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The 1914 $10 Red Seal Federal Reserve Note from the Chicago district, cataloged as Friedberg #898b (Fr#898b), is an exceptional and increasingly scarce issue from the formative years of the United States Federal Reserve System. Graded AU55PPQ by Legacy Currency Grading, this example offers near-uncirculated quality with crisp paper, vibrant inks, and full original paper surfaces indicated by the Premium Paper Quality (PPQ) designation. Red Seal notes from the 1914 series represent the first generation of Federal Reserve Notes, issued shortly after the passage of the Federal Reserve Act of 1913. These notes are distinct in design, rarity, and historical importance, with the $10 denomination being one of the most collectible in the series due to its strong aesthetic and balanced artwork.
The face of the 1914 $10 Red Seal note features a large, centrally placed portrait of Andrew Jackson, the seventh President of the United States. Engraved in fine detail, Jackson’s image is surrounded by intricate scrollwork and framed in a classical oval. At the top center, the bold title “FEDERAL RESERVE NOTE” is engraved prominently, underscoring the note's authority as a product of the new centralized banking system. Below the portrait appears “THE UNITED STATES OF AMERICA,” followed by the obligation clause: “Will Pay to the Bearer on Demand Ten Dollars.” This legally binding promise established the note as a formal obligation of the Federal Reserve and the U.S. government.
Distinctive to this issue are the bold red overprint features: the bright red Treasury seal to the left of Jackson's portrait and the red serial numbers at the upper right and lower left. These red seals and numbers distinguish early Red Seal Federal Reserve Notes from the more commonly encountered Blue Seal versions that followed shortly afterward. The Chicago Federal Reserve Bank is identified on the note by the letter “G” within the district seal, along with the full inscription “Federal Reserve Bank of Chicago, Illinois” printed prominently above. Each Federal Reserve district issued its own notes with corresponding identifiers, and those from Chicago—especially with this signature pairing and red seal—are significantly harder to find in high grades.
The reverse of the note, printed in deep green, displays an elaborate allegorical vignette titled “Agriculture and Industry.” On the left side of the design, Agriculture is depicted as a seated female figure holding a sheaf of wheat and surrounded by farming tools, symbolizing the agricultural roots of the American economy. On the right, Industry is represented by a male figure holding a hammer, accompanied by a gear and anvil. Between them is a symbolic architectural structure, representing order and structure. The symmetrical composition and classical symbolism of the reverse make this one of the most visually appealing designs in early 20th-century American paper money.
Fr#898b denotes this specific combination of red seal, red serial numbers, Chicago Federal Reserve Bank identifiers, and the engraved signatures of John Burke as Treasurer of the United States and John Burke as Register of the Treasury—an unusual and highly collectible signature pairing known as the “Burke-Burke” variety. This pairing is exclusive to a very narrow range of notes and was produced for a limited time early in the issuance of the 1914 series. The "b" suffix in the catalog number indicates this specific and rare combination, which is a significant draw for collectors focused on Friedberg number specialization or signature variety sets.
The grade of AU55PPQ reflects a note that is essentially uncirculated with only the faintest signs of handling—often a single light corner fold or minor softening. At this level, the paper is crisp, the margins are likely broad and even, and all design elements remain bold and clearly printed. The “PPQ” designation confirms that the note has never been pressed, cleaned, or otherwise tampered with and retains original embossing, texture, and integrity. The red seal and serial numbers remain vivid, and the ink contrast between the black primary design and the colored overprints is especially striking in this condition. Notes in AU55PPQ are highly desirable for their combination of high eye appeal and relative affordability compared to full uncirculated examples.
Federal Reserve Red Seal Notes of 1914 were issued as part of the government’s rollout of its new central banking system, which replaced the fragmented National Bank Note system that had dominated U.S. currency since the Civil War. Red Seal notes were among the first products of this transformation and were printed in relatively small numbers between 1914 and 1915. Due to their limited issuance and short lifespan in circulation, very few $10 Red Seal notes survive today in high grades, especially those from midwestern districts like Chicago. Most known examples saw heavy use and are found today in well-worn grades, making high-grade survivors especially coveted.
The Chicago district’s 1914 Red Seal notes are notable not only for their rarity but also for their placement in the economic heart of the Midwest. As one of the 12 regional Federal Reserve Banks, Chicago played a major role in distributing currency across a vast swath of the central United States. This regional significance adds further historical depth to these already important early Federal Reserve issues. For collectors who focus on district sets or signature varieties, Fr#898b represents one of the more challenging targets to acquire in near-uncirculated condition.
Collectors of large-size U.S. currency prize the 1914 $10 Red Seal series for its strong artwork, historical context, and scarcity. The $10 denomination is particularly desirable for its balanced design and central allegorical theme. Combined with the allure of red overprint elements, these notes offer a compelling mix of aesthetics, monetary history, and technical beauty. The Burke-Burke signature pairing, in particular, adds to this note's appeal for advanced collectors seeking varieties that are both rare and visually impressive.
In summary, the 1914 $10 Red Seal Federal Reserve Note from the Chicago district, Fr#898b, graded AU55PPQ by Legacy, is an outstanding example of a scarce and historically significant early Federal Reserve issue. With bold red overprints, strong embossing, vibrant detail, and a rare signature pairing, this note offers both visual impact and investment-grade preservation. It is an exceptional acquisition for collectors focused on early Federal Reserve currency, large-size type notes, or high-end Friedberg variety sets and stands as a proud artifact of America’s transition to centralized monetary policy.