Description

US Stamp #1577-78 - 1975 10¢ Banking & Commerce, EzGrade™ G/VG (Good/Very Good) , MNH (Mint Never Hinged) , OG (Original Gum) Set of Two EzGrade™ G/VG (Good/Very Good), MNH (Mint Never Hinged), New Condition. This comes with a Certificate of Measurement & Grading from EzGrade.™ View Photo for details on stamps. I have listed photos of the exact stamps you should receive, both Front and Back. Series: Banking and Commerce Issue Face value: 2*10 ¢ - United States cent Issue Date: October 6, 1975 First City: New York, NY Print Run:73,098,000 Format: Se-tenant Emission: Commemorative Printed By: Bureau of Engraving and Printing Printing Method: Lithographed, Engraved Perforations: 11 Color: Multicolored Description: Se-tenant pair Banking and Commerce This issue commemorates the Centennial Convention of the American Bankers Association. Federal Reserve Established On December 23, 1913, President Woodrow Wilson signed the Federal Reserve Act, establishing America’s current central banking system. The idea of a central banking system dates back to post-Revolutionary War America. The new country had large wartime debts and needed a solid banking system. Two of America’s founding fathers and long-time friends, Alexander Hamilton and Thomas Jefferson, were split on the issue. Hamilton believed the US should adopt a national bank, similar to European nations, but Jefferson thought that would threaten democracy. Jefferson also believed it would benefit the North but hurt the South, who received credit from local banks after the war. In the end, Hamilton won, and the First Bank of the United States was established in 1791. Chartered for 20 years, the bank did successfully help the economy, but it failed to be renewed by one vote in 1811. The Second Bank of the United States was established in 1816, also for a period of 20 years. It was largely unpopular in the west and south and became a private bank when its charter expired in 1836.