How do you redeem 1934 US Federal Reserve Notes?

Answer 1

1934 Federal Reserve Notes are bills just like the modern ones in your wallet, so you don't "redeem" them as such.

The Treasury has never withdrawn or demonetized any Federal Reserve Notes so technically your bills could be spent or taken to a bank, but you wouldn't get any extra value for them as collectibles. By law banks can only exchange old currency at face value.

Your best approach would be to determine whether the bills have any collector value. For example this site has lots of questions like "What is the value of a 1934 US 5 dollar bill?", "What is the value of a 1934 US 20 dollar bill?", and so on that will provide estimated retail values. Depending on how many you have and how worn they are, you might be able to sell them to a collector or dealer. Of course you'll only get a wholesale price which is less than the retail price but that may still may be more than the bill's face value.

On the other hand, a lot of 1934-series bills were saved by collectors and dealers. Unless you have a lot of them and/or they're in almost brand-new condition you may find that no one's willing to pay much above face value for certain dates and series letters. In that case you'll have to decide whether to

(a) spend the bills anyway

(b) hang onto them as conversation pieces

(c) give them as gifts to people who might appreciate a memento from that long-ago era