$1 Federal Reserve Notes Collection

As America's most widely-issued currency type – and the only paper money issued today – Federal Reserve Notes are extremely popular with collectors! In fact, a $1 Federal Reserve Note collection makes a great starting point – and introduction to this currency type – for a majority of paper money collectors.

In 1913, a central banking system was established as a result of the Federal Reserve Act. This created a new type of note called the Federal Reserve Note (commonly referred to as FRN), issued by the Federal Reserve System. Today, these notes make up 99.85% of all paper money in circulation. They are backed by the Federal Reserve System, unlike Federal Reserve Bank Notes which were backed by the individual Federal Reserve Banks (of which there are twelve). However, FRNs are issued, or distributed, by the Federal Reserve Banks and each note carries a District Seal identifying the Federal Reserve Bank from which it came. (Read more: Federal Reserve Districts)

Unlike U.S. coins, the date that appears on U.S. paper money usually does not represent the date it was printed. On FRNs, the series date shows when a design was first used or modified. When a minor change occurs to a note (ie, a change in office leads to a signature change), a letter is added after the series date. All notes were printed at the Bureau of Engraving and Printing's facility in Washington, D.C., until the 1987 dedication of their western facility, located in Fort Worth, TX. Currently, America's paper money is printed in both locations (those printed in Fort Worth bear the letters "FW" next to the plate serial number).

Beginning in 1988, certain printings of $1 Federal Reserve Notes in Washington were tested on a web-fed press machine, which used paper from large rolls rather than individual sheets. Today, these notes are identified by the check number placed near in god we trust on the notes' back, and a lack of a check plate number on the notes' face. After a run of eight years, web-fed FRNs were discontinued.

Today, your options for building a $1 Federal Reserve Note collection are limitless. Whether you want to collect by signature, bank, series date, or more, you'll be able to form a perfect assortment!