The artist that created the image of the young lady was John Eissler, he lived from 1873-1962. Curiously the BEP had a habit of selecting much much earlier work from graphic artists for these notes, even though they were issued from the 1940's-1973. My guess on this work without knowing his other works is that it probably dates to the 1910's or 1920's based on the style of her hair etc.
I know in the 661 Series, the $10 borrows an image from an earlier National Bank $20 from 1902 that was created by GCF Smilie ca. 1899-1900.
Here is an invaluable source of information on MPC's that I visit fairly regularly for research:
MPC Central