All Archived Exhibits

Federal Reserve Bank of New York

The Fed at 100
The Federal Reserve System
Federal Reserve Bank of New York
100 Years, 100 Objects

"The Fed at 100" features a gallery dedicated to the Federal Reserve Bank of New York, which plays a special role in the Fed System, including implementation of monetary policy and supervision of some of the largest banks in America.

The New York Fed, located two blocks from the Museum on Liberty Street, is also home to the world's largest known store of gold and is the only Reserve Bank that conducts international affairs and operations.

On loan from the Federal Reserve Bank of New York, Curating Section

Prominent New York banker Benjamin Strong, president of Banker’s Trust, played a crucial role in founding the Federal Reserve, and in 1914 he was nominated as the first president of the Federal Reserve Bank of New York (FRBNY). Strong’s legacy at the FRBNY is significant, most notably in the areas of international affairs and central bank cooperation.

During Strong’s first trip to Europe in 1916, he accepted a dinner invitation to the London home of Montagu Norman, a fellow banker and future governor of the Bank of England, which marked the beginning of an affable and sympathetic friendship. This relationship, combined with Strong’s desire to assist US allies in World War I reconstruction and his belief that the US deserved a prominent place among the world’s financial powers, influenced his desire for the Fed to become involved in international economic affairs. Working together, Norman and Strong increased central bank cooperation in the 1920s.

Today, the Federal Reserve Bank of New York is the only Reserve Bank to conduct international operations, as it continues its objectives of “fostering international financial and economic stability and expanding international relationships.” Through its Emerging Markets and International Affairs Group and other divisions, the FRBNY continues to carry out Strong’s legacy.

Both the Girl Scouts and Boy Scouts of America participated in the Liberty Loan drives by selling bonds. In the first and second bond drives, boy scouts sold bonds to friends and family, but by the third drive, President Wilson asked them to canvas the country and sell bonds door to door. Their mission was to find subscribers not typically reached during the Liberty Loan bond campaigns. The boy scouts’ drive was structured so that they could reach every citizen, in order for everyone to have an opportunity to purchase bonds or war saving stamps. Scouts used this application to register bond purchasers in the second Liberty Loan drive.

In addition to Liberty Loan bonds, other US securities were sold to raise funds for World War I including War Finance Corporation (WFC) bonds. The WFC was established on April 5, 1918 to assist industries that supported the war, including the financial services industry. Because the war effort had drained a significant portion of private capital, there was little money available for corporations to borrow. Indirectly, the WFC also assisted in the post-war transition by lending money to US exporters in order to boost both US and foreign economies.

Liberty Loan war bonds became an important fundraising model for the US. Funding efforts for World War II were similar in many ways to the efforts of World War I. The Series E bonds replaced the Liberty Loan bonds of World War I and were sold in numerous drives with the help of both volunteers and Hollywood celebrities. The Series E bonds were known initially as “defense bonds” when they were introduced in 1941, then “war bonds” during the height of the war years and finally just “savings bonds” until they were discontinued in 1980. Series E bonds were replaced by Series EE bonds, which are still sold today, though only in digital form. In total, Series E bonds raised $185.7 billion.