Lot 3289
1929, $100 Federal Reserve Bank Note. PMG Gem New 66. . Fr-1890-G. . KL-2754. Classic 1929 National Currency issue on the Chicago district federal reserve bank. When the government "closed the banks" during the banking crisis of 1932-33, the Treasury department told the Roosevelt administration it could immediately increase the money supply without having to apply to congress by issuing these 1929-series brown-overprint notes. Production ramped up for a time before new laws were introduced and passed allowing for a large increase in Federal Reserve Notes as well as Silver Certificates through the latter part of the 1930s. A fresh, crisp Gem 66 example!
Estimated Value $600 - 700.
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