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12 U.S.C. § 418 — Printing of notes; denomination and form
Federal law — U.S. Code and appendices · legal_authorities
In order to furnish suitable notes for circulation as Federal reserve notes, the Secretary of the Treasury shall cause plates and dies to be engraved in the best manner to guard against counterfeits and fraudulent alterations, and shall have printed therefrom and numbered such quantities of such notes of the denominations of $1, $2, $5, $10, $20, $50, $100, $500, $1,000, $5,000, $10,000 as may be required to supply the Federal Reserve banks. Such notes shall be in form and tenor as directed by the Secretary of the Treasury under the provisions of this chapter and shall bear the distinctive numbers of the several Federal reserve banks through which they are issued.
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Source location: Title 12, Chapter 3, § 418; chapter-003-federal-reserve-system.md
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In order to furnish suitable notes for circulation as Federal reserve notes, the Secretary of the Treasury shall cause plates and dies to be engraved in the best manner to guard against counterfeits and fraudulent alterations, and shall have printed therefrom and numbered such quantities of such notes of the denominations of $1, $2, $5, $10, $20, $50, $100, $500, $1,000, $5,000, $10,000 as may be required to supply the Federal Reserve banks. Such notes shall be in form and tenor as directed by the Secretary of the Treasury under the provisions of this chapter and shall bear the distinctive numbers of the several Federal reserve banks through which they are issued.
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Federal law — U.S. Code and appendices · legal_authorities
Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are authorized. The said notes shall be obligations of the United States and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank.
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Federal law — U.S. Code and appendices · legal_authorities
The short title of the Act of December 23, 1913, ch. 6, 38 Stat. 251, shall be the “Federal Reserve Act.”
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Federal law — U.S. Code and appendices · legal_authorities
Page 161
TITLE 12—BANKS AND BANKING
§ 418
Editorial Notes
REFERENCES IN TEXT
Section 4 of the Old Series Currency Adjustment Act,
referred to in text, which was classified to section 913
of former Title 31, was repealed by Pub. L. 97–258, § 5(b),
Sept. 13, 1982, 96 Stat. 1068, the first section of which
enacted Title 31, Money and Finance.
CODIFICATION
Section is comprised of the sixth par. (formerly the
seventh par.) of section 16 of act Dec. 23, 1913. For clas-
sification to this title of other pars. of section 16, see
Codification note set out under section 411 of this title.
AMENDMENTS
1968—Pub. L. 90–269 repealed fourth sentence which
provided that Federal Reserve banks shall not be re-
quired to maintain the reserve or the redemption fund
against Federal Reserve notes which have been retired,
or as to which payment has been made to the Secretary
of the Treasury under section 4 of the Old Series Cur-
rency Adjustment Act, on notes of series prior to 1928.
1961—Pub. L. 87–66 provided for recovery of collateral
upon payment of notes of series prior to 1928 and re-
moved requirement of reserve or redemption fund for
such notes.
Statutory Notes and Related Subsidiaries
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of
Federal Reserve Board to Board of Governors of the
Federal Reserve System.
Executive Documents
TRANSFER OF FUNCTIONS
For transfer of functions to Secretary of the Treas-
ury, see note set out under section 55 of this title.
§ 417. Custody and safe-keeping of notes issued
to and collateral deposited with Reserve
agent
All Federal Reserve notes and all gold certifi-
cates, Special Drawing Right certificates, and
lawful money issued to or deposited with any
Federal Reserve agent under the provisions of
the Fe
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