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FEDERAL RESERVE NOTE

THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE

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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
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Federal Reserve Notes are not dollars

Russell L. Munk

Assistant General Counsel of the Treasury

February 18, 1977image
What is a dollar?

It’s just something artificial we throw out there

What you’re doing is you’re fooling people into thinking they have purchasing power, when in fact they do not

Denis Karnofsky

Chief Economic Officer

St. Louis, Missouri

St. Louis Federal Reserve Bank

June 10, 1978image
“The term ‘dollars’ likewise is incorrect, which, according to constitutional definition, are monetary units, used in exchange, backed by gold and silver

Our present day fiat issues are supported by more printed paper of the same; therefore, they are correctly termed Federal Reserve Notes (FRN), not dollars

Robert P. Vichas

Handbook of Financial Mathematics, Formulas, and Tables

(1979)
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Ballentines Law Dictionary

3rd Edition:

Dollar

The legal currency of the United States;

State v. Downs

148 Ind 324, 327

the unit of money consisting of one hundred cents

The aggregate of specific coins which add up to one dollar

36 Am J 1st Money
8

In the absence of qualifying words, it cannot mean promissory notes, bonds, or other evidences of debt

36 AM J 1st Money
8
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