That $10 note in 1923 could buy a nice pair of leather boots or a week’s worth of groceries. Today, in "New" condition, it is a museum-grade artifact. The "New" grade guarantees that no farmer ever folded it to pay for a plow, no child ever crumpled it in a candy store, and no banker ever rubber-banded it.
: The banking sector in 1923 was subject to the Federal Reserve System established in 1913. Banks were navigating the new regulatory landscape, which included adherence to reserve requirements and oversight by the Federal Reserve. jay bank 1923 new