rpw3@fortune.UUCP (01/16/84)
#R:mi-cec:-19100:fortune:6700028:000:1160 fortune!rpw3 Jan 15 18:11:00 1984 [] +-------------------- | **** fortune:net.misc / mi-cec!dvk / 7:17 am Jan 11, 1984 | ... It used to say: | "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". +-------------------- That message used to be on Federal Reserve Notes, back when small bills were silver certificates ($1, $5) and bigger bills ($20,...) were FRNs. What it meant was that you could redeem your FRNs in monetary standard (gold, silver) certificates (e.g., $1 bills). Silver certificates said something about getting the actual metal. There was a limit to how much metal a private U.S. citizen could hold (back then). Two things happened: Dollar bills became FRNs; The U.S. went off the gold standard. (I don't think they happened at the same time). When we went off the gold standard, FRNs became "lawful money" (no matter what you feel about that), so there is no need to "redeem" them. Rob Warnock UUCP: {sri-unix,amd70,hpda,harpo,ihnp4,allegra}!fortune!rpw3 DDD: (415)595-8444 USPS: Fortune Systems Corp, 101 Twin Dolphins Drive, Redwood City, CA 94065