What is a Dollar?What is a Dollar?

The BackgroundThe Background

US Constitution

Coinage Act 1792 & 1964

Federal Reserve Act

Federal Reserve ActFederal Reserve Act● USC Title 12 Chapter 3● Enacted December 23, 1913● Establishes The Federal Reserve System as

the central banking system for the United States.

● Granted authority to issue Federal Reserve Notes as Legal Tender.

USC Title 12 Chapter 3 Sub USC Title 12 Chapter 3 Sub Chapter XII Section 411Chapter XII Section 411

●Federal reserve notes...shall be obligations of the United States...shall be redeemed in lawful money

on demand at the Treasury Department of the United States

Federal Reserve Note (One Federal Reserve Note (One Dollar?)Dollar?)

Key Words to DefineKey Words to Define● Note: a writing acknowledging a debt and

promising payment.● Legal Tender: money that is lawfully accepted

for payment of a debt or obligation...All legal tender is money but not all money is legal tender.

● Redemption: to purchase back; to regain possession by payment of a stipulated price.

● Lawful Money:...???? “see President Richard Nixon 1971.”

US Constitution Article 1 Section 8US Constitution Article 1 Section 8

To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and

measures

Coinage Act of 1792Coinage Act of 1792● Section 1: Establishes the US Mint regulating

the coins of The United States● Section 9: Sets that coins be minted of Gold,

Silver, and Copper.● Section 9: Establishes the denominations and

values for these coins as Eagles, Half Eagles, Quarter Eagles, and Dollars and Cents

● Section 20: Money of Account for the United States to be expressed in Dollars

Key Words to DefineKey Words to Define● MONEY: Gold, silver, and some other less

precious metals...● DOLLAR: money. A silver coin of the United

States of the value of one hundred cents, or tenth part of an eagle.

● EAGLE, money. A gold coin of the United States, of the value of ten dollars

Source: Bouvier's Law Dictionary 6th Edition 1856

Which do you want to have?Which do you want to have?

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