Federal Reserve Bank of New York
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33 Liberty Street
New York, NY 10045
Tel: +1 (212) 720-5000
The Federal Reserve Bank of New York is by far the largest, most active, and most influential of the 12 regional Federal Reserve Banks. The New York Fed moved to its current location on Liberty Street in 1924 and is perhaps best known for its vault 80 feet underground and built on bedrock in order to hold the large amount of gold stored in its chambers.
The Gold Vault
For many, the New York Fed’s gold vault is perhaps the highlight of the guided tour. This is currently assumed to be the world’s largest gold repository, containing even more gold than is stored at Ft. Knox. Approximately 98 percent of the gold stored is owned by 36 foreign governments, and central banks, while the remainder is the property of the United States and the International Monetary Fund. The bullion is stored in 122 separate compartments in the main and auxiliary vaults. It is largely a relic of an era when the gold standard and gold exchange standard were used to establish the relative values of national currencies, and gold itself was used to meet international payments.
Foreign governments and official international organizations store their gold at the Federal Reserve Bank of New York because of their confidence in its safety, the convenient services the Bank offers, and its location in one of the world’s leading financial capitals.
There are no doors into the gold vault. Entry is through a narrow 10-foot passageway cut in a delicately balanced, nine-foot-tall, 90-ton steel cylinder that revolves vertically in a 140-ton, steel-and-concrete frame. The vault is opened and closed by rotating the cylinder 90 degrees.
Tours
Visitors to the New York Fed have the option of taking either a self-guided or a guided tour. However, visitors taking the self-guided tour will not be able to see the gold vault. With either tour, visitors learn about the role of the New York Fed and the wider Federal Reserve System, as the nation’s central bank, in setting monetary policy, promoting financial stability to support the flow of credit to families and businesses, and serving communities to advance broad-based economic growth in the region and nation. Also, visitors learn about the central banking functions of the Federal Reserve System through an interactive, multimedia exhibit that allows visitors to participate in a monetary policy simulation and to learn about the Fed’s role in the economy.
Registration and Arrival
For either type tour, advance registration is required via the New York Fed’s on-line form, which may be booked up to three months in advance. Available starting times currently are: 10 a.m., 11 a.m., 12 p.m., 1 p.m., 2 p.m. and 3 p.m. with guided tour lasting approximately 45 minutes. A government-issued photo ID is required and all visitors and bags will be screened. There are no storage lockers available and visitors should bring only essential items with them; no packages and large bags will be permitted inside.
Registration and Arrival
For either type tour, advance registration is required via the New York Fed’s on-line form, which may be booked up to three months in advance. Available starting times currently are: 10 a.m., 11 a.m., 12 p.m., 1 p.m., 2 p.m. and 3 p.m. with guided tour lasting approximately 45 minutes. A government-issued photo ID is required and all visitors and bags will be screened. There are no storage lockers available and visitors should bring only essential items with them; no packages and large bags will be permitted inside.
This text was written by Howard M. Berlin and first published in his book Numismatourist in 2014.
You can order his numismatic guidebook at Amazon.
Howard M. Berlin has his own website.
