Editing Federal Reserve Note (section)

==History==
Following the enactment of the Constitution, states began chartering commercial banks that issued their own notes. These notes were known as state bank notes. State bank notes did not achieve widespread acceptance outside of their state of issue. The first institution to issue notes with national acceptance in the U.S. was the nationally chartered [[First Bank of the United States]], chartered in 1791 by [[Alexander Hamilton]]. Its charter was not renewed in 1811. In 1816, the [[Second Bank of the United States]] was chartered and its notes also acquired widespread acceptance; its charter was not renewed in 1836, after President [[Andrew Jackson]] campaigned heavily for its disestablishment. From 1837 to 1862, in the [[Free Banking Era]], state bank notes were the only circulating paper currency again. From 1862 to 1913, a system of national banks was instituted by the 1863 [[National Banking Act]]. Banks authorized under this act were known as National Banks and issued their own [[National Bank Notes]]. These did achieve national acceptance but the U.S. still lacked a central bank. It wasn't until the passage of the [[Federal Reserve Act]] that the United States finally had an institution that issued nationally accepted bank notes and had the powers of a central bank.[[File:United States Note change from large to small size with plate position.svg|thumb|[[United States Note]] size change from large (gray) to small (green) with plate position letters. Modern Federal Reserve Note (blue) super-imposed on bottom left 1928-size note.]]

Federal Reserve Notes have been printed from Series 1914 in large-note format, and from [[Series of 1928 (United States Currency)|Series 1928]] in modern-day (small-note) format. The latter dimensions originated from the size of the [[Philippine peso]] Silver Certificates issued in 1903 while [[William Howard Taft]] served as Philippine governor-general under the United States colonial administration. In view of its highly successful run, [[William Howard Taft|President Taft]] subsequently appointed a committee that reported favorably on the advantages and savings from adopting the dimensions of Philippine notes for use in the United States.<ref>{{Cite book|url=https://books.google.com/books?id=DhRjDwAAQBAJ&pg=PT16|title = Standard Guide to Small-Size U.S. Paper Money - 1928-Date|isbn = 9781440225789|last1 = Schwarz|first1 = John|last2 = Lindquist|first2 = Scott|date = September 21, 2009| publisher=Penguin }}</ref> Final implementation of today's small-size format, however, only occurred in 1928.