are United States Currency also known as Greenbacks, Feds, or FRNs.
Reserve Notes were authorized by an Act of Congress,
December 23, 1913. Federal Reserve Notes
are the main currency that we use today. All Federal Reserve Notes
can be distinguished by their green seals. Federal Reserve Notes
are obligations of the United States and are a first lien on the
assists of the issuing Federal Reserve Bank. These notes are
also secured by a pledge of collateral equal to the face value of the
note. The collateral consists of one of the following assets:
1) Gold Certificates, 2) Special Drawing Right Certificates,
3) United States Government Securities, or 4) "eligible paper" as
described by the statue.
Notes are currently issued in denominations of $1, $2, $5,
$10, $20, $50, and $100. The Department of the Treasury
discontinued issuance of $500, $1,000, $5,000, and $10,000 Federal Reserve Notes
on July 14, 1969 because of a lack of demand.