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The 1914 $1 Red Seal Federal Reserve Note from the St. Louis district, cataloged as Friedberg #839b (Fr#839b), is a rare and desirable issue from the early years of the Federal Reserve System. Graded MS64 by Legacy Currency Grading, this note is in near-Gem Uncirculated condition, offering crisp paper, bold color, and outstanding preservation. Among the various denominations and district issues of the 1914 Red Seal series, the $1 Red Seal stands out as one of the rarest and most coveted, with relatively few surviving examples—particularly in high-grade condition. The St. Louis district, represented by the letter “H,” is among the scarcest for this type, adding significantly to the note’s desirability and value for advanced collectors.
The face of the 1914 $1 Red Seal note features a centrally placed portrait of George Washington, engraved with sharp precision and framed by intricate scrollwork and patterned borders. The portrait is based on Gilbert Stuart’s famed Athenaeum painting and has long been a standard image on U.S. currency. Around the portrait, the note is laden with ornate details, including the words “FEDERAL RESERVE NOTE” at top center and “THE UNITED STATES OF AMERICA” across the lower field. The denomination “ONE DOLLAR” is boldly displayed in the lower corners, and the obligation statement reads: “Will pay to the bearer on demand One Dollar,” affirming the note’s purpose as a representative currency tied to silver reserves.
The St. Louis district is identified on the note by the large “H” seal to the left of Washington’s portrait and by the inscription “Federal Reserve Bank of St. Louis, Missouri” near the top border. A key visual feature of this note is the deep red Treasury seal placed at left-center and the vivid red serial numbers at upper right and lower left, distinguishing it from the more common Blue Seal notes issued later in the same series. This red-overprint color scheme is unique to the earliest Federal Reserve Notes, making them highly collectible. Combined with the sharp paper embossing and fine engraving, the red ink adds visual vibrancy that is particularly pronounced in this MS64 example.
The back of the note is printed in dark green and features a classically symmetrical layout dominated by a large rendition of the Great Seal of the United States. The reverse is adorned with ornate lettering and the inscriptions “UNITED STATES OF AMERICA” and “ONE DOLLAR,” set within elaborate guilloche borders. The combination of rich color, strong engraving, and patriotic symbolism underscores the note’s role in bolstering confidence in the newly created Federal Reserve banking system during its formative years. Although the reverse design remained consistent across all districts and signature varieties, its stately presentation contributes greatly to the note’s appeal.
Fr#839b identifies this note as having been issued by the St. Louis Federal Reserve Bank with the engraved signatures of Treasury officials Burke (Treasurer of the United States) and Burke (Register of the Treasury)—a unique and noteworthy pairing. This “Burke–Burke” signature combination appears on only a handful of early Red Seal notes and makes Fr#839b one of the scarcer designations in the entire Red Seal $1 series. The “b” suffix further distinguishes this variety from others with similar layouts but different officials or later production runs. The low total issuance and limited survival rate of this particular variety make it a standout for collectors building comprehensive Friedberg number or district-based sets.
A grade of MS64 (Mint State 64) from Legacy Currency Grading indicates a note that is nearly flawless to the naked eye, with exceptional paper surfaces, no folds or creases, and minimal handling marks. At this level, margins are typically even and broad, print quality is razor-sharp, and the inks retain their original vibrancy. The paper is fully original and shows excellent embossing of the red serial numbers and Treasury seal. Notes graded MS64 sit just below the threshold for full Gem status, offering nearly identical eye appeal at a more accessible price point. The Legacy “64” designation confirms that this note is uncirculated and offers collectors a top-tier example of an already rare issue.
The 1914 $1 Red Seal series holds particular importance in the history of American currency as the first series issued by the newly established Federal Reserve System. The red seal notes were transitional, preceding the mass issuance of Blue Seal notes and serving as a visual and practical marker of the U.S. government's shift from National Bank Notes to centralized Federal Reserve Notes. Printed between 1915 and 1918, the $1 Red Seal notes were issued in far smaller quantities than higher denominations, and many were redeemed or lost over time, making high-grade survivors exceedingly rare. Of the twelve Federal Reserve districts, only a small number issued Red Seal $1 notes at all, with St. Louis among the least frequently encountered today.
The rarity of Fr#839b in Mint State cannot be overstated. The vast majority of known survivors are heavily circulated, with Very Fine and Extremely Fine examples representing the bulk of certified populations. High-grade pieces—especially those above MS63—are typically found only in advanced collections and rarely surface at auction. The presence of bright red overprints, strong paper originality, and impeccable centering in an MS64 example ensures this note stands at the forefront of the Red Seal type and is suitable for even the most refined Federal Reserve or large-size type collections.
Collectors drawn to this note appreciate not only its grade and rarity, but also the significance of its issuance during a transformative period in American banking history. The Federal Reserve Act of 1913 laid the groundwork for modern central banking, and the 1914 Red Seal series was the first tangible manifestation of that law in currency form. The combination of traditional large-size design aesthetics with the bold innovations of red overprint and regional issuing banks makes these notes a favorite among those who value monetary history as much as artistic excellence.
In conclusion, the 1914 $1 Red Seal Federal Reserve Note from St. Louis, Fr#839b, graded MS64 by Legacy Currency Grading, is a superb example of one of the rarest and most historically meaningful pieces of early Federal Reserve currency. Its vivid colors, crisp detail, and superb preservation make it a top-tier acquisition for collectors seeking rarity, beauty, and historical depth. Whether part of a Federal Reserve district set, a Friedberg number collection, or a high-end large-size type note portfolio, this note represents a significant and enduring artifact of American financial heritage.