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FE D E RA L RE SER VE BANK
O F N EW Y O R K
{Circular No. 3 3 2 9 1
l
April 20, 1948
\

NEW HALF DOLLAR
Bearing Portrait of Benjamin Franklin

To each Bank and Trust Company in the
Second Federal Reserve District:

The Secretary of the Treasury has advised us of the coinage of a new half dollar bearing
the portrait of Benjamin Franklin. This new half dollar is the fifth in a series of portrait
coins, the others being the Lincoln penny, the Washington quarter, the Jefferson nickel, and
the Roosevelt dime.
The new half dollar is exactly the same size and metallic content as the Liberty half dollar,
designed in 1916, which will continue to circulate but of which no more will be minted. Because
of special interest in the new design, the Treasury has furnished our head office and Buffalo
Branch with a limited supply for equitable distribution in the Second Federal Reserve District.
The Treasury has fixed April 30, 1948, as the date for the simultaneous release of these new
coins at all Federal Reserve Banks and Branches.
In order to make such equitable distribution of the new half dollar, we have made allotments
to all banks and trust companies in the Second Federal Reserve District. The amount allotted
to your institution is stated below and will be set aside for you until May 14, 1948. The amount
requested will be available to a member or nonmember clearing bank upon receipt of instrucĀ­
tions to charge its reserve account or clearing account, respectively, or to a nonmember bank
upon receipt of immediately available funds.
Please do not include an order for the Franklin half dollar in other orders sent to this
bank for coin and currency.
A l l a n S proul ,

President.

Amount of allotment
of new half dollars $





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102