1929 $20 Federal Reserve Bank of Minneapolis Brown Seal

The 1929 $20 Federal Reserve Bank of Minneapolis Brown Seal is a piece of U.S. currency that belongs to the National Currency series. Here are some key points about this specific note:

These notes recall an era when local and regional banks across the country bought U.S. government bonds to back the “paper” they issued and became chartered. This meant that Nationals from one town would be readily accepted by another. The Type 1 National Bank Notes were released from 1929-33 and the scarcer Type 2s were released from 1933-1935.

Shortly after their release, the Great Depression struck, and the banking system was reorganized. Midway through 1935, the bonds securing these Nationals were recalled and these “hometown” notes gradually disappeared. As of 1935, it was estimated less than 25% of all Nationals survived, and today over 80 years later who knows how many are still available to collectors

Federal Reserve Bank of Minneapolis: The Federal Reserve Bank of Minneapolis is one of the twelve regional banks that make up the Federal Reserve System, the central banking system of the United States. The Minneapolis Federal Reserve Bank issued currency with the intent of facilitating commerce and providing a stable currency supply.

1929 Series: The 1929 series of National Currency was the last series of large-size U.S. currency. It marked the transition from large-size notes to the smaller, modern-sized notes that we use today. The 1929 series included various denominations and featured a standardized design with both Brown and Blue Seals.

Brown Seal: The Brown Seal indicates that the currency is a Federal Reserve Bank Note. These notes were issued by individual Federal Reserve Banks and were backed by the assets of the issuing bank. The color of the seal distinguished between Federal Reserve Bank Notes and Federal Reserve Notes (which had a green seal).

$20 Denomination: The $20 denomination reflects the face value of the note.

Design Elements: The design of the 1929 $20 Federal Reserve Bank of Minneapolis Brown Seal features portraits of notable figures, such as Andrew Jackson on the front (obverse), and allegorical or symbolic images representing themes like agriculture and industry on the back (reverse).

Historical Context: The issuance of National Currency was part of the U.S. government’s efforts to create a more stable and standardized currency system. National Currency was backed by the assets of the issuing bank and played a role in the banking system during the early to mid-20th century.