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The Gold Reserve Act of 1934 established a new accounting mechanism, through the issue of a special series of gold certificates, to account for gold held by the Federal Reserve Banks on behalf of the United States. The Secretary of the Treasury is authorized to "prescribe the form and denominations of the certificates".
The Series of 1928 was the first issue of small-size currency printed and released by the U.S. government.These notes, first released to the public on July 10, 1929, were the first standardized notes in terms of design and characteristics, featuring similar portraits and other facets. [1]
The limitation on gold ownership in the US was repealed after President Gerald Ford signed a bill to "permit United States citizens to purchase, hold, sell, or otherwise deal with gold in the United States or abroad" with an act of Congress codified in Pub. L. 93–373, [22] [23] [24] which went into effect December 31, 1974.
Gold Certificates, issued upon the government receiving a deposit of gold, were dated by hand, and also the depositor was identified. Only the depositor could redeem an early gold certificate. Starting with the Series of 1882, Gold Certificates were made payable to the bearer. National Bank Notes were given a date as well.
"This certificate is legal tender in the amount thereof in payment of all debts and dues public and private" is further incorporated, located atop the Treasury seal. As a gold certificate, the bill exhibits little gold on the obverse: the Treasury seal and two serial numbers. The obverse also includes the words "Washington D.C." in a bolded ...
Since 1971, Federal Reserves Notes have been the only banknotes of the United States dollar that have been issued. But at some points in the past, the United States had multiple different types of banknotes, such as United States Notes (1862–1971), Interest bearing notes (1863-1865), and Gold certificates (1865–1934).
Thus, the series 1934 notes were used only for intragovernmental (i.e., Federal Reserve Bank) transactions and were not issued to the public. [9] This series was discontinued in 1940. The series 1928 gold certificate reverse was printed in black and green (see History of the United States dollar).
1928 US$500 Gold Certificate. The United States five-hundred-dollar bill (US$500) is an obsolete denomination of United States currency. It was printed by the US Bureau of Engraving and Printing (BEP) beginning in 1861 and ending in 1945. Since 1969 banks are required to send $500 bills to the United States Department of the Treasury for ...