1911

Emergency notes, no Fed yet

In 1911 Aldrich-Vreeland is already law. The Federal Reserve does not exist. The classical gold window is still open.

Ten-thousand-dollar gold certificate, series of 1900. Not a note of this year, and not a Federal Reserve note.Public domain.

National banks can already issue emergency currency under the 1908 Act. That is not a central bank.

The Federal Reserve Act is signed on 23 December 1913. Until August 1914 the peacetime gold practices — convertibility and gold shipment — are still in place.

Panic of 1907 and the Fed →