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12 U.S.C. § 418 — Printing of notes; denomination and form

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 112 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section tells the Treasury Secretary to have Federal Reserve notes printed. Plates and dies must be engraved carefully to prevent counterfeiting. The notes come in set dollar amounts and carry each issuing Federal Reserve bank's number.

To supply Federal Reserve banks with notes for circulation, the Secretary of the Treasury must have plates and dies engraved in the best way possible to prevent counterfeits and fraudulent changes. The Secretary then has notes printed from those plates and numbered. These notes come only in the denominations of $1, $2, $5, $10, $20, $50, $100, $500, $1,000, $5,000, and $10,000 — whatever amounts are needed to supply the Federal Reserve banks. The notes must follow the form and content the Secretary of the Treasury directs under this chapter, and each note must show the distinctive number of the Federal Reserve bank that issues it.
the actual law source: uscode.house.gov ↗public domain

In order to furnish suitable notes for circulation as Federal reserve notes, the Secretary of the Treasury shall cause plates and dies to be engraved in the best manner to guard against counterfeits and fraudulent alterations, and shall have printed therefrom and numbered such quantities of such notes of the denominations of $1, $2, $5, $10, $20, $50, $100, $500, $1,000, $5,000, $10,000 as may be required to supply the Federal Reserve banks. Such notes shall be in form and tenor as directed by the Secretary of the Treasury under the provisions of this chapter and shall bear the distinctive numbers of the several Federal reserve banks through which they are issued.

Source credit: (Dec. 23, 1913, ch. 6, § 16 (par.), 38 Stat. 267; Sept. 26, 1918, ch. 177, § 3, 40 Stat. 969; Pub. L. 88–36, title I, § 3, June 4, 1963, 77 Stat. 54; Pub. L. 103–325, title VI, § 602(g)(3), Sept. 23, 1994, 108 Stat. 2293.)

history & why it existsrecord from the source credit
  • 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 267
  • 1918Amended · Act of Sept. 26, 1918, ch. 177 · 40 Stat. 969
  • 1963Amended · Pub. L. 88-36 · 77 Stat. 54
  • 1994Amended · Pub. L. 103-325 · 108 Stat. 2293

A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.

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