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Yesterday's News


July 18, 1914 – With the coming of the new federal reserve banking system will come new styles of paper money.

Under the bank act each of the twelve federal reserve banks will receive advances from the federal reserve in the form of federal reserve notes, a distinctly new sort of money. Commercial paper will be the collateral advanced by the various banks as security for these notes.

The treasury department has samples of this new paper money now under consideration, notes of $5, $10, $20, $50 and $100 denominations.

All will be printed in green ink on the back, while black ink will be us...

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