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Under the Federal Reserve Act, December 23rd, 1913 - which provided for the establishment of Federal reserve banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes- the Federal Reserve System came into existence with the first printed notes being series 1914.
Federal Reserve notes are the small-sized paper currency still used in the U.S. today. Once printed in denominations of $1 through $10,000, now $100 is largest denomination printed in these notes. Federal Reserve notes are the country’s only form of paper money issued since the mid-1960s.
Often confused with Federal Reserve Bank notes, the key difference between the two is that responsibility for Federal Reserve notes lies with the government and not individual banks.
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