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The 1928 $10 Federal Reserve Note marks an important period in American currency history. Introduced at a time when the United States was grappling with economic challenges and transitioning to a new era of monetary policy, this note represents the efforts to stabilize and modernize the nation's financial system. The 1928 series was the first to feature the standardized size and design that would become familiar to Americans, aligning with the currency modernization efforts of the 1920s.
The design of the 1928 $10 Federal Reserve Note is both distinctive and elegant. The obverse side prominently features a portrait of Alexander Hamilton, the first Secretary of the Treasury, whose contributions to establishing the United States' financial foundation are well-recognized. Hamilton's portrait is encased within an ornate oval frame, surrounded by intricate scrollwork and fine engraving that showcases the artistry of the period. Above his portrait, the words "FEDERAL RESERVE NOTE" are boldly printed, indicating the note's status as legal tender issued by the Federal Reserve System.
To the left of Hamilton's portrait is the Treasury seal, a symbol of the government's authority and commitment to financial security. The serial numbers are located to the right of the portrait, each note bearing a unique combination that ensures traceability and security. The overall layout and design elements of the note emphasize both aesthetic beauty and practical functionality, reflecting the high standards of engraving and printing of the time.
The reverse side of the 1928 $10 Federal Reserve Note features an image of the U.S. Treasury Building, a structure that symbolizes the strength and stability of the American financial system. The detailed rendering of the Treasury Building, with its classical architectural features, underscores the importance of this institution in managing the nation's finances. The depiction serves as a visual reminder of the government's role in maintaining economic order and stability.
Each 1928 $10 Federal Reserve Note was issued by one of the regional Federal Reserve Banks, ensuring widespread distribution across the United States. The specific Federal Reserve Bank that issued the note is identified by a letter and number combination within the Federal Reserve seal, allowing for easy identification of the issuing bank. This system of decentralized issuance was designed to cater to the diverse economic needs of different regions, facilitating efficient currency management and distribution.
The paper used for the 1928 $10 Federal Reserve Note is a blend of high-quality cotton and linen, chosen for its durability and resistance to wear. This material selection ensured that the notes could withstand the rigors of daily use while retaining their integrity and legibility over time. Despite the robust construction, many notes from this era show signs of circulation, including folds, creases, and minor stains, which add to their historical authenticity and character.
The mintage of the 1928 series was significant, with millions of notes produced to meet the economic demands of the time. Specific mintage figures vary depending on the issuing Federal Reserve Bank, but the widespread issuance highlights the essential role these notes played in everyday transactions. The extensive circulation of the 1928 $10 Federal Reserve Note underscores its importance in the nation's financial history and its role in facilitating commerce and trade.
The condition of this particular 1928 $10 Federal Reserve Note is graded as Fine (F). This grading indicates that the note has seen moderate circulation but retains a significant amount of its original detail and structure. The finer elements of the design, including Hamilton's portrait and the Treasury Building, remain clear and well-defined, though there may be some signs of wear, such as slight fading of the ink and minor creases. The note's edges are generally intact, and the paper, while showing signs of handling, maintains its overall integrity.
The 1928 $10 Federal Reserve Note stands as a testament to the resilience and evolution of the American economy during the early 20th century. Its design, featuring Alexander Hamilton and the U.S. Treasury Building, encapsulates the importance of stability and governance in the financial system. With its durable construction and historical significance, this note is a valuable addition to any collection, offering a glimpse into a transformative era in American monetary history.