Reply to Thread

Message:: [QUOTE="medoraman, post: 5194765, member: 26302"]That is my understanding. All bills passed at face value. Some were US notes, some Fed Reserve notes, some silver cert. and some gold certs. All were $10 legal tender, just the ultimate backing of them were slightly different. US Notes were backed by full credit of US gov, Fed Reserve notes backed by the Fed, Silver Certs backed by equal face amount of silver coinage, and gold cert backed by equal amount of gold coinage. However, to the average man on the street, they were all $10. Some people cared, some people only wanted gold or silver certs, but in the end they all spent the same. It was a long time to convince the population they could rely on printed paper. One of the things the government did was to back some of the paper by PM to convert those distrustful of paper and valued PM that they could use "this" paper. After time, everyone simply accepted paper currency and the "need" to back it with PM pretty much disappeared.[/QUOTE]