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- Product ID: 36778
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The 1929 $10 Federal Reserve Note from Cleveland, Ohio, in Good to Very Good (G-VG) condition, is a fascinating relic of American monetary history. Issued during a period of significant economic upheaval and transition, this banknote reflects the changes brought about by the Federal Reserve Act of 1913 and the subsequent restructuring of the national banking system.
Designed by the Bureau of Engraving and Printing, this Federal Reserve Note features intricate artwork and detailed engraving typical of early 20th-century American currency. The obverse of the note showcases a portrait of Alexander Hamilton, the first Secretary of the Treasury, accompanied by the vignette "United States of America" and the denomination "Ten Dollars." The reverse depicts a vignette of the U.S. Treasury Building in Washington, D.C., surrounded by ornate scrollwork and the words "Federal Reserve Bank Note" and "This Note Is Legal Tender for All Debts, Public and Private."
The issuance of Federal Reserve Notes like this one marked a departure from the previous National Bank Notes, which were issued by individual banks and backed by their own reserves. Under the Federal Reserve System established in 1913, Federal Reserve Banks were authorized to issue a uniform currency backed by the assets of the Federal Reserve System as a whole, providing greater stability and consistency in the nation's monetary system.
The note's designation as a $10 Federal Reserve Note from the Cleveland district indicates that it was issued by one of the twelve Federal Reserve Banks established across the United States. Each district served a specific geographic region and was responsible for issuing currency, regulating member banks, and implementing monetary policy within its jurisdiction.
During the Great Depression, the Federal Reserve System played a crucial role in stabilizing the economy and restoring confidence in the banking system. The issuance of Federal Reserve Notes like this one helped to provide liquidity to banks and stimulate economic activity during a period of widespread financial hardship.
As for its condition, this note is graded as Good to Very Good (G-VG), indicating that it exhibits considerable wear but remains intact and legible. Despite its age and circulation, the note retains much of its original design elements and historical significance. While collectors may prefer banknotes in higher grades, those in G-VG condition are still valued for their historical importance and scarcity.
Overall, the 1929 $10 Federal Reserve Note from Cleveland, Ohio, offers a tangible link to a pivotal period in American history. From the establishment of the Federal Reserve System to the challenges of the Great Depression, this banknote embodies the economic and financial transformations that shaped the nation in the early 20th century. Whether as a collectible item or a historical artifact, it serves as a reminder of the resilience and adaptability of the American economy in the face of adversity.