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The plaintiffs in all cases received paper money, instead of gold, despite the contracts' terms. The contracts and the bonds were written precisely to avoid currency debasement by requiring payment in gold coin. The paper money which was redeemable in gold was instead irredeemable based on Nortz v. United States, 294 U.S. 317 (1935).
While the United States observed a gold standard, the certificates offered a more convenient way to pay in gold than the use of coins. General public ownership of gold certificates was outlawed in 1933 and since then they have been available only to the Federal Reserve Banks, with book-entry certificates replacing the paper form.
Of these, the $100,000 was printed only as a Series 1934 gold certificate and was only used for internal government transactions. The United States also issued fractional currency for a brief time in the 1860s and 1870s, in several denominations each less than a dollar.
While issuance of United States Notes ended in January 1971, existing United States Notes are still valid currency in the United States today, though rarely seen in circulation. Both United States Notes and Federal Reserve Notes are parts of the national currency of the United States, and both have been legal tender since the gold recall of ...
Kansans could start using gold and silver as currency to cover debts, taxes and state fees if the Kansas specie legal tender act is passed. Twenty-seven Kansas representatives sponsored the bill ...
Earlier this year, the Utah state legislature passed a law making gold and silver coins legal tender. Now, a Salt Lake City-area numismatist hopes to set up a system that will allow Utahans to use ...
Two gold 20 kr coins from the Scandinavian Monetary Union, which was based on a gold standard. The coin to the left is Swedish and the one on the right is Danish. Gold certificates were used as paper currency in the United States from 1882 to 1933. These certificates were freely convertible into gold coins.
This was the first time the United States government minted pure (.9999) 24-karat gold coins for the public. [1] The coin contains one-troy ounce (31.1g) of pure gold and has a legal tender (face) value of US$50. Due to a combination of the coin's popularity and the increase in the price of gold, the coin's value has increased considerably.
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