Federal Reserve Notes - Large

The Greysheet Catalog (GSID) of the Federal Reserve Notes - Large series of Large Size Notes in the U.S. Currency contains 27 distinct entries with CPG® values between $5,000.00 and $200,000.00.

The first Federal Reserve notes, or U.S. banknotes, were issued under the Federal Reserve Act of December 23, 1913. Federal Reserve notes are still made today, albeit in a reduced physical size as compared to these large-size pieces. The large-size Federal Reserve notes, also known as "horse blankets" or "saddle blankets" were issued in denominations ranging from $5 to $10,000. The first wave of these Federal Reserve notes was released as Series 1914 and include denominations of $5 through $100. Series 1918 encompassed denominations of $500 through $10,000.

While the Federal Reserve Notes were distributed to the public through the 12 Federal Reserve Banks, the obligation to pay the bearer went back to the system � not the banks that distributed the notes, distinguishing them from the Federal Reserve bank notes. Therefore, payment for the Federal Reserve notes is the obligation of the United States.

Federal Reserve Notes are much more common than their Federal Reserve bank note counterparts, though there is a bevy of scarce issues. Many Federal Reserve notes in Crisp Uncirculated condition are challenging to come by, and most in Gem are downright scarce.