1929 $50 National Currency 'The Federal Reserve Cleveland, OH' Grades xf. Backed by bonds deposited with the ...

1929 $50 National Currency 'The Federal Reserve Cleveland, OH' Grades xf. Backed by bonds deposited with the Federal Government, this kind of money says “National Currency” at the top center of the note. These notes were issued by banks who received a Charter from the United States government allowing them to issue money. The All 1929 fifty dollar bills from the Federal Reserve Bank of New York will have a serial number that starts with the letter B. Each $50 bill will have four black “B”s stamped on it. This B signifies that the note is from the New York district. All 1929 bills are signed by EE Jones as the register of the treasury and WO Woods as the treasurer of the United States. Fifty dollar notes from New York are also signed by the deputy governor and the governor. Ulysses Grant is featured on all $50 Federal Reserve bank notes. The words president and cashier are either partially or completely blacked out on 1929 $50 bills from New York. You can find the following inscriptions on $50 bills from New York: National Currency – Secured By United States Bonds Deposited With The Treasurer Of The United States Of America Or By Like Deposit Of Other Securities – Will Pay To Bearer On Demand Fifty Dollars – Redeemable In Lawful Money Of The United States, At United States Treasury Or At The Bank Of Issue – Amer Septent Sigil Thesaur – Series of 1929 – Fifty Dollars – U.S. Capitol. Government Printing Office printed these notes with the same design except for the name of the banks, signatures of the bank officers and the Charter number. National Currency notes were made from 1863 to 1929. These notes were a way of creating confidence in an always shaky banking system. Member banks were required to deposit bonds with the government. The bank could then issue currency equal to 90% of the amount of the bonds. The financial panic of 1929 destroyed many of the National Banks and put an end to this system.There were more than 14,000 banks that issued National Currency and there are large numbers of avid collectors. The 1929 issue was the only “small size” issue, that is to distinguish from the “horse blanket” size notes of years previous to 1929. The note comes in two types. The Type I note has a brown seal with the charter number only in large black numerals. Type 2 notes have in addition the charter number printed with brown letters near the serial number of the note