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FED ERAL R E SER VE BANK OF NEW YORK rCircular No. 3 6 6 0 "1 L February 23, 1951 J NEW SERIES OF FEDERAL RESERVE NOTES To all M em ber and N onm em ber Banks in the Second Federal R eserve D istrict: Within the next few days we shall place in circulation in this district Federal Reserve notes of this Bank’s issue of a new series designated Series o f 1950. These notes differ slightly in design from those previously issued. In order to call your attention to the changes in design before any o f the notes are circulated, we print below the text o f a press statement which was released by the Treasury Department last November when the first delivery o f the new series notes was made fo r the use of the Federal Reserve Bank o f Richmond. The Treasury Department announced today that the first delivery o f Federal Reserve notes designated Series o f 1950 had been made by the Bureau o f E ngraving and Printing to the Federal Reserve System. The new series o f notes have the signatures o f the Secretory o f the Treasury and the Treasurer o f the United States, the series designation, and the identification o f the issuing Federal Reserve Bank overprinted in the same manner as the serial numbers and the seal, instead o f engraved as heretofore. The serial numbers o f the notes are slightly reduced from their form er size, and are now identical in style with the serial numbers which appear on one dollar silver certificates. The identification o f the issuing bank and the Treasury Seal have also been reduced in size. E xcept fo r these details the new notes are unchanged in design from those issued heretofore. The notes in the first delivery are fo r the use o f the Federal Reserve Bank o f Richmond. The new notes are in denominations o f $5, $10 and $20. Several economies will result from the new production method. It will not be necessary to keep on hand large stocks o f notes o f each denomination fo r each o f the twelve banks o f the Federal Reserve System. Stocks o f notes fo r each denomination, complete except fo r the data to be overprinted, will suffice. A lso, it will n ot be necessary to engrave new plates when there is a change in either o f the signatures appearing on the notes. Elimination o f the necessity fo r stocking new notes o f each denomination fo r each o f the Federal Reserve Banks will reduce the number o f required combinations fo r stocking purposes from 108 to 9. The Bureau o f E ngraving and P rinting will be able to make certain further savings from the more expeditious scheduling o f production. Additional copies of this circular will be furnished upon request. A llan S proul , President.
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