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Since United States Notes were discontinued in 1971, Federal Reserve Notes are the only type of currency circulating in the US. In 1976, a $2 note was added, 10 years after the $2 denomination of United States Note was officially discontinued. The denomination proved to be unpopular and is now treated as a curiosity, although it is still being ...
Eventually, even silver redemption stopped in June 1968, during a time in which all U.S. currency (both coins and paper currency) was changed to fiat currency. For the general public, there was then little to distinguish United States Notes from Federal Reserve Notes.
United States Notes: A history of the various issues of paper money by the government of the United States (3rd ed.). Charles Scribner’s Sons. Kravitz, Robert J. (2012). A collector's guide to postage & fractional currency: The pocket change of the Union (2nd ed.). Coin & Currency Institute. ISBN 978-087184-204-6.
Before the Civil War, the United States used gold and silver coins as its official currency. Paper currency in the form of banknotes was issued by privately owned banks, the notes being redeemable for specie at the bank's office. Such notes had value only if the bank could be counted on to redeem them; if a bank failed, its notes became worthless.
The Continental Congress also issued paper money during the revolution — known as continental currency — to fund the war effort. To meet the monetary demands of the war, state and continental governments printed large amounts of currency, leading to rapid depreciation. By the end of the war, these paper notes became effectively worthless.
Using a combination of proofs and issued notes, a nearly complete type set of high-denomination currency was compiled. Notably missing are several types of Compound and Interest Bearing Notes. Printed during the early to mid-1860s on very thin paper, these high-denomination notes are virtually non-existent.
The Secretary of the Treasury directed a reduction in paper currency from a 7 + 7 ⁄ 16 inch by 3 + 9 ⁄ 64 inch size to a 6 + 5 ⁄ 16 inch by 2 + 11 ⁄ 16 inch (6.31" × 2.69") size, which allowed the Treasury Department to produce 12 notes per 16 + 1 ⁄ 4 inch by 13 + 1 ⁄ 4 inch sheet of paper that previously would yield 8 notes at the ...
In the case of the last issues of small size National Bank Notes, referred to as Type 2 notes, the charter number also appeared twice in brown ink in line with the note's serial numbers. Small size National Bank Notes look very similar to, but are distinctly different from, the emergency 1933 issue of the Federal Reserve Bank Notes. These were ...