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Detail of the obverse of a Series 1950 United States ten-dollar bill, showing the phrase "This note is legal tender for all debts, public and private, and is redeemable in lawful money at the United States Treasury, or at any Federal Reserve Bank." This phrase was subsequently shortened in later issues to "This note is legal tender for all ...
The Legal Tender Cases were two 1871 United States Supreme Court cases that affirmed the constitutionality of paper money. The two cases were Knox v. Lee and Parker v. Davis. The U.S. federal government had issued paper money known as United States Notes during the American Civil War, pursuant to the terms of the Legal Tender Act of 1862.
A one-dollar bill, the most common Federal Reserve Note . Federal Reserve Notes are the currently issued banknotes of the United States dollar. [1] The United States Bureau of Engraving and Printing produces the notes under the authority of the Federal Reserve Act of 1913 [2] and issues them to the Federal Reserve Banks at the discretion of the Board of Governors of the Federal Reserve System. [2]
A United States Note, also known as a Legal Tender Note, is a type of paper money that was issued from 1862 to 1971 in the United States. Having been current for 109 years, they were issued for longer than any other form of U.S. paper money other than the currently issued Federal Reserve Note .
[7] [8] In 1986 the federal government introduced the American Gold Eagle coin series, the first gold money produced by the United States since the Great Depression. These coins are legal tender at their face value, but the Mint offers them only as collectibles at their much higher bullion value, not as a form of payment by the government.
Federal Reserve Bank Notes are legal tender banknotes in the United States that were issued between 1915 and 1934, together with United States Notes, Silver Certificates, Gold Certificates, National Bank Notes and Federal Reserve Notes. [1]
Congress used the National Banking Act of July 12, 1882, to clarify the legal tender status of silver certificates [27] by clearly authorizing them to be included in the lawful reserves of national banks. [28] A general appropriations act of August 4, 1886, authorized the issue of $1, $2, and $5 silver certificates.
1963: "Will Pay To The Bearer On Demand" is removed from the front of the bill and the legal tender designation is shortened to "This note is legal tender for all debts, public and private" (eliminating "and is redeemable in lawful money at the United States Treasury, or at any Federal Reserve Bank.")