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<p>[QUOTE=&quot;GoldFinger1969, post: 25276633, member: 73489&quot;]I like to study monetary history -- yup, read Friedman &amp; Schwartz&#039; <i>magnus opus </i>in college <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie8" alt=":D" unselectable="on" unselectable="on" /> -- and doing some readings the last year or so with books spanning the gold standard to 1921 Recession and The Great Depression.</p><p><br /></p><p><span style="color: #0000ff"><b>The changes in the writings concerning gold, silver, and legal tender are fascinating. </b> </span>Even as a young collector (or spender of bills ! <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie8" alt=":D" unselectable="on" unselectable="on" /> ) I never really paid too much attention to them but you can see there are big differences and the changes over the years WERE important.</p><p><br /></p><p><b><span style="color: #ff8000">Here&#039;s a Gold Certificate,</span></b> and the seal writings clearly state you are entitled to Gold...and the writing at the bottom of the obverse says gold coin (Eagles, DEs, etc.)</p><p><br /></p><p>[ATTACH=full]1613412[/ATTACH]</p><p><br /></p><p>Notice that it is good for <b>ALL DEBTS with no exceptions.</b></p><p><b><span style="color: #ff0000"><br /></span></b></p><p><b><span style="color: #ff0000">Next we have a United States Note (Red Seal) </span></b>which states it is legal tender....for all debts public and private.....but then says <b>&quot;except duties on imports and interest on the national debt.&quot;&nbsp; </b></p><p><br /></p><p>[ATTACH=full]1613413[/ATTACH]</p><p><br /></p><p>Why these obscure exclusions ?&nbsp; Because the Treasury didn&#039;t want a gold drain out of the U.S. so NOT allowing these to be used for duties on imports and interest on the national debt helped towards that goal.</p><p><br /></p><p>Next up, a <b><span style="color: #00b359">1928 Federal Reserve Note which</span></b> says that is was redeemable in gold...on demand....at the U.S. Treasury (so you had to goto Washington, DC I guess).</p><p><br /></p><p>[ATTACH=full]1613414[/ATTACH]</p><p><br /></p><p>What I find interesting is that at 1st glance this bill looks like a hybrid:&nbsp; it&#039;s a FRN...it&#039;s worth $20 dollars (&quot;bearer on demand&quot; language at bottom)...<b>but it has the quasi-gold certificate language above the seal. </b> But while you could get gold at the Treasury, it&#039;s unclear if the FRB&#039;s that you went to could pay you off with gold or a pair of $10 bills at their choice... or your choice.&nbsp; Again, unless Federal Reserve Bank means a MEMBER bank, then FRB means you would need to goto 1 of the 12 actual physical locations which would be a PITA. <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie8" alt=":D" unselectable="on" unselectable="on" /></p><p><br /></p><p>Lastly, <b><span style="color: #336600">after we went off the Gold Standard we have this FRN</span></b> which says that the note is legal tender for ALL debts public and private with no exceptions regarding national debt or imports.</p><p><br /></p><p>I guess &quot;redeemable in lawful money&quot; (isn&#039;t this bill lawful money ?<img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie8" alt=":D" unselectable="on" unselectable="on" /> ) means a pair of $20&#039;s and a $10 bill.&nbsp; Also known as....change !! <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie8" alt=":D" unselectable="on" unselectable="on" /></p><p><br /></p><p>[ATTACH=full]1613415[/ATTACH][/QUOTE]</p><p><br /></p>

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