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The 1914 $50 Federal Reserve Note with a red Treasury Seal and graded XF40 by PMG is a large-size, high-denomination banknote that represents one of the earliest issues from the newly created Federal Reserve System. These notes are notable not only for their impressive size and classic design, but also for their historical significance as part of the first series of notes authorized under the Federal Reserve Act of 1913. The red seal variety is especially collectible due to its limited early issuance and distinctive visual appeal, with the red color contrasting sharply against the black intaglio printing and the cream-colored paper. A grade of XF40 (Extremely Fine 40) signifies a note with strong paper quality, clear design elements, and only light signs of circulation, placing it in the upper tier of circulated notes.
On the obverse of the 1914 $50 Federal Reserve Note is a striking engraved portrait of Ulysses S. Grant, the 18th President of the United States and Union General during the Civil War. Grant is depicted facing slightly left, with sharp detailing in his facial features, beard, and military dress. His portrait is placed prominently on the left side of the note, occupying a large portion of the vertical space and framed by classical scrollwork and guilloché patterns. Centered on the note is the phrase “Federal Reserve Note,” accompanied by the statement, “The United States of America will pay to the bearer on demand Fifty Dollars,” signifying the note’s legal tender status.
The red Treasury Seal is located to the right of the portrait, and directly beneath it is the engraved signature of the Treasurer of the United States alongside that of the Secretary of the Treasury. The red seal version was issued only during the initial 1914 series, before the transition to blue seals in subsequent issues. Red seals are much scarcer than their blue counterparts and are highly sought after by collectors. The serial numbers are printed in red ink to match the seal and are found twice on the face of the note, flanking the design in the upper left and lower right corners. These features combine to give the red seal $50 an eye-catching and historic presentation.
The denomination is clearly expressed in multiple locations, including bold “50” numerals in each corner and the words “Fifty Dollars” spelled out across the lower center. The bank of issue is printed on the upper center of the note, specifying which of the twelve Federal Reserve Banks was responsible for distributing the note. Depending on the issuing bank, this can add another layer of rarity and collectibility, as notes from certain districts are harder to find in high grades. The engraved plate numbers and letter designations used for sheet position are also printed on the face, further identifying the note’s production details.
The reverse of the 1914 $50 Federal Reserve Note is elegantly designed in deep green ink and displays a classical allegorical vignette titled “Panama,” featuring two female figures. One represents Columbia or Liberty, and the other, Industry or Commerce, with images of a steamship and a train symbolizing American expansion and the new role of the Panama Canal in international trade. These figures are set within a symmetrical composition with “Fifty Dollars” and “The United States of America” prominently inscribed above and below. The artistry and symbolism reflect the optimism of the early 20th-century American economy and the era’s belief in progress through infrastructure and finance.
Measuring approximately 7.375 by 3.125 inches, this large-size note offers a commanding presence far beyond the size of modern U.S. currency. It was printed on high-quality rag paper composed of linen and cotton fibers, which has helped many examples survive in strong condition despite their age and original circulation use. The XF40 grade from PMG indicates that this particular note shows only light signs of wear, such as minor folds or slight rounding at the corners, but no major damage. The overall paper quality is intact, and the printing remains bold and clear. A note in this grade retains significant visual appeal and is considered a high-end circulated example.
Issued during the earliest years of the Federal Reserve System, 1914 $50 red seal notes are among the first truly federal paper money used across all states, rather than being issued by individual national banks as in the National Bank Note era. The red seal notes predate even the establishment of Federal Reserve Notes as the sole legal tender, making them an important part of the monetary transition that reshaped U.S. banking and currency. Their issuance was relatively short-lived, which adds to their appeal and scarcity, particularly in higher denominations like the $50.
Collectors are drawn to the 1914 $50 red seal for multiple reasons: its historical significance as a first-series Federal Reserve Note, its rarity relative to the more common blue seal series, and its dramatic design. Notes of this denomination were not widely used in everyday commerce, meaning fewer were printed and even fewer have survived, especially in higher circulated grades. Red seal $50s are frequently sought after by advanced paper money collectors building type sets or Federal Reserve Bank collections, and notes from scarcer districts such as Atlanta, Dallas, or Minneapolis are especially prized.
PMG encapsulation adds to the desirability of this note by confirming its authenticity and providing a market-recognized standard for its condition. A grade of XF40 offers an ideal balance of affordability and eye appeal, often showing strong ink contrast, solid paper integrity, and only minimal handling wear. It allows collectors to acquire a visually impressive historical note without the significant premium required for AU or Uncirculated examples. This makes it a popular grade choice among serious collectors looking for both beauty and value.
In summary, the 1914 $50 Federal Reserve Note with red seal and PMG XF40 grade is a rare and historically rich artifact from the formative years of the U.S. central banking system. With its large format, powerful imagery, and important place in monetary history, it serves as a tangible reminder of early 20th-century economic transformation. Its red seal, high denomination, and limited issuance elevate it far beyond a mere currency note—it is a collector's treasure and a legacy of America’s financial past.