Twenty-dollar Federal Reserve note (1914 series)

'AUTHORIZED BY FEDERAL RESERVE ACT OF DECEMBER 23 1913' — the note itself carries the wording of the Federal Reserve Act signed by President Wilson on 23 December 1913. It is a twenty-dollar Federal Reserve note of the 1914 series with a red seal; the portrait is Cleveland. Two hundred and nineteen years after the founding of the Bank of England. A country that had built one twice and buried it twice had, at the third attempt, a lender of last resort at last. And not a single central bank but a federation of twelve district reserve banks — the central bank of a country that fears central banks. The paper most widely held in the world today was born as a child of this act.