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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
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