Federal Reserve Notes were authorized by the Federal Reserve Act and became a law on December 23, 1913. The first notes issued were the 1914 series. These notes were issued at the discretion of the Federal Reserve Board and were released by the twelve federal reserve banks. The original act provided for their redemption in gold at the United States Treasury or lawful money at a Federal Reserve Bank. The Gold Reserve Act of 1934 provided that they be redeemable only in lawful money and not gold.
This bill is sold in a deluxe currency protective sleeve.
Federal Reserve Note Grover Cleveland: 1914 $20.00 Currency