Simply stated, we find his contentions frivolous.”įederal Reserve Notes and Legal Tender Notes have their value because the Federal Reserve and the U.S. Appellant is entitled to redeem his note, but not in precious metal. “While we agree that golden eagles, double eagles and silver dollars were lovely to look at and delightful to hold, we must at the same time recognize that time marches on, and that even the time honored silver dollar is no longer available in its last bastion of defense, the brilliant casinos of the houses of chance in the state of Nevada. The Milam court further ridiculed Milam’s claim to be paid in gold or silver deeming it “frivolous”: U.S., 524 F.2d 629, relying on the ruling in Julliard, held that the United States did not have to give Milam $50 in gold or silver in exchange for a $50 Federal Reserve Bank Note, holding that Federal Reserve notes would suffice as “Congress is authorized to establish a national currency, either in coin or in paper, and to make that currency lawful money for all purposes, as regards the national government or private individuals” Treasury pursuant to the Act of were deemed to be constitutionally issued. 421, ruled that United States Legal Tender Notes (see below) issued by the U.S. In 1884, the United State Supreme Court in Julliard vs. Treasury or the Federal Reserve constitute “lawful money”.
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courts have long held in a series of legal tender cases that “lawful money” does not have to be gold or silver and that notes issued by the U.S. 10 says no State shall make any Thing but gold and silver coin a Tender in Payment of Debts, U.S. 8 of the United States Constitution says that Congress has the power to coin Money, regulate the Value thereof and Article I, Sec. Indeed, the Federal Reserve holds no gold or silver for its own account.įRNs are considered lawful money in the United States.
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Treasury but rather by a private bank, the Federal Reserve, which was created by an act of Congress in 1913. Treasury, and are considered “lawful money” in the United States.įederal Reserve Notes (FRNs) are issued by the Board of Governors of the Federal Reserve System and are “lawful money”. THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATEįederal Reserve notes are issued by the Board of Governors of the Federal Reserve, not the U.S. Sign Up For Updates Here! Federal Reserve Notes Here are descriptions of the bills in circulation circa 1963. Today dimes and quarters are made of copper and nickel and half dollar coins are no longer minted for circulation. The dimes, quarters and half dollar coins in circulation were made of 90% silver.
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Today, there are only Federal Reserve Notes. In the early 1960’s there were three types of paper currency circulating in the United States: Federal Reserve Notes, Silver Certificates and Legal Tender Notes. Indeed, JFK favored and worked for the de-monetiation of silver and the replacement of Silver Certificates with Federal Reserve Notes during his administration. As we review the types of paper currency circulating in the United States, you’ll see that point of view is nothing more than a projection of heroic status onto an act that JFK never intended. Kennedy issued Legal Tender Notes and Silver Certificates as a challenge to the Federal Reserve System. There is a oft repeated Internet myth that John F.
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How to Buy Silver Watch Video on Bitchute Kennedy Excerpts From Annual Message to the Congress: The Economic Report of the President January 21, 1963 “ Except for its use in coins, silver serves no useful monetary function.” – John F. The Federal Reserve has a monopoly on the issuance of currency in the United States – The Federal Reserve Note.įederal Reserve Notes are issued by the Board of Governors of the Federal Reserve System and are backed only by the force of law.ĭid President John Kennedy Challenge the Federal Reserve System By Issuing Silver Certificates and United States Notes?