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<p>[QUOTE=&quot;Numbers, post: 366145, member: 11668&quot;]The whole point of the 1934 series was that they *were* still redeemable in gold.&nbsp; When pre-1934 gold certificates were recalled, John Q. Citizen had to trade his in for FRNs or something; the Federal Reserve traded theirs in for 1934 gold certificates.&nbsp; The 1934 GCs could then be used in transfer payments between Federal Reserve Banks and a few other authorised holders of gold.</p><p><br /></p><p>What *should* have happened in 1933 is an exception for &quot;collectible&quot; gold certificates, just as collectible gold coins were excepted from the gold recall.&nbsp; But there weren&#039;t enough paper money collectors back then for anyone to think of such a thing, so anybody who wanted to keep a few GCs in a collection had to do so illegally.&nbsp; That&#039;s the problem that was fixed by the 1964 change.</p><p><br /></p><p>The 1934 GCs were still in use in 1964, though, transferring ownership of gold around between FRBs and such.&nbsp; So they had to remain redeemable in gold, and therefore illegal for private citizens to own.&nbsp; I suppose the restriction *could* have been lifted in 1974 when private ownership of gold was finally re-legalised, but once again nobody thought of it.&nbsp; <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie6" alt=":cool:" unselectable="on" unselectable="on" />[/QUOTE]</p><p><br /></p>

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