$1 2006 DECEMBER PCGS 66PPQ BIRTHDATE SERIAL 1219 DECEMBER 19th "BOCA RATON RUN

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A spectacular chance to add quite a better birthdate serial number of this most well collected denomination to your holdings. A remarkable opportunity, as low serial number aces rank amongst the most desirable objects in the cosmos. The ultimate birthday gift. The Boca Raton hoard is simply a group of low number notes that should not exist. It is the policy of the Federal Reserve Banks to destroy the lowest serial numbers except when they themselves want to sell them directly to collectors. This fantastic group was inadvertantly released in Boca Raton Florida. Once we found out about it, we were able to secure this original treasure for our clientele. All notes are certified by PCGS. A Federal Reserve Note (FRNs or ferns, not to be confused with " Federal Reserve bank note" is type of banknote issued by the Federal Reserve and t he only type of American banknotes that still circulates today. Federal Reserve Notes are fiat currency , with the words "this note is legal tender for all debts, public and private" printed on each bill. (See generally 31 U.S.C. § 5103 .) They are issued by the Federal Reserve Banks and have replaced United States Notes , which were once issued by the Treasury Department . The paper that Federal Reserve Notes are printed on is made by the Crane Paper Company of Dalton, Massachusetts . The first institution with responsibilities of a central bank in the U.S. was the First Bank of the United States , chartered in 1791 by Alexander Hamilton . Its charter was not renewed in 1811 . In 1816 , the Second Bank of the United States was chartered; its charter was not renewed in 1836 , after it became the object of a major attack by president Andrew Jackson . From 1837 to 1862, in the Free Banking Era there was no formal central bank. From 1862 to 1913, a system of national banks was instituted by the 1863 National Banking Act . A series of bank panics, in 1873, 1893, and 1907 provided strong demand for the creation of a centralized banking system. The first printed notes were Series 1914. The authority of the Federal Reserve Banks to issue notes comes from the Federal Reserve Act of 1913. Legally, they are liabilities of the Federal Reserve Banks and obligations of the United States government. Although not issued by the Treasury Department, Federal Reserve Notes carry the (engraved) signature of the Treasurer of the United States and the United States Secretary of the Treasury . Federal Reserve Notes are fiat currency , which means that the government is not obligated to give the holder of a note gold , silver , or any specific tangible commodity in exchange for the note. Before 1971, the notes were "backed" by gold: that is, the law provided that holders of Federal Reserve notes could exchange them on demand for a fixed amount of gold (though from 1934– 1971 only foreign holders of the notes could exchange the notes on demand). Since 1971, federal reserve notes have not been backed by any specific asset. While 12 U.S.C. § 411 states that "Federal Reserve Notes . . . shall be redeemed in lawful money on demand" this means only that Federal Reserve banks will exchange the notes on demand for new Federal Reserve notes. Thus today the notes are backed only by the "full faith and credit of the U.S. government "—the government's ability to levy taxes to pay its debts . In another sense, because the notes are legal tender, they are "backed" by all the goods and services in the economy; they have value because the public accepts them in exchange for valued goods and services. Intrinsically they are worth the value of their ink and paper components. Federal Reserve Notes are printed by the Bureau of Engraving and Printing (BEP), a bureau of the Department of the Treasury. The Federal Reserve Banks pay the BEP only the cost of printing the notes (about 4¢ a note), but to circulate the note as new currency rather than merely replacing worn notes, they must pledge collateral for the face value, primarily in Federal securities . Fe... read more

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