The currency created by the Federal Reserve Act established in the year 1913 in US was known as Federal Reserve notes. This resulted in the birth of the Federal Reserve System in US. A Central Bank was not a possible case. The system consisted of twelve Federal Reserve banks and was a decentralized system. The names of the banks were present on the Federal Reserve notes and there was the characteristic number or letter representing the banks. This represented the economic development and the distribution of population in US till 1914. After this, there was no major modification occurred to the Federal Reserve notes.