Lot 3334
Fr-2152-G. 1934, $100 Federal Reserve Note. PCGS Gem New 66PPQ. . Fr-2152-G. The earliest notes of the Federal Reserve series, before they became true "fiat" money in the 1970s, were WILL PAY TO THE BEARER ON DEMAND with reference to gold in the small print at the upper left, meaning that they were promissory notes (IOUs). By 1934, after Frankling Roosevelt withdrew the gold backing, the reference was also removed from the Federal Reserve notes, as seen here. After the 1963 series was introduced, the promise to pay a "thing" (gold or silver "dollars") has become the thing itself, a clever trick that the modern public hasn't a clue was pulled on them!
Estimated Value $400 - 500.
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| Realized $242 |
