Devaluation of the Words on the Dollar Bill
The 1929 series of Federal Reserve notes said:
"Redeemable in gold on demand at the United States Treasury, or in gold or lawful money at any Federal Reserve Bank." This was just like the Silver Certificate, which was guaranteed by a dollar in silver that was on deposit.
The 1934 series of notes said:
"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."
The 1950 series:
Kept the same wording, but reduced it to three lines, and reduced the size of the type.
The 1953 series:
The wording was totally removed, although the bottom portion contained a promise to "pay the bearer on demand."
The 1963 series:
Even this wording was removed, and the dollar became nothing more than worthless pieces of paper because they no longer met the legal requirements of a note, which must list an issuing bank, and amount payable, a payee or "bearer," and a time for payment or "on demand."
After March, 1964, silver certificates were no longer convertible to silver dollars; and in March, 1968, near the conclusion of the Johnson Administration, silver backing of the dollar was removed.
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