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- Product ID: 19961
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The 1929 $10 Federal Reserve Note from New York, NY, graded as Good to Very Good (G-VG), is a significant piece of American numismatic history. The introduction of Federal Reserve Notes came as part of the Federal Reserve Act of 1913, which aimed to create a more stable and flexible U.S. financial system. These notes were issued by the twelve Federal Reserve Banks, each serving a specific region of the country, thereby decentralizing the nation's monetary system. The 1929 series marks the last issuance of small-size Federal Reserve Notes in the aftermath of the Great Depression, reflecting the economic challenges and reforms of that era.
The design of the 1929 $10 Federal Reserve Note is iconic and steeped in historical significance. The obverse features a portrait of Alexander Hamilton, the first Secretary of the Treasury and a key architect of the American financial system. Hamilton's portrait is set within an ornate frame, flanked by intricate scrollwork and the words "Federal Reserve Note" and "The United States of America." The design elements underscore Hamilton's lasting legacy in shaping the nation's economic policies and institutions. The seal of the issuing Federal Reserve Bank, in this case, New York, is prominently displayed, adding to the note's historical and regional importance.
The reverse side of the note showcases an engraving of the U.S. Treasury building in Washington, D.C. This image symbolizes the federal government's financial authority and the stability of the U.S. monetary system. The engraving is detailed, capturing the architectural grandeur of the Treasury building, surrounded by ornate borders and the denomination "Ten Dollars" prominently displayed. The reverse design reinforces the note's authenticity and provides an added layer of security against counterfeiting, a significant concern during this period.
The production of the 1929 $10 Federal Reserve Note was a meticulous process overseen by the Bureau of Engraving and Printing (BEP). The BEP employed intaglio printing techniques, which involve engraving the design into metal plates and then using those plates to print the notes. This method produces raised designs that can be felt by touch, adding a tactile security feature. The paper used for these notes is a durable blend of cotton and linen, chosen for its ability to withstand the rigors of circulation while maintaining the note's structural integrity and detail over time.
The mintage of the 1929 $10 Federal Reserve Note from New York, NY, reflects the economic conditions and monetary policies of the era. The Federal Reserve Banks issued currency based on their gold reserves and economic needs, meaning that the volume of notes issued was directly linked to the bank's financial stability and the region's economic activity. The New York Federal Reserve Bank, serving one of the most economically significant regions in the country, played a crucial role in the issuance of these notes. The limited mintage of notes from specific periods adds to their rarity and collectible value today.
The condition of this particular 1929 $10 Federal Reserve Note is graded as Good to Very Good (G-VG). In this grade, the note exhibits considerable signs of circulation, including significant wear, folds, and possible minor tears. However, the essential elements of the design, such as the portrait of Alexander Hamilton, the Treasury building engraving, and key inscriptions, remain identifiable and legible. Despite its wear, the note retains its historical and numismatic value, offering a tangible connection to the economic history of the United States during a tumultuous period.
The 1929 $10 Federal Reserve Note from New York, NY, encapsulates a rich narrative of American monetary history. Its design elements, featuring Alexander Hamilton and the U.S. Treasury building, reflect the values and achievements of the period. The limited mintage and regional significance enhance its collectible value, making it a sought-after piece for collectors and historians alike. The note's historical and artistic merits make it a valuable asset, offering a tangible connection to the past and a deeper understanding of the nation's financial evolution and the role of the Federal Reserve System in promoting economic growth and stability.
The intricate design, historical context, and regional significance of the 1929 $10 Federal Reserve Note from New York, NY, make it a fascinating collectible. It represents a period of economic transformation and progress, encapsulated in a beautifully crafted piece of currency. For collectors, owning such a note is an opportunity to preserve and appreciate a tangible piece of American history, reflecting the nation's journey toward a unified and stable financial system. This note stands as a testament to the enduring legacy of the Federal Reserve System and its impact on the American monetary landscape.