's exactly why I started this - I'm a history guy so there's that. Fully credit @Stuplubakcurrency for inspiring me. And i have my fair share of coins - like the larger silver but love paper. Thanks for the comment.
Buen día quiero saber sobre el billete de miniapoli de 1918 y sanfracisco de 1902 sitiene algún valor
Pido disculpas pero estoy usando un traductor. Los billetes de banco de la Reserva Federal de Minneapolis de 1918 que poseo y que muestro en el video varían y tienen rangos según la condición. Los valores de mi billete FRBN de 1918 son: un dólar $150-$200, dos dólares $400-$700, cinco dólares $400-500, y el valor de $5 1915 San Francisco FRBN es de aproximadamente $2,000. Todos los valores son dólares estadounidenses
MAKE 1984 FICTION AGAIN
Well, we can wish in one hand...
why is there a $2 bill 💵, but a $2.5 gold 🥇 piece?
LOL! I can only assume Federal Government conspiracy. But the Netherlands figured it out with paper! See this link:
www.ebay.com/itm/324131735411?chn=ps&norover=1&mkevt=1&mkrid=711-117182-37290-0&mkcid=2&mkscid=101&itemid=324131735411&targetid=2299003535955&device=c&mktype=pla&googleloc=9053148&poi=&campaignid=21676678693&mkgroupid=166718358683&rlsatarget=aud-1317302328205:pla-2299003535955&abcId=10012311&merchantid=5308232830&gad_source=1&gclid=Cj0KCQjw0Oq2BhCCARIsAA5hubXnSBU6ypO8GWlPqT_68e_3-MVtQvfsfCQab699yhjmdyzAAuJxpGwaAqOwEALw_wcB
Son de un dolar miniapoli y san francisco de 10
Consulte la respuesta en el comentario de respuesta anterior.
😢
Sad face for the failure?
@@PolarCurrency I posted a comment and it dissapeared, re wrote it and it disapeared again. You tube shenanigans ?
@@michaelgarcia5689 Weird but thanks for watching and trying!
Tengo
OK