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The 1929 $100 Federal Reserve Note from Minneapolis, MN, is a significant piece of U.S. currency that reflects a transitional period in American financial history. This note was issued during the Great Depression, a time of severe economic strain and widespread bank failures. The Federal Reserve System, which was established in 1913, took over the responsibility of issuing currency from national banks. This particular note belongs to the 1929 series, which was issued as part of a broader effort to standardize and modernize U.S. currency. Federal Reserve Notes like this one were the primary means of currency for many years and continue to be used today, though the design has evolved significantly since this early period.
The history of the 1929 $100 Federal Reserve Note ties into the broader history of the Federal Reserve System and its role in U.S. monetary policy. The Federal Reserve was created in response to the need for a central banking system capable of managing the nation’s currency, regulating the money supply, and stabilizing the financial system. By 1929, the Federal Reserve had fully taken over the issuance of currency, phasing out the older National Bank Notes. This change was part of an effort to address the economic challenges of the time, particularly in the wake of the 1929 stock market crash and the subsequent banking crises. As a result, the 1929 $100 Federal Reserve Note from Minneapolis is a historical artifact from a time when the country was grappling with the fallout from the Great Depression, as well as an important representation of the Federal Reserve’s increasing influence on the U.S. economy.
The design of the 1929 $100 Federal Reserve Note is characteristic of the changes made to U.S. currency during this era. The note’s design is smaller and simpler than earlier large-size currency notes. The obverse features a portrait of the iconic Benjamin Franklin, one of the founding fathers of the United States and a key figure in American history. Franklin’s portrait is surrounded by the inscription “THE UNITED STATES OF AMERICA” and “THE SECRETARY OF THE TREASURY,” as well as the denomination “ONE HUNDRED DOLLARS.” Below Franklin’s image is a small, decorative vignette of an eagle, which was commonly used in U.S. currency to symbolize strength and national unity. The reverse side of the note features a simple design, with the large “100” numeral prominently displayed. The note is also marked with the Federal Reserve seal and serial numbers, along with the name of the issuing bank—in this case, the Federal Reserve Bank of Minneapolis, Charter #227. The overall design, while simpler than earlier notes, still evokes the strength and authority of the U.S. government.
The 1929 $100 Federal Reserve Note was issued by the Federal Reserve Bank of Minneapolis, which is one of the twelve regional Federal Reserve Banks in the United States. Each of these banks was responsible for issuing currency in their respective districts, and the Minneapolis bank’s district was designated by the letter “A” on the notes it issued. The Federal Reserve Bank of Minneapolis played an important role in the economic life of the Midwest, which included states like Minnesota, North Dakota, and Montana. While the Federal Reserve System was designed to manage the U.S. economy as a whole, the individual regional banks contributed to the system by issuing currency and helping to regulate credit in their regions. Notes like the 1929 $100 Federal Reserve Note from Minneapolis are important examples of the Federal Reserve’s influence over the U.S. currency system during a time of major economic transition.
The mintage of the 1929 $100 Federal Reserve Note from Minneapolis is significant, as these notes were issued in large quantities to meet the demands of the economy. However, the specific mintage numbers for each district can vary, and exact figures are not always easy to determine for individual notes. In general, the 1929 series of Federal Reserve Notes was printed in high numbers, as the U.S. economy was undergoing rapid changes and the demand for currency was high. However, over time, as currency was returned to the Treasury or destroyed, only a limited number of these notes remain in circulation today. Consequently, surviving examples of the 1929 $100 Federal Reserve Note, particularly those from certain districts like Minneapolis, are considered rare and desirable to collectors. While millions of these notes were printed, the surviving examples in good condition are few and far between, making them highly sought after in the numismatic community.
The condition of the 1929 $100 Federal Reserve Note is a crucial factor in determining its value among collectors and investors. The note is graded based on its appearance and preservation, with grades ranging from “Good” to “Uncirculated.” Notes in “Good” condition will have significant wear, with noticeable folds, tears, and discoloration. In contrast, notes in “Fine” or “Very Fine” condition will show moderate wear but retain their overall structure and design details. The 1929 $100 Federal Reserve Note from Minneapolis, especially in grades like “Very Fine” (VF) or “Fine” (F), is an excellent representation of the state of the note in circulation during the time. In these grades, the note will show signs of wear such as creases and light fading, but its design and security features remain intact. A note in “Extremely Fine” (EF) or “Uncirculated” (UNC) condition would be rarer and would command a premium price due to its pristine condition.
The 1929 $100 Federal Reserve Note from Minneapolis is a prized collectible in the numismatic world, especially for those interested in U.S. paper money. Collectors often seek out notes from specific Federal Reserve Banks, and notes from the Minneapolis district are particularly sought after due to their relative rarity and the historical significance of the Federal Reserve Bank of Minneapolis. This note is also valuable because it represents a key moment in the history of U.S. currency—one of the last series of National Bank Notes and one of the first series of Federal Reserve Notes to be issued. Collectors are drawn not only to the note’s design and rarity but also to the historical context in which it was produced during the economic upheaval of the 1920s and 1930s.
In conclusion, the 1929 $100 Federal Reserve Note from Minneapolis is a remarkable example of U.S. currency from a critical time in American history. The note’s design, which features Benjamin Franklin’s portrait and simple yet powerful imagery, captures the essence of the U.S. government’s authority and resilience. The note was issued during a period of economic turmoil, and it remains a valuable piece of numismatic history. The rarity of this note, particularly in high grades, makes it an important addition to any collection of U.S. paper money. The 1929 $100 Federal Reserve Note from Minneapolis represents the transition of U.S. currency and the ongoing development of the Federal Reserve System, making it a lasting symbol of the nation’s financial evolution.