What is a Dollar?
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The document discusses the history and definition of the US dollar. It explains that the US Constitution gives Congress the power to coin money and regulate its value. The Coinage Act of 1792 established the US Mint and defined coins of gold, silver, and copper, including dollars. The Federal Reserve Act of 1913 established the Federal Reserve System and granted it authority to issue Federal Reserve notes as legal tender to be redeemed for lawful money. However, the dollar is technically a note or debt obligation rather than an actual coin backed by precious metals.
What is a Dollar?
- 1. What is a Dollar?
- 2. The Background US Constitution Coinage Act 1792 & 1964 Federal Reserve Act
- 3. Federal 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.
- 4. USC Title 12 Chapter 3 Sub Chapter 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
- 5. Federal Reserve Note (One Dollar?)
- 6. Key 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.
- 7. US Constitution Article 1 Section 8 To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures
- 8. Coinage 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
- 9. Key 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
- 10. Which do you want to have?
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