Full text of Mimeograph Letters and Statements of the Board : Letter From J. R. Van Fossen, Asst. Chief, Division of Bank Operations, re Incomplete Federal Reserve Notes on Hand at Bureau of Engraving and Printing, Number R-542, Volume 51, Page 119

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119

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM

R-542

WASHINGTON
A D D R E S S OFFICIAL C O R R E S P O N D E N C E
TO THE I D A H O

September 19, 1939.

Dear Sirs

'

For your information there is enclosed a recapitulation of
an audit submitted to the Secretary of the Treasury by Mr. M« R. Loafman,
Chief, Division of Public Debt Accounts and Audits, showing the stock
of incomplete face printed Federal Reserve notes, Series of 1928 and
Series of 193''# and of uniform backs allocated to Federal Reserve notes,
on hand at the Bureau of Engraving and Printing at Washington as at the
close of business June $0, 1939*
In his letter transmitting the report to the Secretary of the
Treasury, Mr. Loafman stated that: "The audit extended from June 29
to July 5# 1939* inclusive, and consisted of a piece count of the stocks
of faces, Series 193U, (except part of the stock of $5 denomination),
and a package count of the uniform backs allocated to Federal Reserve
notes. All stocks of Federal Reserve notes, Series 1928, .and the stocks
of the $5 denomination# Series 193^, with the exception of those retained
by the Bureau for specimen purposes and lj.,000 notes of the $5 denomination,
Series 193b* retained by the Surface Printing Division for reference
purposes, were piece counted and placed under the Auditor's seal prior
to the audit# An inspection was made of the seals on the various bins
containing these stocks and the seals were found to be intact.
"In view of the fact that a recent piooe count has been made
by this office of the entire stock of each denomination of uniform backs
on hand in the Bureau, a package count and an inspection for denominations
of the uniform backs allocated to Federal Reserve notes was deemed
sufficient at this time.




-

2

-

R-542

"The total sheets of all denominations on the whole of
Federal Reserve notes, faces and backs were found to be in excess
of the total required reserve of 1|.,2^0,000 sheets."
Very truly yours,

J. R. Van Fossen, Assistant Chief,
Division of Bank Operations.

Enclosure
TO ALL FEDERAL RESERVE AGENTS




RECAPITULATION
R-542-a

FEDERAL RESERVE NOTES AND UNIFORM BACKS ALLOCATED TO FEDERAL RESERVE NOTES, SHEETS OF 12 SUBJECTS EACH
AS AT THE CLOSE OF BUSINESS JUNE 50, 1939
Series of 1928
Federal Reserve Bank
Faces:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total Faces

$5

$10

68,660-2/3

$20

6,663-2/3

•
1

76,711-3/3
54,658-2/5

8,000

61,858-1/3

28,01+0-2/3

208,052-1/3

27,871
27,872

Faces:
78,115-1/3
Boston
12,8/41-1/3
213,143
Hew York
II4U,966-2/3
Philadelphia
116,339-1/3
76,633-1/3
110,301
Cleveland
7,966-%/3
Richmond
71,366-2/3
7,766-2/3
Atlanta
11,166-2/3
31,675
Chicago
128,066-2/3
172,757-2/3
St. L0uis
50,157-1/3
57,3-';2-2/3
4i,ooo
Minneapolis
26,133-1/3
Kansas City
Ja,i33-3/3
8,366-2/3
Dallas
27,166-2/3
40,033-3/3
San Francisco
35,100
85,433-1/3
Total Faces
564,025-2/3 1,030,947
Backs:
Uniform
Backs allocated to

the various denominations
http://fraser.stlouisfed.org/
656,500
ofReserve
Federal
Resorvfi
Federal
Bank of
St. Louis WnfefiS 568,500

$50

23,712-1/3
92,731-1/3
186,303

30,105-1/3
24,026
15JA8-2/3

3,713

36,341-2/3

5,423
4, 5^6

4,465
2,989-2/3
8,922
1/42,674

$100

$500

11,3'>3-i/3
*•* —
9,974

1,535
300
399

5,851-1/3

200

12,306
8,124

30,660

3,982-1/3
5,02h-V3

30
170

698

474
245

$1,000 $5,000
293
345

100
252

224
402

300

$10,000

15

24

50
24
34
79

25

11

68

88,535-3/3
645
40,578-1/3

113,401-1/3
58,706-3/3
17,862-1/3
130,072

77
34
32

7,582-1/3
3,ooi
12,251

152
60
200

102
250

226

4o

13
7
48

110,099-2/3

4,463

2,562

262

260

200

200
1,190
100
100
250

50
51

50
lil

25
98
90
90
90

25
50
46

99
90
100
783

48
45
46
490

Total

10,179-3/3
9,863-1/3
4o,366
57,900 ,
114,418-1/3

682,548

Series of 1934

2,876

1,528
52,535-3/3

44,88/,-1/3

2,146-2/3
2,502

833-1/3
1,380

80
100
4oo
4oo

11,032-2/3
1,945-1/3
3,657-3/3
5
,852
29,i66-r2/3
937 ,
4,150
29,033-1/3 3,474-1/3
1,687-1/3
710-1/3
2/,817
20,266-2/3
2,853-3/3
3,919
'572780-273" 97,397-2/3 82,188

4oo
200
4oo
4oo
4oo
3,892

4O,778-I/3

156,263 ,
49,160-2/3
53,318-2/3

44,633-3/3
28,566-2/3
69,''07
,
27,233-1/3

630,500

9 , ' a 0-2/3

4,744-1/3

94,100

1,961-1/3

4,464

45,4oo

412

500

450
230
100
500

200
500

5,802

156, 639 ,
613, 486-1/5

253, 685-1/3
174, 816-1/5
128,626-2/5
81,554-2/5
594, 495
l 4 l , 105
101,589
87, 004-2/5
95, i49-%/5
148, 418-1/5
2,556,370

h9

— 1.993,000