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.

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  • Bellevue

    Bellevue

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

    Lynnwood

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

    West Seattle

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

    Issaquah

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