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The 1929 $5 Federal Reserve Bank Note from Philadelphia, Pennsylvania, represents a key moment in U.S. history, marking a transition in the design and structure of American paper currency. This note, issued during the years following the U.S. financial reforms of the early 20th century, belongs to the series of Federal Reserve Notes that were first introduced after the establishment of the Federal Reserve System in 1913. The 1929 series is notable for introducing smaller-sized bills, a significant change from the larger notes that had been in circulation up until that time. This transition was part of a broader effort to standardize U.S. currency and improve security features, paving the way for the more modern design of bills used today. The note comes from the Philadelphia Federal Reserve Bank, which played an important role in issuing currency throughout the eastern United States.
The design of the 1929 $5 Federal Reserve Note reflects the aesthetic style typical of the 1929 series. The front of the bill prominently features a portrait of Abraham Lincoln, the 16th President of the United States, whose image has long been associated with U.S. currency. Lincoln’s portrait is framed by a rich and intricate border, which includes detailed engravings of various security features such as the U.S. Treasury Seal, the Federal Reserve Bank seal for Philadelphia, and the series date of 1929. The text "The United States of America" is prominently displayed, along with the words "Federal Reserve Note," emphasizing that this currency is backed by the Federal Reserve System. The $5 denomination is clearly indicated in the corners, making it easy for users to recognize the value of the note. The note also includes various engravings and other design elements meant to prevent counterfeiting, making it a secure form of currency for its time.
The reverse side of the 1929 $5 Federal Reserve Bank Note displays the same level of careful design. The reverse is less ornate than the front but still includes important security features. The $5 denomination is prominently featured in the center of the note, and the words "Five Dollars" are written out in both English and a Latin inscription. The reverse side also includes engravings that symbolize the strength of the U.S. economy and the nation's commitment to maintaining a stable currency. One of the most important design elements on the reverse side is the seal of the Philadelphia Federal Reserve Bank, which was responsible for issuing the note. Like the front of the note, the reverse is designed to be easily recognizable and resistant to counterfeiting.
The history of the 1929 $5 Federal Reserve Bank Note from Philadelphia is deeply intertwined with the establishment of the Federal Reserve System itself. The Federal Reserve was created in response to the banking panics of the late 19th and early 20th centuries, which had caused widespread financial instability in the U.S. The establishment of the Federal Reserve System in 1913 was part of a broader effort to stabilize the U.S. financial system by centralizing the issuance of currency and regulating the banking system. In the years following the creation of the Federal Reserve, Congress passed several reforms aimed at modernizing U.S. currency. The 1929 series, which was released in the aftermath of the banking reforms of the early 20th century, marked the first time that Federal Reserve Notes were issued in smaller sizes. This was intended to make the currency more convenient to carry and easier to handle by the public.
The note in question is classified as a "STAR" note, a designation indicating that it was printed as a replacement for a damaged or defective note. These replacement notes were identified by a star symbol placed in the serial number to distinguish them from regular notes. STAR notes were introduced to ensure that the public could continue to use U.S. currency even if a note was found to be defective during the printing process. STAR notes are generally rarer than standard notes and are often highly sought after by collectors, as they are viewed as more unique and historically significant. The 1929 $5 STAR note from the Philadelphia Federal Reserve is thus of particular interest to collectors, not only because it is a STAR note but also due to its historical importance and connection to the Federal Reserve system.
The mintage of the 1929 $5 Federal Reserve Bank Note from Philadelphia, specifically the STAR note variant, is not as high as other denominations of the 1929 series. While the exact number of STAR notes issued is difficult to determine, they are generally considered to be more limited in supply compared to standard notes, making them more desirable for collectors. The Philadelphia Federal Reserve Bank was one of 12 regional banks that issued currency during the 1929 series, and the notes from each bank are all highly collectible. Notes from certain banks, especially those with lower charter numbers or those from major cities like Philadelphia, often carry a premium in the collector market. The unique characteristics of each note, including its condition and rarity, further influence its value in the market.
The condition of the 1929 $5 Federal Reserve Note from Philadelphia is described as "VF" (Very Fine), with the note showing some light wear from circulation but still maintaining its legibility and overall integrity. The note may display creases, folds, or small signs of handling, but these imperfections do not detract significantly from the historical value of the currency. The “tear” mentioned in the description indicates that the note has suffered a small tear, which is common with currency that has been used in circulation over several decades. Despite this, the note remains in very fine condition and is still highly collectible due to its age, historical significance, and the fact that it is a STAR note. The condition and rarity of the note make it an attractive item for collectors who are interested in U.S. currency history and the Federal Reserve system.
The 1929 $5 Federal Reserve Bank Note from Philadelphia is a notable example of U.S. currency from the early 20th century, particularly because it is a STAR note and a product of the 1929 series. While the note is more common than other rarer issues from the same period, its historical importance, connection to the establishment of the Federal Reserve, and its condition make it a valuable piece of currency for collectors. The note serves as a reminder of the changes that took place in U.S. monetary policy during the early 20th century, as well as the innovations that helped stabilize the U.S. economy. Collectors continue to seek out these notes, appreciating both their historical significance and their role in the development of the modern U.S. monetary system.