At the time this bank note was issued it was common for banks to print currency until the federal government gave the exclusive right to the bank "Federal Reserve" a bank so named so as to be at least thought to be a part of the government . The U.S. Government has only the right to mint coins . Over time , now , most people think the federal reserve is part of the government and treat it as so . Unfortunately .
Both United States Notes and Federal Reserve Notes have been legal tender since the gold recall of 1933. Both have been used in circulation as money in the same way. However, the issuing authority for them came from different statutes.[22] United States Notes are, depending on their issue, redeemable directly for precious metal – as after the specie resumption of 1879 which authorized federal officials to do so if requested. The difference between a United States Note and a Federal Reserve Note is that a United States Note represented a "bill of credit"[clarification needed] and, since it was issued by the government itself and does not involve either lending or borrowing, was inserted by the Treasury directly into circulation free of interest. https://en.wikipedia.org/wiki/United_States_Note I've got a couple "United States Note" 5 and 2 dollar bills, and they continued to make them until 1960 something. Yes, I'm familiar with the vast number of banks making their own notes, and found that the bank in my hometown where I was born and graduated high school, had the feds make a couple speculation bills in 1898, they are something else! If you want to get a kick out of something, see if YOUR local bank ever made it's own
At the time this bank note was issued it was common for banks to print currency until the federal government gave the exclusive right to the bank "Federal Reserve" a bank so named so as to be at least thought to be a part of the government . The U.S. Government has only the right to mint coins . Over time , now , most people think the federal reserve is part of the government and treat it as so . Unfortunately .
ReplyDeleteBoth United States Notes and Federal Reserve Notes have been legal tender since the gold recall of 1933. Both have been used in circulation as money in the same way. However, the issuing authority for them came from different statutes.[22] United States Notes are, depending on their issue, redeemable directly for precious metal – as after the specie resumption of 1879 which authorized federal officials to do so if requested. The difference between a United States Note and a Federal Reserve Note is that a United States Note represented a "bill of credit"[clarification needed] and, since it was issued by the government itself and does not involve either lending or borrowing, was inserted by the Treasury directly into circulation free of interest.
Deletehttps://en.wikipedia.org/wiki/United_States_Note
I've got a couple "United States Note" 5 and 2 dollar bills, and they continued to make them until 1960 something.
Yes, I'm familiar with the vast number of banks making their own notes, and found that the bank in my hometown where I was born and graduated high school, had the feds make a couple speculation bills in 1898, they are something else!
If you want to get a kick out of something, see if YOUR local bank ever made it's own