According to Roy <
montanawolf@outlook.com>:
On 5/12/2023 3:36 PM, John Levine wrote:
Other than the greenbacks during the Civil War the US government
issued almost no paper money unti the Federal Reserve was created in
1913.
The US issued gold certificates from 1865 to 1933. Silver certificates
were issued from 1865 to 1964
A little arithmetic reveals that 1865 was over 75 years and two major
wars after the Constitution was written. What does that have to do
with regulating the value of foreign coins in the 1700s? The US after
the Civil War was quite a long way from the nascent US of 1787, with
one of the differences being a much larger economy so the foreign
coins had become irrelevant, as they are now.
In the 1800s the smallest gold certificate was $20, worth about $500
today, so they were only used for large commercial transactions. Most
paper money was banknotes, issued by banks with national charters and
backed by US treasury bonds.
https://en.wikipedia.org/wiki/Silver_certificate_(United_States)
There are still silver certificates in circulation.
Not really. The numismatic value is much higher than face value so
theyre all in collections. The last series was 1953, where a $5 note
is worth about $12 to a collector. I think I have a couple of old $2
silver certificates somewhere. Wikipedia says they're only worth face
value but in this case, it's wrong. I haven't seen a silver
certificate in a very long time, and I'm old enough to know what they
look like.
https://en.wikipedia.org/wiki/Gold_certificate_(United_States)
"As of December 2013 the Federal Reserve reported holding $11.037
billion (face value) of these certificates."
They're in a vault at the Fed, not circulating. I don't understand
what your point is.
--
Regards,
John Levine,
johnl@taugh.com, Primary Perpetrator of "The Internet for Dummies",
Please consider the environment before reading this e-mail.
https://jl.ly
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