View source for Federal Reserve Note

{{Short description|Banknotes of the United States dollar}}
{{Distinguish|Federal Reserve Bank Note}}
{{Use mdy dates|date=April 2024}}
{{Use American English|date=March 2025}}
[[File:US_one_dollar_bill,_obverse,_series_2009.jpg|thumb|300px|A [[United States one-dollar bill|one-dollar bill]], the most common Federal Reserve Note, with a portrait of [[George Washington]] ]]
'''Federal Reserve Notes''' are the currently issued [[banknotes of the United States dollar]].<ref>{{cite book|last1=O'Sullivan|first1=Arthur|author-link=Arthur O'Sullivan (economist)|first2=Steven M.|last2=Sheffrin|author-link2=Steven M. Sheffrin|title=Economics: Principles in Action|publisher=Pearson Prentice Hall|year=2003|location=Upper Saddle River, N.J.|page=255|isbn=0-13-063085-3}}</ref> The United States [[Bureau of Engraving and Printing]], within the [[United States Department of the Treasury|Department of the Treasury]], produces the notes under the authority of the [[Federal Reserve Act of 1913]]<ref name="Section 411">{{USC|12|411}}</ref> and issues them to the [[Federal Reserve Bank]]s at the discretion of the [[Federal Reserve Board of Governors|Board of Governors]] of the [[Federal Reserve System]].<ref name="Section 411"/> The Reserve Banks then circulate the notes to their member banks,<ref>[[Bryan A. Garner]], editor, ''Black's Law Dictionary'' 8th ed. (West Group, 2004) {{ISBN|0-314-15199-0}}.</ref> at which point they become liabilities of the Reserve Banks<ref>{{USC|12|415}} Section 415 describes circulating Federal Reserve Notes as ''liabilities'' of the issuing Federal Reserve Bank.</ref> and obligations of the United States.<ref name="Section 411"/>

Federal Reserve Notes are [[legal tender]], with the words "this note is legal tender for all [[debts]], public and private" printed on each note.<ref>{{USC|31|5103}}</ref> The notes are backed by financial assets that the Federal Reserve Banks pledge as [[Collateral (finance)|collateral]], which are mainly [[United States Treasury security|Treasury securities]] and [[agency security|mortgage agency securities]]<ref>See weekly [https://www.federalreserve.gov/releases/h41/ H.4.1 reports], "Collateral Held against Federal Reserve Notes"</ref> that they purchase on the open market by [[fiat money|fiat payment]].

==History==
Following the enactment of the Constitution, states began chartering commercial banks that issued their own notes. These notes were known as state bank notes. State bank notes did not achieve widespread acceptance outside of their state of issue. The first institution to issue notes with national acceptance in the U.S. was the nationally chartered [[First Bank of the United States]], chartered in 1791 by [[Alexander Hamilton]]. Its charter was not renewed in 1811. In 1816, the [[Second Bank of the United States]] was chartered and its notes also acquired widespread acceptance; its charter was not renewed in 1836, after President [[Andrew Jackson]] campaigned heavily for its disestablishment. From 1837 to 1862, in the [[Free Banking Era]], state bank notes were the only circulating paper currency again. From 1862 to 1913, a system of national banks was instituted by the 1863 [[National Banking Act]]. Banks authorized under this act were known as National Banks and issued their own [[National Bank Notes]]. These did achieve national acceptance but the U.S. still lacked a central bank. It wasn't until the passage of the [[Federal Reserve Act]] that the United States finally had an institution that issued nationally accepted bank notes and had the powers of a central bank.[[File:United States Note change from large to small size with plate position.svg|thumb|[[United States Note]] size change from large (gray) to small (green) with plate position letters. Modern Federal Reserve Note (blue) super-imposed on bottom left 1928-size note.]]

Federal Reserve Notes have been printed from Series 1914 in large-note format, and from [[Series of 1928 (United States Currency)|Series 1928]] in modern-day (small-note) format. The latter dimensions originated from the size of the [[Philippine peso]] Silver Certificates issued in 1903 while [[William Howard Taft]] served as Philippine governor-general under the United States colonial administration. In view of its highly successful run, [[William Howard Taft|President Taft]] subsequently appointed a committee that reported favorably on the advantages and savings from adopting the dimensions of Philippine notes for use in the United States.<ref>{{Cite book|url=https://books.google.com/books?id=DhRjDwAAQBAJ&pg=PT16|title = Standard Guide to Small-Size U.S. Paper Money - 1928-Date|isbn = 9781440225789|last1 = Schwarz|first1 = John|last2 = Lindquist|first2 = Scott|date = September 21, 2009| publisher=Penguin }}</ref> Final implementation of today's small-size format, however, only occurred in 1928.

==Value==
The authority of the Federal Reserve Banks to issue notes comes from the [[Federal Reserve Act]] of 1913. Legally, they are liabilities of the Federal Reserve Banks and obligations of the United States government. Although not issued by the [[United States Treasury]], Federal Reserve Notes carry the (engraved) signature of the [[Treasurer of the United States]] and the [[United States Secretary of the Treasury]].

At the time of the Federal Reserve's creation, the law provided for notes to be redeemed to the Treasury in gold or "lawful money." The latter category was not explicitly defined, but included [[United States Note]]s, [[National Bank Note]]s, and certain other notes held by banks to meet [[Bank reserves|reserve]] requirements, such as [[Clearing (finance)|clearing]] certificates.<ref>{{cite journal|author=Cross, Ira B.|title=A Note on Lawful Money|url=https://archive.org/details/sim_journal-of-political-economy_1938-06_46_3/page/408|journal=The Journal of Political Economy|volume=46|number=3|date=June 1938|pages=409–413|doi=10.1086/255236|s2cid=153434804}}</ref> The [[Emergency Banking Act]] of 1933 removed the gold obligation and authorized the Treasury to satisfy these redemption demands with current notes of equal face value (effectively making change). Under the [[Bretton Woods system]], although citizens could not legally possess gold (except as rare coins, jewelry, for industrial purposes, etc.), the federal government continued to maintain a stable international gold price. This system ended with the [[Nixon Shock]] of 1971. Present-day Federal Reserve Notes are not backed by convertibility to any specific commodity, but only by the collateral assets that Federal Reserve Banks post in order to obtain them.<ref name="USC.12.412">{{USC|12|412}}</ref>

==Production and distribution==
A [[commerce|commercial]] bank that maintains a reserve account with the Federal Reserve can obtain notes from the Federal Reserve Bank in its district whenever it wishes. The bank must pay the face value of the notes by debiting (drawing down) its reserve account. Smaller banks without a reserve account at the Federal Reserve can maintain their reserve accounts at larger "correspondent banks" which themselves maintain reserve accounts with the Federal Reserve.<ref name="distribution"/>

Federal Reserve Notes are printed by the [[Bureau of Engraving and Printing]] (BEP), a bureau of the Department of the Treasury.<ref>{{cite web|author=United States Department of the Treasury|author-link=United States Department of the Treasury|url=http://www.ustreas.gov/organization/org-chart-122005.pdf |title=Organization chart of the Department of the Treasury |access-date=February 17, 2008 |archive-url=https://web.archive.org/web/20080216090638/http://www.ustreas.gov/organization/org-chart-122005.pdf |archive-date=February 16, 2008}}</ref> When Federal Reserve Banks require additional notes for circulation, they must post [[collateral (finance)|collateral]] in the form of direct federal obligations, private bank obligations, or assets purchased through [[open market operations]].<ref name="USC.12.412"/> If the notes are newly printed, they also pay the BEP for the cost of printing (about 4¢ per note). This differs from the issue of [[coin]]s, which are purchased for their face value.<ref name="distribution">{{cite web|author=Federal Reserve Bank of New York|author-link=Federal Reserve Bank of New York|date=April 2007 |url=http://www.newyorkfed.org/aboutthefed/fedpoint/fed01.html|title=How Currency Gets into Circulation|access-date=February 17, 2008}}</ref>

A Federal Reserve Bank can retire notes that return from circulation, which entitles it to recover collateral that it posted for an earlier issue. Retired notes in good condition are held in the bank's vault for future issues.<ref>{{usc|12|416}}</ref> Notes in poor condition are destroyed<ref>{{usc|12|413}}</ref> and replacements are ordered from the BEP. The Federal Reserve shreds 7,000 tons of worn out currency each year.<ref>{{cite web|work=Fleur-de-coin.com|url=http://www.fleur-de-coin.com/coinfacts/unitedstates_3.asp|title=US Coin Facts|access-date=February 16, 2018}}</ref>

As of 2018, Federal Reserve notes remain, on average, in circulation for the following periods of time:<ref>{{cite web | author=Federal Reserve System | date=December 2018 | url=https://www.federalreserve.gov/faqs/how-long-is-the-life-span-of-us-paper-money.htm | title=How long is the life span of U.S. paper money? | access-date=November 4, 2021}}</ref>

{|class="wikitable"
|-
| style="text-align:left" | '''Denomination'''
| style="width:2.3em; text-align:center"| $1
| style="width:2.3em; text-align:center"| $2
| style="width:2.3em; text-align:center"| $5
| style="width:2.3em; text-align:center"| $10
| style="width:2.3em; text-align:center"| $20
| style="width:2.3em; text-align:center"| $50
| style="width:2.3em; text-align:center"| $100
|-
| style="text-align:left" | '''Years in circulation'''
|style="text-align:center"| 6.6
|style="text-align:center"| ''no&nbsp;data''
|style="text-align:center"| 4.7
|style="text-align:center"| 5.3
|style="text-align:center"| 7.8
|style="text-align:center"| 12.2
|style="text-align:right"| 22.9
|}

The [[Federal Reserve Bank|Federal Reserve]] does not publish an average life span for the $2 bill. This is likely due to its treatment as a collector's item by the general public; it is, therefore, not subjected to normal circulation.<ref name="USPaperMoney.info-1969">{{cite web|website=USPaperMoney.info|url=http://www.uspapermoney.info/history/1969.html|title=History of Currency Designs |access-date=February 19, 2008}}</ref>

Starting with the Series 1996 $100 note, bills $5 and above have a special letter in addition to the prefix letters which range from A to Q.<ref>{{cite web | url=https://www.bep.gov/currency/serial-numbers | title=Serial Numbers &#124; Engraving & Printing }}</ref> The first letter is A for Series 1996, B for Series 1999, C for Series 2001, D for Series 2003, F for Series 2003A, H for Series 2006, K for Series 2006A, J for Series 2009, M for Series 2013, N for Series 2017, P for Series 2017A,<ref name="uspapermoney.info">{{cite web |url=http://www.uspapermoney.info/general/number.html |website=USPaperMoney.info |title=Details of Serial Numbering |access-date=February 16, 2015}}</ref> and Q for series 2021.<ref>{{cite web | url=https://www.bep.gov/currency/serial-numbers | title=Serial Numbers &#124; Engraving & Printing }}</ref>

The Series 2004 $20, the first note in the second redesign, has kept the element of the special double prefix. The first letter is E for Series 2004, G for Series 2004A, I for Series 2006, J for Series 2009, L for Series 2009A, and M for Series 2013.<ref name="uspapermoney.info"/>

Federal Reserve Notes are made of 75% cotton and 25% linen fibers, supplied by [[Crane Currency]] of [[Dalton, Massachusetts]] specifically for that purpose.<ref name=":1">{{Cite web|url=https://www.bep.gov/currency/how-money-is-made|title=The Buck Starts Here: How Money is Made|website=www.bep.gov|publisher=US Department of the Treasury Bureau of Engraving and Printing |access-date=June 25, 2022}}</ref>

==Nicknames==
U.S. paper currency has had many nicknames and slang terms. The notes themselves are generally referred to as ''bills'' (as in "[[United States five-dollar bill|five-dollar bill]]"). Notes can be referred to by the first or last name of the person on the portrait ([[George Washington|George]] for one dollar, or even more popularly, "[[Benjamin Franklin|Benjamins]]" for [[United States one hundred-dollar bill|$100 notes]]).

* [[Greenback (money)|Greenback]]s, any amount in any denomination of Federal Reserve Note (from the green ink used on the back). The [[Demand Note]]s issued in 1861 had green-inked backs, and the Federal Reserve Note of 1914 copied this pattern.
* ''Buck'' for a one-dollar bill.
* ''Fin'' is a slang term for a five-dollar bill, from Yiddish "finf" meaning five.
* ''[[Sawbuck]]'' is a slang term for a ten-dollar bill, from the image of the Roman numeral X and its resemblance to the carpentry implement.
* ''Double sawbuck'' is slang term for a twenty-dollar bill, from the image of the Roman numeral XX.
* One hundred dollar bills are sometimes called "Benjamins" (in reference to their portrait of [[Benjamin Franklin]]) or ''C-Notes'' (the letter "C" is the [[Roman numeral]] 100).
* ''Dead presidents'', referring to the portraits that feature on the front of each bill.<ref>{{cite web| url = https://www.merriam-webster.com/dictionary/dead%20presidents#h1| title = Dead presidents Definition & Meaning - Merriam-Webster}} </ref> (This colloquialism is partially incorrect; neither [[Alexander Hamilton]] nor [[Benjamin Franklin]], who appear on the ten-dollar and one hundred-dollar bills respectively, ever served as president of the United States.)

==Criticisms==
{{More citations needed section|date=May 2008}}

===Security===
Despite the relatively late addition of color and other anti-[[counterfeiting]] features to U.S. currency, critics hold that it is still a straightforward matter to counterfeit these bills.<ref>{{Cite web|url=https://www.newyorker.com/magazine/2017/09/04/how-the-dollar-stays-dominant|title=Counterfeit|date=August 28, 2017|publisher=NewYorker.com|access-date=June 6, 2018}}</ref> They point out that the ability to reproduce color images is well within the capabilities of modern color [[Computer printer|printers]], most of which are affordable to many consumers. These critics suggest that the Federal Reserve should incorporate [[Holography|holographic]] features, as are used in most other major currencies, such as the [[pound sterling]], [[Canadian dollar]] and [[euro banknotes]], which are more difficult and expensive to forge. Another robust technology, the [[polymer banknote]], was developed for the [[Australian dollar]] and adopted for the [[New Zealand dollar]], [[Romanian leu]], [[Papua New Guinea kina]], [[Canadian dollar]], and other circulating, as well as commemorative, banknotes of a number of other countries. They are said to be more secure, cleaner, and more durable than paper notes, but U.S. banknotes are already designed to be more durable than traditional cotton-based banknotes, seeing as they are 25% linen. One major issue with implementing these or any new counterfeiting countermeasures, however, is that (other than under [[Executive Order 6102]] as well as the demonetization of [[Trade dollar (United States coin)|Trade Dollars]] in 1876<ref>{{Citation |last=United States. Department of the Treasury |title=Information Respecting United States Bonds, Paper Currency and Coin, Production of Precious Metals, Etc.: Revised July 1, 1915 |date=July 1, 1915 |url=https://fraser.stlouisfed.org/title/information-respecting-united-states-bonds-paper-currency-coin-production-precious-metals-etc-828?start_page=33 |page=33 |access-date=August 23, 2023 |quote="Section 2 of the joint resolution of July 22; 1876, recited that the trade dollar should not thereafter be legal tender, and that the Secretary of the Treasury should be authorized to limit the coinage of the same to an amount sufficient to meet the export demand for it."}}</ref>) the United States has never demonetized or required a mandatory exchange of any existing currency.{{Dubious|date=August 2023|reason=The claim is that the "United States has never demonetized...any existing currency," yet now has been contradicted by two historical periods of which the United States has demonetized existing currency;}} Consequently, would-be counterfeiters can easily circumvent any new security features simply by counterfeiting older designs, although once a new design is launched, the older designs are usually withdrawn from circulation as they cycle through the Federal Reserve Banks.

U.S. currency does, however, bear several anti-counterfeiting features. Two of the most critical anti-counterfeiting features of U.S. currency are the paper and the ink. The ink and paper combine to create a distinct texture, particularly as the currency is circulated. The paper and the ink alone have no effect on the value of the dollar until post print. These characteristics can be hard to duplicate without the proper equipment and materials. Furthermore, recent redesigns of the $5, $10, $20, and $50 notes have added [[EURion constellation]] patterns which allows scanning software to recognize banknotes and refuse to scan them.

The differing sizes of other nations' banknotes is a security feature that eliminates one form of counterfeiting to which U.S. currency is prone: Counterfeiters can simply bleach the ink off a low-denomination note, such as a $1 or $5 bill, and reprint it as a higher-value note, such as a $100 bill. To counter this, the U.S. government has included in all $5 and higher denominated notes since the 1990 series a [[security thread]], which is a vertical laminate strip imprinted with denomination information. Under ultraviolet light, the security thread fluoresces a different color for each denomination ($5 note: blue; $10 note: orange; $20 note: green; $50 note: yellow; $100 note: pink).<ref>{{Cite web |title=Security Features |url=http://www.moneyfactory.gov/anticounterfeiting/securityfeatures.html |archive-url=https://web.archive.org/web/20141027033925/http://moneyfactory.gov/anticounterfeiting/securityfeatures.html |archive-date=October 27, 2014 |publisher=The United States Treasury Bureau of Engraving and Printing |access-date=October 27, 2017}}</ref> Additionally the newly designed $100 launched in 2013 has a 3D security ribbon which has proven to be highly resistant to counterfeiting, yet easily understood by the public without special tools or lights.

According to the [[central bank]]s, the number of counterfeited banknotes seized annually is about 10 in one million real bank notes for the [[Banknotes of the Swiss franc|Swiss franc]], 50 in one million for the [[Euro banknotes|Euro]], 100 in one million for United States dollar and 300 in one million for [[Banknotes of the pound sterling|pound sterling]] (old style).<ref>Michel Beuret, [http://www3.unil.ch/wpmu/allezsavoir/les-mysteres-de-la-fausse-monnaie "Les mystères de la fausse monnaie"] {{webarchive |url=https://web.archive.org/web/20131013074050/http://www3.unil.ch/wpmu/allezsavoir/les-mysteres-de-la-fausse-monnaie |date=October 13, 2013 }} ''[[Allez savoir !]]'', no. 50, May 2011 {{in lang|fr}}.</ref>

===Differentiation===
Critics, such as the [[American Council of the Blind]], note that U.S. bills are relatively hard to tell apart: they use very similar designs, they are printed in the same colors (until the 2003 banknotes, in which a faint secondary color was added), and they are all the same size. The American Council of the Blind has argued<ref name="amconbli" /> that American paper currency design should use increasing sizes according to value or raised or indented features to make the currency more usable by the [[blindness|vision-impaired]], since the denominations cannot currently be distinguished from one another non-visually. Use of [[Braille]] codes on currency is not considered a desirable solution because these markings would only be useful to people who know how to read Braille, and one Braille symbol can become confused with another if even one bump is rubbed off. Though some blind individuals say that they have no problems keeping track of their currency because they [[blind bill folding|fold their bills in different ways]] or keep them in different places in their [[wallet]]s, they nevertheless must rely on sighted people or [[currency-counting machine]]s to determine the value of each bill before filing it away using the system of their choice. This means that no matter how organized they are, blind people still have to trust sighted people or machines each time they receive U.S. banknotes.

By contrast, other major currencies, such as the [[pound sterling]] and [[euro]], feature notes of differing sizes: the size of the note increases with the denomination and different denominations are printed in different, contrasting colors. This is useful not only for the vision-impaired; they nearly eliminate the risk that, for example, someone might fail to notice a high-value note among low-value ones.

Multiple currency sizes were considered for U.S. currency, but makers of [[vending machine|vending]] and [[change machine]]s successfully argued that implementing such a wide range of sizes would greatly increase the cost and complexity of such machines. Similar arguments were unsuccessfully made in Europe prior to the introduction of multiple note sizes.

Alongside the contrasting colors and increasing sizes, many other countries' currencies contain tactile features missing from U.S. banknotes to assist the blind. For example, Canadian banknotes have a series of [[Canadian currency tactile feature|raised dots]] (not Braille) in the upper right corner to indicate denomination. [[Mexican peso]] banknotes also have raised patterns of dashed lines. The [[Indian rupee]] has raised patterns of different shapes printed for various denominations on the left of the watermark window (20: vertical rectangle; 50: square; 100: triangle; 500: circle; 1,000: diamond).

====Lawsuit over U.S. banknote design====
<!-- This section is linked from 2006 -->

Ruling on a lawsuit filed in 2002 (''[[American Council of the Blind]] v. Paulson''), on November 28, 2006, U.S. District Judge [[James Robertson (judge)|James Robertson]] ruled that the American bills gave an undue burden to the blind and denied them "meaningful access" to the U.S. currency system. In his ruling, Robertson noted that the United States was the only nation out of 180 issuing paper currency that printed bills that were identical in size and color in all their denominations and that the successful use of such features as varying sizes, raised lettering and tiny perforations used by other nations is evidence that the ordered changes are feasible.<ref>{{cite court |litigants=American Council of the Blind v. Paulson|vol=463|reporter=F. Supp. 2d|opinion=51|court=D. D.C.|date=2008|url=https://scholar.google.com/scholar_case?case=10021338527335013059}}</ref><ref>{{cite news|url=https://www.usatoday.com/news/washington/2006-12-12-currency-redesign_x.htm|title=Government appeals currency redesign |agency=Associated Press |work=[[USA Today]]|date=December 13, 2006|access-date=March 26, 2010}}</ref> The [[plaintiff]]'s attorney was quoted as saying "It's just frankly unfair that blind people should have to rely on the good faith of people they have never met in knowing whether they've been given the correct change."<ref name=":0">{{Cite news|url=https://www.washingtonpost.com/wp-dyn/content/article/2006/11/29/AR2006112900376.html|title=Judge: Make Money Recognizable to Blind|date=November 29, 2006 |newspaper=The Washington Post|language=en-US|issn=0190-8286|access-date=February 3, 2017}}</ref>  Government attorneys estimated that the cost of such a change ranges from $75&nbsp;million in equipment upgrades and $9&nbsp;million annual expenses for punching holes in bills to $178&nbsp;million in one-time charges and $50&nbsp;million annual expenses for printing bills of varying sizes.<ref name=":0" />

Robertson accepted the plaintiff's argument that current practice violates Section 504 of the [[1973 Rehabilitation Act|Rehabilitation Act]].<ref>{{cite web|title=AMERICAN COUNCIL OF THE BLIND, et al. v. Henry M. Paulson, Jr., Secretary of the Treasury, Civil Action No. 02-0864 (JR)|publisher=[[United States District Court for the District of Columbia]]|date=2002|url=http://www.dcd.uscourts.gov/opinions/2006/2002-CV-0864~12:3:41~12-1-2006-a.pdf |url-status=dead |archive-url=https://web.archive.org/web/20070216033211/http://www.dcd.uscourts.gov/opinions/2006/2002-CV-0864~12:3:41~12-1-2006-a.pdf |archive-date=February 16, 2007 |access-date=February 16, 2018}}</ref> The judge ordered the [[United States Department of the Treasury]] to begin working on a redesign within 30 days,<ref name="amconbli">{{cite news | url=https://money.cnn.com/2006/11/28/markets/treasury_ruling/index.htm | title=Judge rules paper money unfair to blind | work=[[CNN]] | date=November 29, 2006}}</ref><ref name="acb2008">{{cite press release |url=http://www.acb.org/press-releases/pr-october-3-currency-press-release.html|title=Court Says Next Gen Currency Must Be Accessible to the Blind|publisher=[[American Council of the Blind]]|date=October 6, 2008 |editor=Bridges, Eric|url-status=dead|archive-date=October 22, 2008|archive-url=https://web.archive.org/web/20081022184958/http://www.acb.org/press-releases/pr-october-3-currency-press-release.html}}</ref><ref>{{cite web|url=http://www.acb.org/press-releases/pr-currency3.html|title=Court Says the Blind Will Have Meaningful Access to Currency, Tells Government 'No Unnecessary Delays'|publisher=[[American Council of the Blind]]|access-date=November 21, 2008|archive-url=https://web.archive.org/web/20081119211743/http://www.acb.org/press-releases/pr-currency3.html|archive-date=November 19, 2008|url-status=dead}}</ref><ref>{{cite web|url=http://www.acb.org/press-releases/pr-08conv-currency.html|title=Federal Court Tells U.S. Treasury Department That It Must Design and Issue Accessible Paper Currency|publisher=[[American Council of the Blind]]|access-date=November 21, 2008|archive-url=https://web.archive.org/web/20081119212342/http://www.acb.org/press-releases/pr-08conv-currency.html|archive-date=November 19, 2008|url-status=dead}}</ref>
but the Treasury appealed the decision.

On May 20, 2008, in a 2-to-1 decision, the [[United States Court of Appeals for the District of Columbia Circuit]] upheld the earlier ruling, pointing out that the cost estimates were inflated and that the burdens on blind and visually impaired currency users had not been adequately addressed.<ref>{{cite court|litigants=American Council of the Blind v. Paulson|vol=525|reporter=F. 3d|opinion=1256|court=D.C. Cir.2008|date=|url=https://scholar.google.com/scholar_case?case=8095084321449012235}}</ref>

On October 3, 2008, on remand from the D.C. Circuit, D.C. District Court Judge Robertson granted the injunction.<ref>{{cite court|litigants=American Council of the Blind v. Paulson|vol=581|reporter=F. Supp. 2d|opinion=1|court=D. D.C.|date=2008|url=https://scholar.google.com/scholar_case?case=10021338527335013059}}</ref>

As a result of the court's injunction, the [[Bureau of Engraving and Printing]] is planning to implement a raised tactile feature in the next redesign of each note, except the $1 bill (which is not allowed to be redesigned under a 2015 law{{why|date=July 2024}}<ref>{{USStatute|114|113|129|2431|2015|12|18}}</ref><ref>{{cite web |title=Congressional Research Service Report RS21907 |url=http://stuff.mit.edu/afs/sipb/contrib/wikileaks-crs/wikileaks-crs-reports/RS21907.pdf |page=3 footnote |work=WikiLeaks Document Release |via=[[MIT]] |date=August 11, 2004 |access-date=February 16, 2018}}</ref><ref>{{cite web|url=https://obamawhitehouse.archives.gov/sites/default/files/omb/budget/fy2012/assets/tre.html|title=Administrative Provisions : Department of the Treasury|access-date=June 28, 2017}}</ref>), though the version of the $100 bill already is in progress.  It also plans larger, higher-contrast numerals, more color differences, and distribution of currency readers to assist the visually impaired during the transition period. The Bureau received a comprehensive study on accessibility options in July 2009,<ref>{{cite web|url=https://www.moneyfactory.gov/images/ARINC_Final_Report_7-26-09.pdf|title=Final Report: Study to Address Options for Enabling the Blind and Visually Impaired Community to Denominate U.S. Currency, July 2009}}</ref> and solicited public comments from May to August 2010.<ref>{{Federal Register|75|28331}}</ref><ref>{{cite web|url=https://www.regulations.gov/docket?D=TREAS-DO-2010-0003 |website=Regulations.gov |id=TREAS-DO-2010-0003 |title=Meaningful Access to United States Currency for Blind and Visually Impaired Persons}}</ref>

The 2013 redesign of the $100 bill did not include distinguishing features for the blind. As of October 2022, the plan was to incorporate accessibility features into distributions of a new [[United States ten-dollar bill|$10 bill]] in 2026, [[United States fifty-dollar bill|$50 bill]] in 2028, [[United States twenty-dollar bill|$20 bill]] in 2030 followed later by a new [[United States five-dollar bill|$5]] then [[United States one-hundred-dollar bill|$100 notes]] later in the 2030s.<ref>{{cite web | url=https://www.coinworld.com/news/paper-money/printing-of-new-enhanced-10-dollar-note-expected-in-2026 | title=Printing of new enhanced $10 note expected in 2026 }}</ref>

==Legal authorizations for currency, and limitations on design==
The Secretary of the Treasury is charged with the obligation to produce currency and bonds.  [https://www.law.cornell.edu/uscode/text/31/5114 31 U.S.C. § 5114].  [[U.S. Treasury|Treasury Department]] regulations further specify the quality of paper and ink to be used.  [https://www.law.cornell.edu/cfr/text/31/part-601 31 C.F.R. Part 601].  The denominations and design of currency are not further specified by law; for example, the choice of $1, $2, $5, $10, $20, $50, and $100, and the portraits on each, are largely left to the discretion of the Secretary of the Treasury.

There are few requirements set by Congress. The national motto "[[In God We Trust]]" must appear on all U.S. currency and coins.<ref name="USC|31|5114">{{USC|31|5114}}</ref>  Though the motto had periodically appeared on coins since 1865, it did not appear on currency (other than interest-bearing notes in 1861) until a law passed in 1956 required it.<ref>[[s:Public Law 84-140|Public Law 84-140]]</ref>  It began to appear on Federal Reserve Notes delivered from 1964 to 1966, depending on denomination.<ref name="history">{{cite web|url=http://www.treasury.gov/about/education/Pages/in-god-we-trust.aspx|title=History of 'In God We Trust'|work=treasury.gov|access-date=April 29, 2016}}</ref>

The portraits appearing on the U.S. currency can feature only people who have died, whose names should be included below each of the portraits.<ref name="USC|31|5114"/> Since the standardization of the bills in 1928, the Department of the Treasury has chosen to feature the same portraits on the bills. These portraits were decided upon in 1929 by a committee appointed by the Treasury. Originally, the committee had decided to feature U.S. presidents because they were more familiar to the public than other potential candidates. The Treasury altered this decision, however, to include three statesmen who were also well known to the public: [[Alexander Hamilton]] (the first [[Secretary of the Treasury]] who appears on the $10 bill), [[Benjamin Franklin]] (an early advocate of paper currency who appears on the $100 bill), and [[Salmon P. Chase]] (the Secretary of the Treasury who reintroduced national paper currency and appeared on the obsolete $10,000 bill)<ref>{{cite web|url=http://moneyfactory.gov/faqlibrary.html|title=U.S. Bureau of Engraving and Printing – FAQ Library|publisher=Moneyfactory.gov|access-date=May 5, 2013|archive-url=https://web.archive.org/web/20101125033904/http://moneyfactory.gov/faqlibrary.html|archive-date=November 25, 2010|url-status=dead}}</ref> In 2016, the Treasury announced a number of design changes to the $5, $10 and $20 bills; to be introduced over the next ten years. The redesigns include:<ref>{{cite news|url=https://www.nytimes.com/2016/04/21/us/women-currency-treasury-harriet-tubman.html|title=Harriet Tubman Ousts Andrew Jackson in Change for a $20|first=Jackie|last=Calmes|newspaper=The New York Times|date=April 20, 2016}}</ref><ref>{{cite web|url=https://www.usatoday.com/story/news/politics/2016/04/20/report-lew-considered-anthony-10-bill/83274530/|title=Anti-slavery activist Harriet Tubman to replace Jackson on $20 bill|publisher=usatoday.com|access-date=April 21, 2016}}</ref>

* The back of the $5 bill will be changed to showcase historical events at the pictured [[Lincoln Memorial]] by adding portraits of [[Marian Anderson]] (due to her famous performance there after being barred from [[Constitution Hall]] because of her race), [[Martin Luther King Jr.]] (due to his famous [[I Have A Dream]] speech), and [[Eleanor Roosevelt]] (who arranged Anderson's performance).
* The back of the $10 bill will be changed to show a 1913 march for women's [[suffrage]] in the United States, plus portraits of [[Sojourner Truth]], [[Lucretia Mott]], [[Susan B. Anthony]], [[Alice Paul]], and [[Elizabeth Cady Stanton]].
* On the $20 bill, [[Andrew Jackson]] will move to the back (reduced in size, alongside the White House) and [[Harriet Tubman]] will appear on the front.

After an unsuccessful attempt in the proposed [[Legal Tender Modernization Act]] of 2001,<ref>{{USBill|107|HR|2528}}</ref> the [[Omnibus Appropriations Act]] of 2009 required that none of the funds set aside for either the Treasury or the Bureau of Engraving and Printing may be used to redesign the $1 bill.<ref>{{ USBill|111|HR|1105}}</ref>  This is because any change would affect vending machines and the risk of counterfeiting is low for this small denomination.<ref>{{cite web|last=Mimms|first=Sarah|title=Why the $1 bill hasn't changed since 1929 |url=http://qz.com/171563/why-the-1-bill-hasnt-changed-since-1929/ |work=[[Quartz (publication)]]|date=January 28, 2014 |publisher=[[Atlantic Media]]|access-date=January 28, 2014}}</ref>  This superseded the [[Federal Reserve Act]] (Section 16, Paragraph 8) which gives the Treasury permission to redesign any banknote to prevent counterfeiting.<ref>{{cite web |url=http://www.federalreserve.gov/aboutthefed/section16.htm |title=FRB: Federal Reserve Act: Section 16 |publisher=Federalreserve.gov |access-date=May 5, 2013}}</ref>

==Series==
Notes issued prior to 1928 were {{convert|7+7/16|x|3+9/64|in|cm}}. Per the Treasury Department Appropriation Bill of 1929, notes issued after 1928 were to be {{convert|6+5/16|x|2+11/16|in|cm}}, which allowed the Treasury Department to produce 12 notes per {{convert|16+1/4|x|13+1/4|in|cm|adj=on}} sheet of paper that previously would yield 8 notes at the old size.<ref>{{cite book |url=https://books.google.com/books?id=qqQuAAAAMAAJ&pg=PA105 |title=Treasury Department Appropriation Bill, 1929 |publisher=U.S. Government Printing Office |year=1928 |publication-date=1928 |page=105}}</ref>

Modern measurements of these large size notes reveal an average dimension of {{convert|7+3/8|x|3+1/8|in|cm}}. Small size notes (described as such due to their size relative to the earlier large-size notes) are an average {{convert|6+1/8|x|2+5/8|in|cm}}, the size of modern U.S. currency. Each measurement is ± {{convert|0.08|in|mm}} to account for margins and cutting. (Note: differences in size may also involve in historical changes in the definition of the [[inch]].)

===Large size notes===
Series 1914 FRN were the first of two large-size issues. Denominations were $5, $10, $20, $50, and $100 printed first with a red seal and then continued with a blue seal.<ref>Friedberg & Friedberg, 2013, p. 148.</ref> Series 1918 notes were issued in $500, $1,000, $5,000, and $10,000 denominations. The latter two denominations exist only in institutional collections.<ref>Friedberg & Friedberg, 2013, pp. 157–59.</ref> Series 1914 and 1918 notes in the following two tables are from the [[National Numismatic Collection]] at the [[National Museum of American History]] ([[Smithsonian Institution]]).

{| class="wikitable" style="width:100%;"
|-
! Series
! Denominations
! style="width:70%;" | Obligation clause<ref>{{cite web |title=Evolution from Gold to Fiat Money |url=http://ecclesia.org/truth/fiat.html |access-date=February 19, 2008 |website=ecclesia.org}}</ref>
|-
! 1914
| $5, $10, $20, $50, $100
| rowspan="2" |"This note is receivable by all national and member banks and Federal Reserve Banks and for all taxes, customs and other public dues. It is redeemable in gold on demand at the Treasury Department of the United States in the city of Washington, District of Columbia or in gold or lawful money at any Federal Reserve Bank."
|-
! 1918
| $500, $1,000, $5,000, $10,000
|}

==== District seals ====
<gallery perrow=4>
File:Federal Reserve Note Seal (Boston).tif|[[Federal Reserve Bank of Boston]]
File:Federal Reserve Note Seal (New York).tif| [[Federal Reserve Bank of New York]]
File:Federal Reserve Note Seal (Philadelphia).tif| [[Federal Reserve Bank of Philadelphia]]
File:Federal Reserve Note Seal (Cleveland).tif| [[Federal Reserve Bank of Cleveland]]
File:Federal Reserve Note Seal (Richmond).tif| [[Federal Reserve Bank of Richmond]]
File:Federal Reserve Note Seal (Atlanta).tif| [[Federal Reserve Bank of Atlanta]]
File:Federal Reserve Note Seal (Chicago).tif| [[Federal Reserve Bank of Chicago]]
File:Federal Reserve Note Seal (St. Louis).tif| [[Federal Reserve Bank of St. Louis]]
File:Federal Reserve Note Seal (Minneapolis).tif| [[Federal Reserve Bank of Minneapolis]]
File:Federal Reserve Note Seal (Kansas City).tif| [[Federal Reserve Bank of Kansas City]]
File:Federal Reserve Note Seal (Dallas).tif| [[Federal Reserve Bank of Dallas]]
File:Federal Reserve Note Seal (San Francisco).tif| [[Federal Reserve Bank of San Francisco]]
</gallery>

==== Series 1914 ====
{| class="wikitable"
|+ Denomination type set of 1914 Federal Reserve Notes
|-
! scope="col" style="width:30px;" | Value
! scope="col" style="width:40px; " | Fr.
! scope="col" style="width:200px;" | Red Seal
! scope="col" style="width:200px;" | Blue Seal
! scope="col" style="width:250px;" | Portrait and engraving
|-
! scope="row" |<span style="display:none">5</span>$5
|832a<br />848
|[[File:US-$5-FRN-1914-Fr-832a.jpg|200px]]
|[[File:US-$5-FRN-1914-Fr-848.jpg|200px]]
|[[Abraham Lincoln]]
|-
! scope="row" |<span style="display:none">10</span>$10
|894b<br />919a
|[[File:US-$10-FRN-1914-Fr-894b.jpg|200px]]
|[[File:US-$10-FRN-1914-Fr-919a.jpg|200px]]
|[[Andrew Jackson]]
|-
! scope="row" |<span style="display:none">20</span>$20
|958a<br />1010
|[[File:US-$20-FRN-1914-Fr-958a.jpg|200px]]
|[[File:US-$20-FRN-1914-Fr-1010.jpg|200px]]
|[[Grover Cleveland]]
|-
! scope="row" |<span style="display:none">50</span>$50
|1019a<br />1053
|[[File:US-$50-FRN-1914-Fr-1019a.jpg|200px]]
|[[File:US-$50-FRN-1914-Fr-1053.jpg|200px]]
|[[Ulysses S. Grant]]
|-
! scope="row" |<span style="display:none">100</span>$100
|1074a<br />1131
|[[File:US-$100-FRN-1914-Fr-1074a.jpg|200px]]
|[[File:US-$100-FRN-1914-Fr-1131.jpg|200px]]
|[[Benjamin Franklin]]
|-
|}

==== Series 1918 ====
{| class="wikitable"
|+ Denomination type set of 1918 Federal Reserve Notes
|-
! scope="col" style="width:30px;" | Value
! scope="col" style="width:40px; " | Fr.
! scope="col" style="width:200px;" | Image
! scope="col" style="width:250px;" | Portrait and engraving
|-
! scope="row" |<span style="display:none">500</span>[[United States five-hundred-dollar bill|$500]]
|1132d
|[[File:US-$500-FRN-1918-Fr-1132d.jpg|200px]]
|[[John Marshall]]
|-
! scope="row" |<span style="display:none">1,000</span>[[$1,000]]
|1133d
|[[File:US-$1000-FRN-1918-Fr-1133d.jpg|200px]]
|[[Alexander Hamilton]]
|-
! scope="row" |<span style="display:none">5,000</span>[[$5,000]]
|1134d
|[[File:US-$5000-FRN-1918-Fr-1134d.jpg|200px]]
|[[James Madison]]
|-
! scope="row" |<span style="display:none">10,000</span>[[$10,000]]
|1135d
|[[File:US-$10000-FRN-1918-Fr-1135d.jpg|200px]]
|[[Salmon P. Chase]]
|}

=== Small size notes ===
{| class="wikitable" style="width:100%;"
|-
! Series !! colspan="8" | Denominations issued !! style="width:25%" | Obligation clause
!Remarks
|-
! colspan="11" |Small portrait notes
|-
![[Series of 1928 (United States Currency)|1928]]
|
|
|$5
|$10
|$20
|$50
|$100
|$500, $1,000, $5,000, $10,000
|"Redeemable in gold on demand at the United States Treasury, or in gold or lawful money at any Federal Reserve Bank"
|Branch ID in numerals.<br/>See also [[Funnyback]].
|-
!1934
|
|
|$5
|$10
|$20
|$50
|$100
|$500, $1,000, $5,000, $10,000
| rowspan="2" |"This note is legal tender for all debts, public and private, and is redeemable in lawful money at the United States Treasury, or at any Federal Reserve Bank"
|Branch ID in letters; during the [[Great Depression]]
|-
!1950
|
|
|$5
|$10
|$20
|$50
|$100
|
|Slight design changes: branch logo; placements of signatures, "Series xxxx", and "Washington, D.C.",
|-
!1963, 1963A, 1963B, 1969, 1969A, 1969B, 1969C, 1974
|$1
|
|$5
|$10
|$20
|$50
|$100
|
| rowspan="10" |"This note is legal tender for all debts, public and private"
|First $1 FRN; "Will pay to the bearer on demand" removed; Seal in Latin replaced by seal in English in 1969<ref name="USPaperMoney.info-1969" />
|-
!1976
|
|$2
|
|
|
|
|
|
|First $2 FRN, [[United States Bicentennial|Bicentennial]]
|-
! 1977
| $1
|
|$5
|$10
|$20
|$50
|$100
|
|
|-
! 1977A
| $1
|
|$5
|$10
|$20
|
|
|
|
|-
! 1981, 1981A, 1985
| $1
|
|$5
|$10
|$20
|$50
|$100
|
|
|-
! 1988
| $1
|
|$5
|
|
|$50
|$100
|
|
|-
! 1988A
| $1
|
|$5
|
|$20
|$50
|
|
|
|-
! 1990
|
|
|
|$10
|$20
|$50
|$100
|
|All denominations feature a security thread imprinted with the letters “USA” and the note’s numeral or word in an alternating pattern, visible from both sides. Under ultraviolet light, the thread glows in different colors depending on the denomination.
|-
! 1993
| $1
|
|$5
|$10
|$20
|$50
|$100
|
|The $5 note contains a security thread imprinted with the letters “USA” and the word “FIVE” in an alternating pattern, visible from both sides. Under ultraviolet light, the thread glows blue.
|-
! 1995
| $1
|$2
|$5
|$10
|$20
|
|
|
|
|-
! colspan="11" | Large portrait notes ($1 and $2 remain small-portrait)
|-
! 1996
|
|
|
|
|$20
|$50
|$100
|
| rowspan="7" |"This note is legal tender for all debts, public and private"
|
|-
! 1999
| $1
|
|$5
|$10
|$20
|
|$100
|
|
|-
! 2001
| $1
|
|$5
|$10
|$20
|$50
|$100
|
|
|-
! 2003
| $1
|$2
|$5
|$10
|
|
|$100
|
|
|-
! 2003A
| $1
|$2
|$5
|
|
|
|$100
|
|
|-
! 2006
|
|
|$5
|
|
|
|$100
|
|
|-
! 2006A
|
|
|
|
|
|
|$100
|
|
|-
! colspan="11" | Color notes ($1 and $2 remain small-portrait)
|-
! 2004
|
|
|
|
|$20
|$50
|
|
| rowspan="9" |"This note is legal tender for all debts, public and private"
|
|-
! 2004A
|
|
|
|$10
|$20
|$50
|
|
|
|-
! 2006
| $1
|
|$5
|$10
|$20
|$50
|
|
|
|-
! 2009
| $1
|$2
|$5
|$10
|$20
|$50
|$100
|
|
|-
! 2009A
|
|
|
|
|
|
|$100
|
|
|-
! 2013
| $1
|$2
|$5
|$10
|$20
|$50
|$100
|
|
|-
! 2017
| $1<ref>{{cite web |title=Series 2017 $1 |url=http://www.uspapermoney.info/serials/f2017_s.html|website=USPaperMoney.info |access-date=February 16, 2018}}</ref> 
|
|
|$10<ref>{{Cite web |title=Series 2017 $10 |url=http://www.uspapermoney.info/serials/f2017_d.html |access-date=August 5, 2018 |website=USPaperMoney.info}}</ref> 
|$20<ref>{{Cite web |title=Series 2017 $20 |url=http://www.uspapermoney.info/serials/f2017_v.html |access-date=August 5, 2018 |website=USPaperMoney.info}}</ref>
|
|
|
|
|-
!2017A
| $1<ref>{{cite web |title=Series 2017A $1 |url=http://www.uspapermoney.info/serials/f2017as.html|website=USPaperMoney.info |access-date=January 13, 2020}}</ref> 
|$2<ref>{{Cite web |title=Transition from Series 2017 to 2017A continues at BEP |url=https://www.coinworld.com/news/us-coins/transition-from-series-2017-to-2017a-continues-at-bep |access-date=January 11, 2020 |website=CoinWorld |language=en}}</ref> 
|$5
|$10
|$20<ref>{{Cite web |title=Latest BEP production report reveals Series 2017A notes |url=https://www.coinworld.com/news/us-coins/latest-bep-production-report-reveals-series-2017a-notes |access-date=September 3, 2019 |website=CoinWorld |language=en}}</ref>
|$50
|$100
|
|
|-
!2021
| $1<ref name=":2">{{Cite web |title=Yellen-Malerba Series 2021 notes in production by BEP |url=https://www.coinworld.com/news/precious-metals/yellen-malerba-series-2021-notes-in-production-at-bep |access-date=June 12, 2023 |website=CoinWorld |language=en}}</ref>
|
|$5<ref name=":2" />
|$10
|$20
|$50
|$100
|
|
|}

===Series 1928–1995===
{| class="wikitable" style="font-size: 90%"
|-
! colspan="7" | Small size notes
|-
! colspan="2" | Image !! rowspan="2" | Value !! colspan="2" | Description !! rowspan="2" | First series
! rowspan="2" |Last series
|-
! Obverse !! Reverse !! Obverse !! Reverse 
|-
| style="text-align:center; background:#000;" | [[Image:Onedolar2009series.jpg|200px]]
| style="text-align:center; background:#000;" | [[Image:US one dollar bill, reverse, series 2009.jpg|200px]]
| [[United States one-dollar bill|$1]]
| [[George Washington]]
| [[Great Seal of the United States]]
| 1963
|Current (2021)
|-
| style="text-align:center; background:#000;" | [[Image:US_$2_bill_obverse_series_2003_A.jpg|200px]]
| style="text-align:center; background:#000;" | [[File:US_$2_bill_reverse_series_2003_A.jpg|200px]]
| [[United States two-dollar bill|$2]]
| [[Thomas Jefferson]]
| ''[[Declaration of Independence (Trumbull)|Declaration of Independence]]'' by [[John Trumbull]]
| 1976
|Current (2017A)
|-
| style="text-align:center; background:#000;" | [[File:Fiver.jpg|200px]]
| style="text-align:center; background:#000;" | [[File:United States Note (Five Dollars, reverse).jpg|200px]]
| [[United States five-dollar bill|$5]]
| [[Abraham Lincoln]]
| [[Lincoln Memorial]]
| rowspan="9" | 1928
| rowspan="3" |1995
|-
| style="text-align:center; background:#000;" | [[File:US $10 1934 Note Front.jpg|200px]]
| style="text-align:center; background:#000;" | [[File:US $10 1934 Note Back.jpg|200px]]
| [[United States ten-dollar bill|$10]]
| [[Alexander Hamilton]]
| [[Treasury Building (Washington, D.C.)|Treasury Department Building]]
|-
| style="text-align:center; background:#000;" | [[File:US-Series-1995-$20-Obverse.jpg|200px]]
| style="text-align:center; background:#000;" | [[File:20dollarreverse.jpg|200px]]
| [[United States twenty-dollar bill|$20]]
| [[Andrew Jackson]]
| [[White House]]
|-
| style="text-align:center; background:#000;" |[[File:$50 Dollar Bill Series 1969C Front.jpg|200px]]
| style="text-align:center; background:#000;" |[[File:$50 Dollar Bill Series 1969C Back.jpg|200px]]
| [[United States fifty-dollar bill|$50]]
| [[Ulysses S. Grant]]
| [[United States Capitol]]
| rowspan="2" |1993
|-
| style="text-align:center; background:#000;" | [[File:US $100 1990 Federal Reserve Note Obverse.jpg|200px]]
| style="text-align:center; background:#000;" | [[File:US $100 1990 Federal Reserve Note Reverse.jpg|200px]]
| [[United States one hundred-dollar bill|$100]]
| [[Benjamin Franklin]]
| [[Independence Hall]]
|-
| style="text-align:center; background:#000;" | [[Image:500 USD note; series of 1934; obverse.jpg|200px]]
| style="text-align:center; background:#000;" | [[Image:500 USD note; series of 1934; reverse.jpg|200px]]
| [[Large denominations of United States currency|$500]]
| [[William McKinley]]
| "Five Hundred Dollars"
| rowspan="4" |1934
|-
| style="text-align:center; background:#000;" | [[Image:1000 USD note; series of 1934; obverse.jpg|200px]]
| style="text-align:center; background:#000;" | [[Image:1000 USD note; series of 1934; reverse.jpg|200px]]
| [[Large denominations of United States currency|$1000]]
| [[Grover Cleveland]]
| "One Thousand Dollars"
|-
| style="text-align:center; background:#000;" | [[Image:US $5000 1934 Federal Reserve Note.jpg|200px]]
| style="text-align:center; background:#000;" | [[Image:US $5000 1934 Federal Reserve Note Reverse.jpg|200px]]
| [[Large denominations of United States currency|$5000]]
| [[James Madison]]
| "Five Thousand Dollars"
|-
| style="text-align:center; background:#000;" | [[Image:10000 USD note; series of 1934; obverse.jpg|200px]]
| style="text-align:center; background:#000;" | [[Image:10000 USD note; series of 1934; reverse.jpg|200px]]
| [[Large denominations of United States currency|$10,000]]
| [[Salmon P. Chase]]
| "Ten Thousand Dollars"
|}

===Series 1996–2003 (Large portrait notes)===

{|class="wikitable" style="font-size: 90%"
|-
!colspan="7"| Small size notes
|-
!colspan="2"| Image !!rowspan="2"| Value !!colspan="2"| Description !! rowspan="2" | First series
! rowspan="2" |Last series
|-
! Obverse !! Reverse !! Obverse !! Reverse 
|-
|  style="text-align:center; background:#000;"| [[Image:US $5 series 2003A obverse.jpg|200px]]
|  style="text-align:center; background:#000;"| [[Image:US $5 series 2003 reverse.jpg|200px]]
| [[United States five-dollar bill|$5]]
| [[Abraham Lincoln]]
| [[Lincoln Memorial]]
|rowspan="2"| 1999
| 2006
|-
|  style="text-align:center; background:#000;"| [[Image:US $10 Series 2003 obverse.jpg|200px]]
|  style="text-align:center; background:#000;"| [[Image:US $10 Series 2003 reverse.jpg|200px]]
| [[United States ten-dollar bill|$10]]
| [[Alexander Hamilton]]
| [[Treasury Building (Washington, D.C.)|Treasury Department Building]]
| 2003
|-
|  style="text-align:center; background:#000;"| [[Image:US $20 Series 1996 Obverse.jpg|200px]]
|  style="text-align:center; background:#000;"| [[Image:US $20 Series 1996 Reverse.jpg|200px]]
| [[United States twenty-dollar bill|$20]]
| [[Andrew Jackson]]
| [[White House]]
|rowspan="3"| 1996
|rowspan="2"| 2001
|-
|  style="text-align:center; background:#000;"| [[Image:US $50 Series 1996 Obverse.jpg|200px]]
|  style="text-align:center; background:#000;"| [[Image:US $50 Series 1996 Reverse.jpg|200px]]
| [[United States fifty-dollar bill|$50]]
| [[Ulysses S. Grant]]
| [[United States Capitol]]
|-
|  style="text-align:center; background:#000;"| [[Image:Usdollar100front.jpg|200px]]
|  style="text-align:center; background:#000;"| [[Image:US $100 series 2006 reverse.jpg|200px]]
| [[United States one hundred-dollar bill|$100]]
| [[Benjamin Franklin]]
| [[Independence Hall]]
| 2006A{{Efn|Series 2006A was produced from 2011 to 2013 due to issues with the printing process for the colorized (NextGen) $100 notes and to meet the continuing high demand from banks.}}
|}

===Series 2004–present (color notes)===
Beginning in 2003, the Federal Reserve introduced a new series of bills, featuring images of national symbols of freedom. The new $20&nbsp;bill was first issued on October 9, 2003; the new $50 on September 28, 2004; the new $10&nbsp;bill on March 2, 2006; the new $5&nbsp;bill on March 13, 2008; the new $100&nbsp;bill on October 8, 2013. The one and two dollar bills still remain small portrait, unchanged, and not watermarked.

{| class="wikitable" style="font-size:90%"
|+ Post-2004 redesigned series
|-
! colspan="10"| Color series
|-
! colspan="2" | Images
! rowspan="2"| Value !!rowspan="2"| Back&shy;ground<br />color !!rowspan="2"|Fluores&shy;cent<br />strip color !!colspan="3"| Description !! rowspan="2" | First series
! rowspan="2" |Date first issued
|-
! Obverse !! Reverse !! Obverse !! Reverse !! Water&shy;mark 
|-
| style="text-align:center; background:#000"| [[Image:US $5 Series 2006 obverse.jpg|200px]]
| style="text-align:center; background:#000"| [[Image:US $5 Series 2006 reverse.jpg|200px]]
| [[United States five-dollar bill|$5]]
| [[Purple]]
| [[Blue]]
| [[Abraham Lincoln|President Abraham Lincoln]];<br />[[Great Seal of the United States]]
| [[Lincoln Memorial]]
| Two water&shy;marks of the number "5"
| 2006
| March 13, 2008
|-
| style="text-align:center; background:#000"| [[Image:US10dollarbill-Series 2004A.jpg|200px]]
| style="text-align:center; background:#000"| [[Image:US $10 Series 2004 reverse.jpg|200px]]
| [[United States ten-dollar bill|$10]]
| colspan="2" | [[Orange (colour)|Orange]]
| [[Alexander Hamilton|Secretary Alexander Hamilton]];<br />The phrase "[[We the People]]" from the [[United States Constitution]];<br />The torch of the [[Statue of Liberty]]
| [[Treasury Building (Washington, D.C.)|Treasury Building]]
| Alexander Hamilton
| 2004A
| March 2, 2006
|-
| style="text-align:center; background:#000"| [[Image:US20-front.jpg|200px]]
| style="text-align:center; background:#000"| [[Image:US20-back.jpg|200px]]
| [[United States twenty-dollar bill|$20]]
| colspan="2" | [[Green]]
| [[Andrew Jackson|President Andrew Jackson]];<br />[[Eagle]]
| [[White House]]
| Andrew Jackson
| rowspan="2" | 2004
| October 9, 2003
|-
| style="text-align:center; background:#000"| [[Image:50 USD Series 2004 Note Front.jpg|200px]]
| style="text-align:center; background:#000"| [[Image:50 USD Series 2004 Note Back.jpg|200px]]
| [[United States fifty-dollar bill|$50]]
| [[Pink]]
| [[Yellow]]
| [[Ulysses S. Grant|President Ulysses S. Grant]];<br />[[Flag of the United States]]
| [[United States Capitol]]
| Ulysses S. Grant
| September 28, 2004
|-
| style="text-align:center; background:#000"| [[File:New100front.jpg|200px]]
| style="text-align:center; background:#000"| [[File:New100back.jpg|200px]]
| [[United States one-hundred-dollar bill|$100]]
| [[Teal]]
| [[Pink]]
| [[Benjamin Franklin]];<br />[[United States Declaration of Independence|Declaration of Independence]]
| [[Independence Hall]]
| Benjamin Franklin
| 2009A{{Efn|While Series 2009A was the first series of these $100 bills released for circulation, the first printing was Series 2009 printed in 2010 and 2011. These were withheld from circulation due to issues with the printing process and none were released until 2016.}}
| October 8, 2013
|-
|colspan="10"|{{Standard banknote table notice|standard_scale=Y|sp=us}}
|}

==See also==
{{Portal|Money|Numismatics|United States}}
* [[Coins of the United States dollar]]
* [[United States Note]]
* [[National Bank Note]]
* [[Silver certificate (United States)]]
* [[Gold certificate (United States)]]

== Explanatory notes ==
{{Notelist}}

== References ==
=== Citations ===
{{Reflist}}

=== General and cited sources ===
* {{Cite book |last1=Friedberg |first1=Arthur L. |last2=Friedberg |first2=Ira S. |last3=Friedberg |first3=Robert |year=2013 |title=Paper Money of the United States: A Complete Illustrated Guide with Valuations |url=https://books.google.com/books?id=eMFWoWl2UYkC&pg=PA182 |edition=20th |location=Williston, Vermont |publisher=Coin & Currency Institute |access-date=February 16, 2018 |isbn=978-0-87184-520-7}}
* Jakab, Z.; Kumhof, M. (May 29, 2015). [https://www.bankofengland.co.uk/working-paper/2015/banks-are-not-intermediaries-of-loanable-funds-and-why-this-matters "Banks Are Not Intermediaries of Loanable Funds—and Why This Matters"]. Working Paper No. 529. Bank of England. Retrieved February 1, 2021.

; Attribution
* ''This article incorporates text from the website of the [http://www.treasury.gov/resource-center/faqs/Currency/Pages/legal-tender.aspx US Treasury], which is in the public domain.''

==External links==
{{Commons category|Federal Reserve Note}}
* [http://www.moneyfactory.gov/ Bureau of Engraving and Printing]
* [http://www.friesian.com/notes.htm#reserve Six Kinds of United States Paper Currency]
* [http://www.federalreserve.gov/aboutthefed/section16.htm Federal Reserve Act: Section 16]—The Federal Reserve Board
* [http://www.word-detective.com/2008/04/grand-one-thousand 'Grand' referring to $1,000 (Word-Detective.com)]
* [https://www.secretservice.gov/sites/default/files/reports/2020-12/KnowYourMoney.pdf Know Your Money]—2016 guide by the Secret Service about the features of the newer notes

{{US currency and coinage}}
{{Federal Reserve System}}

[[Category:Banknotes of the United States]]
[[Category:Federal Reserve System|Note]]