Bellevue 425-454-1283 · Lynnwood 425-672-2646 · West Seattle 206-938-3519 · Issaquah 425-392-0450

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Federal Reserve Notes

Federal Reserve Notes (also known as banknotes) are legal tender. The words “THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE” appears on each note.

Federal Reserve Notes used to be backed by an equivalent amount of gold held by the U.S. Treasury. But in 1971, President Nixon took the country off the gold standard, creating a fiat currency. Now, Federal Reserve Notes are solely backed by the government’s declaration that it is legal tender in the United States.

Federal Reserve Notes are often confused with Federal Reserve Bank Notes, which are issued, backed and redeemable by each individual member bank. Depending on the condition and the bank issuing them, some Federal Reserve Bank Notes can be quite valuable as they were phased out by the mid-1930s.

Schedule an Appointment

Bellevue

321 Bellevue Way NE Bellevue, WA 98004 425-454-1283 Hours: Mon-Sat 10-7
Sunday Closed

Lynnwood

18411 Alderwood Mall Parkway Lynnwood, WA 98037 425-672-2646 Hours: Mon-Sat 10-7
Sunday Closed

West Seattle

4500 California Ave SW Seattle, WA 98116 206-938-3519 Hours: Mon-Sat 10-7
Sunday Closed

Issaquah

1175 NW Gilman Blvd Issaquah, WA 98027 425-392-0450 Hours: Mon-Sat 10-7
Sunday Closed