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The 1918 $1 Federal Reserve Bank Note from New York in Very Good (VG) condition is an intriguing piece of early 20th-century American paper money, often nicknamed the “Green Eagle” note because of its distinctive reverse design. Issued as part of the 1918 series of large-size Federal Reserve Bank Notes, it represents both the early years of the Federal Reserve System and the tail end of the classic large-size note era, which concluded in 1929. Though well-worn in VG grade, this note retains its essential details and remains an affordable yet historically significant collectible.
The obverse of the 1918 $1 Federal Reserve Bank Note prominently features a portrait of George Washington at the center, based on the same Gilbert Stuart painting that would later anchor modern $1 bills. To the left is a large dark blue Treasury seal, while the serial numbers also appear in blue ink. Each note was issued for and backed by an individual Federal Reserve Bank, and this example carries the markings of the Federal Reserve Bank of New York. The bank’s name and charter information appear clearly on the face, making each district-issued note distinct. In VG condition, the portrait of Washington and the essential inscriptions remain visible, but the paper is heavily worn, limp, and often exhibits folds, creases, small stains, or margin roughness consistent with extensive circulation.
The reverse is one of the most dramatic and artistic designs in all of U.S. currency. It depicts a spread-winged bald eagle perched atop a large flag-draped shield, with “ONE DOLLAR” boldly inscribed across the shield. The eagle clutches arrows in its talons, symbolizing strength and readiness, while the flowing banner and shield represent national unity and defense. This iconic image earned the note its popular nickname, the “Green Eagle.” Even in VG condition, the powerful engraving of the eagle and shield remains impressive, though portions of the design may show softness or fading due to wear.
Authorized under the Federal Reserve Act of 1913, Federal Reserve Bank Notes were backed not by the full Treasury but by obligations of the individual issuing Reserve Bank. This was a transitional period for U.S. currency, as the Federal Reserve System—created to stabilize the nation’s banking system—was still new. The 1918 $1 notes were part of the final large-size FRBN issue, printed in large dimensions measuring 7.375 by 3.125 inches, significantly larger than today’s notes. They circulated heavily, especially in urban centers like New York, and most surviving examples show heavy wear from daily use.
The 1918 New York issue is cataloged as Friedberg #718, one of the most commonly collected large-size $1 FRBNs. Yet despite relatively high print runs, attrition was severe, and many notes were redeemed and destroyed over the decades. Today, survivors are popular with collectors because of the eagle reverse design, which is widely regarded as one of the most patriotic motifs ever used on U.S. currency. While higher-grade examples command strong premiums, VG notes like this remain accessible and allow collectors to own a genuine piece of American history at a manageable price point.
In Very Good condition, the note is heavily circulated with multiple folds and soiling, but it is still intact, with no major pieces missing. All critical design elements, including Washington’s portrait, the eagle reverse, serials, and Treasury seal, remain visible. Collectors often accept VG examples as “honest wear” notes, appreciating them as survivors of a heavily circulated issue rather than as pristine display pieces. Their affordability relative to higher-grade examples makes them popular with collectors building type sets of large-size notes or seeking an example of the iconic “Green Eagle” design.
Overall, the 1918 $1 Federal Reserve Bank Note from New York in VG condition is a historically rich and visually striking piece of American paper money. Its patriotic eagle reverse, early Federal Reserve heritage, and large-size format make it a must-have for collectors of classic U.S. currency. Though worn, it retains its essential character and appeal, serving as both an artifact of American financial history and a tangible reminder of the bold artistry that defined early 20th-century U.S. notes.