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The 1914 $100 Red Seal Federal Reserve Note from the Philadelphia district, cataloged as Friedberg #1074b (Fr#1074b), is one of the most impressive and elusive large-denomination issues from the formative era of the U.S. Federal Reserve System. Graded AU50PPQ by Legacy Currency Grading, this example exhibits crisp paper, exceptional originality, and full eye appeal, with only minimal evidence of handling. As one of the earliest $100 notes produced by the new Federal Reserve Banks under the 1913 Federal Reserve Act, this Red Seal variety is exceptionally rare—especially from the Philadelphia district—and highly prized by collectors of early central bank currency.
The face of the 1914 $100 Red Seal note is dominated by a stately portrait of Benjamin Franklin at left, engraved in extraordinary detail. Franklin, one of the most revered Founding Fathers, represents wisdom, innovation, and public service, making him a fitting figure for this high-value denomination. To the right of Franklin’s portrait, the ornate title “FEDERAL RESERVE NOTE” is engraved at the top, with “THE UNITED STATES OF AMERICA” centered below. A bright red Treasury seal appears just left of center, and vibrant red serial numbers are placed at the upper right and lower left. The legal obligation across the middle reads: “Will pay to the bearer on demand One Hundred Dollars,” clearly identifying the note’s promise as a representative form of money backed by silver at the time of issuance.
This note was issued by the Federal Reserve Bank of Philadelphia and is marked with the district letter “C” inside the district seal to the left of Franklin’s portrait. The issuing bank is also named explicitly at the top margin: “Federal Reserve Bank of Philadelphia, Pennsylvania.” Each of the twelve original Federal Reserve districts had authority to issue notes under its own name, creating a wide range of combinations in design, signature pairs, and district identifiers. Among the twelve districts, Philadelphia Red Seal $100s are particularly scarce, and the “b” suffix in Fr#1074b denotes the extremely rare signature combination of Burke-Burke—John Burke as both Treasurer of the United States and Register of the Treasury, one of the most collectible pairings in early Federal Reserve note varieties.
The reverse of the 1914 $100 note is printed entirely in deep green and features a dramatic allegorical vignette titled “Labor, Plenty, America.” The classical scene includes personifications of Industry and Agriculture, flanking the central figure of America, seated and wearing a helmet, with a shield at her side. The denomination “100” is boldly displayed at each corner, and the inscription “THE UNITED STATES OF AMERICA” spans the top border. The central design is flanked by scrollwork and floral motifs that exemplify the engraving artistry of the Bureau of Engraving and Printing at the height of the large-size currency era. The entire composition communicates stability, productivity, and national pride—ideal for a high-denomination note circulating during a time of sweeping monetary reform.
Graded AU50PPQ, this note sits just below the uncirculated threshold and retains strong originality and freshness. “AU50” denotes About Uncirculated with minor handling—typically a light center fold or two—but with minimal wear. The “PPQ” (Premium Paper Quality) designation by Legacy further confirms that the note has not been pressed, cleaned, or altered in any way, and retains crisp embossing, original paper wave, and full ink saturation. The red Treasury seal and serial numbers remain vivid, the engraving sharp, and the margins well balanced. AU50PPQ examples are highly sought after because they provide near-Mint condition quality without the price premium of strictly uncirculated notes.
Fr#1074b, the Philadelphia Red Seal $100 with Burke-Burke signatures, is an exceptionally rare variety. Fewer than two dozen examples are known to survive across all grades, and the vast majority are found in lower circulated condition. Large-denomination Red Seals were printed in limited quantities between 1914 and 1915, as the Federal Reserve transitioned from conceptual legislation to operational banking. Because of their high face value and limited utility in daily commerce, many were held by banks or wealthy individuals, and relatively few entered widespread circulation. The survival rate for $100 Red Seals is extremely low, and those that remain are typically tightly held in advanced collections or institutional archives.
The historical significance of this note cannot be overstated. It is one of the earliest $100 Federal Reserve Notes ever issued, representing a critical step in the United States’ movement toward a centralized, modern banking system. The creation of the Federal Reserve in 1913 was a response to recurring banking panics and inconsistent monetary policy, and Red Seal notes like this were among the first visible representations of that shift. Issued just months before the U.S. entered World War I, this note reflects a time of transformation, both economically and geopolitically. As such, it is not only a financial instrument but a document of pivotal national development.
For collectors of Federal Reserve Notes, high-denomination Red Seals are among the most challenging and prestigious notes to acquire. The $100 denomination, in particular, sits near the pinnacle of type sets due to its size, design elegance, and intrinsic value. The Burke-Burke signature pairing adds another layer of rarity, especially when combined with the Philadelphia district, which issued comparatively few Red Seal notes at this level. For those building a complete Friedberg number set, a district set, or a signature variety set, Fr#1074b represents a formidable and rewarding addition.
In conclusion, the 1914 $100 Red Seal Federal Reserve Note from the Philadelphia district, Fr#1074b, graded AU50PPQ by Legacy Currency Grading, is a premier example of rare, early central bank currency. With its vivid red overprints, ornate classical design, rare Burke-Burke signatures, and high denomination, this note combines historical weight, aesthetic grandeur, and elite-level collectibility. Near-uncirculated condition and full originality further elevate its status, making it a standout specimen in any advanced collection of large-size U.S. currency or Federal Reserve issues. Its significance endures not just in rarity, but as a lasting emblem of America’s economic transformation at the dawn of the modern financial era.