1918 "Defiant Eagle" Federal Reserve Note

The first and only $1 Federal Reserve Bank Note was issued in the Series of 1918. It was printed in the large size of about 7-3/8 by 3-1/8 inches that is about 50 percent larger than today’s paper currency. Today these notes are extremely scarce–less than 1/2 of 1% are believed to still exist.

The front of the this Note features a portrait of George Washington that is based on a 1796 painting by Gilbert Stuart. The inscriptions include the notation “National Currency” at the top, indicating that even though the note was issued by one of the 12 regional Federal Reserve Banks, it was valid everywhere in the United States. The back depicts a dramatic rendition of an eagle carrying the United States flag in its talons. The back was printed in green, so this note is sometimes known as the “Green Eagle.”

The Federal Reserve was created by Congress in 1913 to serve as the central bank for the federal government. The nation was divided into 12 Federal Reserve districts, and each Federal Reserve Bank Note was backed by the individual bank that appeared on the front of the note. For example, a Federal Reserve Bank Note might come from the Federal Reserve Bank of Boston (District 1) or the Federal Reserve Bank of San Francisco (District 12).

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