Essentially: American Cash. A Federal Reserve Notes is paper currency issued by Federal Reserve Banks to facilitate the public's needs for a monetary medium of exchange. |
Notes are non-interest baring promissory notes. Each Federal Reserve Note declares "This Note Is Legal Tender For All Debts, Public or Private" guarantying that each note is backed by the government's promise to repay. Notes are denominated in $1, $2, $5, $10, $20, $50 and $100 denominations & bear the name of the issuing Federal Reserve Bank.
