Federal Reserve District Letters Explained
Every Federal Reserve Note carries a letter identifying the bank that issued it, from A for Boston through L for San Francisco. On modern notes it appears in the black seal to the left of the portrait and as the first letter of the serial number.
For most notes the district is trivia. For scarce series it is one of the main drivers of value, because print runs varied enormously between districts and the smaller banks issued a fraction of what New York and Chicago did.
Quick facts
- Number of districts
- Twelve, A through L
- Where to find it
- Black seal on the left, and the serial number prefix
- Largest issuers
- New York (B), Chicago (G), San Francisco (L)
- Smallest issuers
- Minneapolis (I), Kansas City (J), Dallas (K)
- Modern notes
- Letter replaced by a number and letter code in some series
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The twelve districts
A is Boston, B is New York, C is Philadelphia, D is Cleveland, E is Richmond, F is Atlanta, G is Chicago, H is St. Louis, I is Minneapolis, J is Kansas City, K is Dallas, and L is San Francisco.
The letter appears three ways on older notes: inside the round black seal, as the prefix to the serial number, and as small numbers printed in the four corners of the face, where the number corresponds to the letter's position in the alphabet.
Why the district affects value
Each Reserve Bank ordered currency according to the cash needs of its region. New York and Chicago serve enormous populations and financial centers; Minneapolis and Kansas City do not. On a series where the total print run was already small, that difference can mean one district printed ten times what another did.
The effect is strongest on older and higher denomination series. For a 1934 $100 or a 1950 $20, the district can move the price by a substantial multiple in high grade. For a modern $1 it means nothing.
How the design changed
Notes through the 1990s use the round black Federal Reserve seal with the district letter and bank name. The 1996 redesign replaced it with a universal Federal Reserve System seal, moving the district identification into a letter and number code printed to the left of the portrait.
So on a current note you read the district from the small code near the upper left rather than from a seal. The serial number prefix still encodes it as well.
Frequently asked questions
What does the letter in the circle on a dollar bill mean?
It identifies which of the twelve Federal Reserve Banks issued the note, from A for Boston through L for San Francisco.
Does the Federal Reserve district affect a bill's value?
On scarce older series, considerably. Districts like Minneapolis and Kansas City printed far fewer notes than New York or Chicago, so their notes are scarcer in the same grade. On common modern notes it makes no difference.
Why do some bills have a number instead of a letter?
The 1996 redesign replaced the individual bank seals with a universal Federal Reserve seal and moved district identification to a letter and number code printed near the upper left of the face.