The amount of United States currency notes outstanding and in circulation—

Comments

• SmallSizedGuy Posts: 503 ✭✭✭

  August 20, 2010 7:11AM

  The code you have referenced pertains to United States Notes, or notes printed with red seals. These notes have not been released into circulation for several years. The referenced code does not apply to Federal Reserve Notes.

  Jim Hodgson
  
  
  
  Collector of US Small Size currency, Atlanta FRNs, and Georgia nationals since 1977. Researcher of small size US type - seeking serial number data for all FRN star notes, Series 1928 to 1934-D. Life member SPMC.
  
  
  
  

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• yellowkid Posts: 5,486 ✭

  August 20, 2010 7:11AM

  I think we may have gone over that figure.

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• ProofArtworkonCircs Posts: 4,223 ✭

  August 20, 2010 3:13PM

  For those that have trouble accessing the link (like me).
  
  <<§ 5115. United States currency notes
  How Current is This? (a) The Secretary of the Treasury may issue United States currency notes. The notes—
  (1) are payable to bearer; and
  (2) shall be in a form and in denominations of at least one dollar that the Secretary prescribes.
  (b) The amount of United States currency notes outstanding and in circulation—
  (1) may not be more than $300,000,000; and
  (2) may not be held or used for a reserve>>
  
  Thiis what the current code says. The amount of United States Notes outstanding is less than $300,000,000.
  
  This figure was arrived at many years ago when the amount in circulation was greater. Although this limit had been on the books, Congress decided the amount of money in USN's should not be reduced further. The law of May 31, 1878 froze the amount at $346,681,016. (this amount has been reduced by amounts assumed destroyed outside the treasury starting with $1,000,000 for the Chicago fire.) To my knowledge, this law has never been repealed. It disappeared in a recodification process by referenceing the wrong section as being "already accomplished". I don't think you can change the law by recodifying it without specifying what is being done.

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• Overdate Posts: 7,169 ✭✭✭✭✭

  August 20, 2010 4:02PM

  I was able to obtain a 1966 $100 red seal U.S. note at my bank a few years ago. Not worth much over face, but an interesting item to own.
  
  I picked up $100 in halves in the same trip, but not one 90% or 40% silver in the bunch.

  My Adolph A. Weinman signature

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• ProofArtworkonCircs Posts: 4,223 ✭

  August 20, 2010 4:13PM

  Good find on the 100 dollar note. I have seen more $100 Federal Reserve bank notes and even national bank notes in circulation than the red seals. The onlly 3 places I have heard of the $100 red seals being released were Puerto Rico and a small quantity in New York originally and Washington, DC later.

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• EagleEye Posts: 7,677 ✭✭✭✭✭

  August 21, 2010 1:38AM

  The red seal United States Notes were the leftover of the Civil War debt. They were carried on the books seperately. In 1966 the amount turned in to the Federal Reserve and destroyed were converted into $100 notes. In 1986 the outstanding debt was absorbed into the national debt by the Federal Reserve and wiped off the books.

  Rick Snow, Eagle Eye Rare Coins, Inc.Check out my new web site:

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