Description and research notes
The Series of 1914 was the inaugural issue of Federal Reserve Notes following the creation of the Federal Reserve System in December 1913. For the first time, the United States possessed a unified national currency directly issued through the newly organized regional Reserve Banks. The Philadelphia District, designated by the letter C and the numeral 3, served as one of the twelve original Reserve Bank branches, linking the new central banking structure to the industrial and commercial heart of the Mid-Atlantic region.
This fifty-dollar denomination carries the engraved portrait of President Ulysses S. Grant at center, flanked by allegorical vignettes symbolizing commerce and productivity. The reverse, titled 'Panama,' depicts a sweeping allegory of maritime trade celebrating America’s engineering triumph—the opening of the Panama Canal in 1914. It is one of the few note designs in U.S. history to feature an explicitly contemporary event, pairing the theme of economic expansion with the assertion of global reach.
Printed by the Bureau of Engraving and Printing, the note bears the signature pair of Treasury officials White and Mellon. Its large-size layout measures approximately 7.4 by 3.1 inches, engraved with elaborate guilloche and shaded lathework that define the artistry of early twentieth-century federal issues. The Friedberg reference number 1035 identifies the Philadelphia district variety, distinguished by its blue Treasury seal and serials beginning with the prefix C.
High-denomination Federal Reserve Notes of this first series circulated little in everyday commerce. Their large value meant that most were held in institutional or interbank use, and the majority were later redeemed and destroyed. Survivors with original paper quality are consequently rare. Certified PMG 30 EPQ Very Fine, this example retains full color, crisp ink detail, and genuine originality—an appealing representative of the moment when America’s new central bank introduced its first generation of notes to the public.