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<p>[QUOTE=&quot;Jamericon, post: 1259291, member: 18294&quot;]The basic differences were (a) gold certificates were legal tender for all debts and payments, but Federal Reserve notes were not; and (b) gold certificates were obligations of the Treasury, and Federal Reserve notes were obligations of the Federal Reserve banks. </p><p><br /></p><p>In addition, because Federal Reserve banks could hold 40% gold for their notes, they could pay out legal tender notes in exchange for the FRNs.</p><p><br /></p><p>Other than that, they were on par owing to their redeemability in gold.[/QUOTE]</p><p><br /></p>

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