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fightingb... fightingb...
 

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 M¢25  Funded By Mahalo ? |  August 27, 2009 04:16 AM

Federal Reserve Note is at the top of our currency now what was written before that?

Our paper money was note always Federal Reserve Notes. What was it before?
Interesting Question?  Yes (0)   No (0)   
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teflashfir... teflashfir...
 
 August 27, 2009 11:55 AM
Before the elimination of the Gold Standard, these notes were Silver Notes. Just as they say "This note is legal tender for all debts, public and private" they once also stated that you could take this note to any bank and receive Gold/Silver for it (depending on the current exchange rate). This is no longer, obviously, doable as we no longer peg the value of our currency on the value of Gold.
Source(s):
http://en.wikipedia.org/wiki/Federal_Reserve_Note

Asker's Rating:
• Other than silver notes instead of silver certificate the answer in whole was excellent. Thank you for answering.


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Helpful: fightingback

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fightingba... fightingba...
 
August 27, 2009 02:35 PM
Actually they were called "Silver Certificate". I just happened to get one in change at as local store and it stuck out quite differently from the newer bills.
It is intering to look at the little differences. They are eye catching.

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