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New York in New York County, New York — The American Northeast (Mid-Atlantic)
 

Federal Reserve Bank of New York

33 Liberty Street, York & Sawyer, Architects, 1919-24

 

—Exploring Lower Manhattan —

 
Federal Reserve Bank of New York Marker image. Click for full size.
By Bill Coughlin, September 10, 2011
1. Federal Reserve Bank of New York Marker
Inscription.
Deep inside the Federal Reserve Bank of New York lies more than one quarter of the world’s known reserves of gold bullion. These tens of billions of dollars’ worth of gold bars, each numbered and weighed, are stored five stories underground in 122 compartments in a vault closed with a steel door weighing 90 tons. Most of the gold at the Federal Reserve belongs to foreign governments and international organizations. They store their gold here for three reasons: first, the Bank’s location in the heart of the U.S. financial center; second, its unrivalled security; and third, the ease of trading when many countries keep their gold in the same building. As countries originally made payments to each other, gold bars could simply be wheeled from one country’s vault to the next – no need to crate them for long ocean voyages, no fear of disaster at sea.

The New York Fed is one of twelve regional Reserve Banks nationwide, part of the Federal Reserve System created in 1913 to supervise American banking. The New York bank’s responsibilities range from executing monetary policies to supporting the financial stability of the country and the world.

The architects of the Federal Reserve Bank modeled it after the palaces of Italian Renaissance bankers, particularly the Medici, to make it look important, intimidating, and secure.
Federal Reserve Bank of New York Marker image. Click for full size.
By Bill Coughlin, September 10, 2011
2. Federal Reserve Bank of New York Marker

 
Erected by The Alliance for Downtown New York, Inc.
 
Location. 40° 42.516′ N, 74° 0.569′ W. Marker is in New York, New York, in New York County. Marker is at the intersection of Liberty Street and Nassau Street, on the right when traveling east on Liberty Street. Touch for map. Marker is in this post office area: New York NY 10005, United States of America.
 
Other nearby markers. At least 8 other markers are within walking distance of this marker. A different marker also named Federal Reserve Bank of New York (a few steps from this marker); Chamber of Commerce / Liberty Tower (within shouting distance of this marker); 33 Liberty Street (within shouting distance of this marker); Equitable Building (within shouting distance of this marker); Former Residence of Thomas Jefferson (about 300 feet away, measured in a direct line); John Street Methodist Church (about 400 feet away); John Street Church (about 400 feet away); a different marker also named John Street Church (about 400 feet away). Touch for a list and map of all markers in New York.
 
More about this marker. A photo of the Federal Reserve Bank appears at the upper right of the marker. Three other photos are at the bottom of the marker. On the left is a picture of a vault with a caption of “The
Marker at the NY Federal Reserve Bank image. Click for full size.
By Bill Coughlin, September 10, 2011
3. Marker at the NY Federal Reserve Bank
entrance to the gold vault, protected by a 9-foot high, 90-ton steel cylinder. Authorized staff members set its two combination locks, controlled by separate time locks, at the close of every business day.” Next to this are pictures of iron workers and a decorative piece of wrought iron. The caption for these is “The extraordinary decorative wrought iron adorning the Federal Reserve building is the work of Samuel Yellin, master American ironworker of the early 20th century. His work here, totaling some 200 tons of wrought-iron, was said to be the largest wrought iron commission in America. Yellin, who called ironwork ‘the salt and pepper of architecture,’ disdained machine-made work, preferring the hammer at the anvil, ‘for in the heat of creation and under the spell of the hammer, the whole conception of a composition is often transformed.’ Though based in Philadelphia, Yellin had strong Wall Street connections, his first major commission being the gates to the Long Island estate of J.P. Morgan.”
 
Categories. Notable Buildings
 
 
Credits. This page was last revised on June 16, 2016. This page originally submitted on September 16, 2011, by Bill Coughlin of North Arlington, New Jersey. This page has been viewed 746 times since then and 21 times this year. Photos:   1, 2, 3. submitted on September 16, 2011, by Bill Coughlin of North Arlington, New Jersey.
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