What is the difference in a United States Note and a Federal Reserve Note?
I ask the above question because I have in my pocket a Federal Reserve Note and a United States Note. The United States Note was placed into circulation while John F. Kennedy was president. Why would he do that if the Federal Reserve Note is not a private cartel of bankers?
- NGC6205Lv 71 decade agoFavorite Answer
From the U.S. Treasury website (see link in sources)
"United States Notes (characterized by a red seal and serial number) were the first national currency, authorized by the Legal Tender Act of 1862 and began circulating during the Civil War. The Treasury Department issued these notes directly into circulation, and they are obligations of the United States Government. The issuance of United States Notes is subject to limitations established by Congress. It established a statutory limitation of $300 million on the amount of United States Notes authorized to be outstanding and in circulation. While this was a significant figure in Civil War days, it is now a very small fraction of the total currency in circulation in the United States.
Both United States Notes and Federal Reserve Notes are parts of our national currency and both are legal tender. They circulate as money in the same way. However, the issuing authority for them comes from different statutes. United States Notes were redeemable in gold until 1933, when the United States abandoned the gold standard. Since then, both currencies have served essentially the same purpose, and have had the same value. Because United States Notes serve no function that is not already adequately served by Federal Reserve Notes, their issuance was discontinued, and none have been placed in to circulation since January 21, 1971.
The Federal Reserve Act of 1913 authorized the production and circulation of Federal Reserve notes. Although the Bureau of Engraving and Printing (BEP) prints these notes, they move into circulation through the Federal Reserve System. They are obligations of both the Federal Reserve System and the United States Government. On Federal Reserve notes, the seals and serial numbers appear in green.
United States notes serve no function that is not already adequately served by Federal Reserve notes. As a result, the Treasury Department stopped issuing United States notes, and none have been placed into circulation since January 21, 1971."
So, in answer to your question, JFK did not place United States Notes into circulation. They were already being used in circulation and had been for more than 100 years. Also, as I pointed out in answer to one of your other questions, the Federal Reserve is NOT a private cartel or OWNED by private individuals.
- ?Lv 43 years ago
i think of the top the fed difficulty grow to be started via some conspiracy theorists. no longer that some or maximum of their accusations are not valid. in fact, they're infrequently incorrect on maximum of their factors. in step with threat somewhat exaggerated. even nonetheless that's the priority with having a prevalent financial company, wherein we have no oversight or say. i've got on no account been on the top the fed bandwagon. i'm even nonetheless, only as passionate because of the fact the subsequent Paul supporter that it desires an entire audit, and the individuals could desire to comprehend what the hell is going on. they have completed some surprisingly terrible issues at the instant, and laughed all a thank you to the financial company while the housing disaster started. And in case you want to look on the disaster, and the devaluation of our greenback, look no extra than the corporate that dictates our financial coverage. And that's no longer like it ends their. in case you purchased an audit, you comprehend how many bread crumb trails you will get? we could do away with 0.5 our distant places help, u . s . development and expenditures in another country funds out of sheer corruption costs. It only is sensible to be against considered one of those difficulty. So, for the sake of usa and conservatism, please quit being considered one of those dick and help us get the ball rolling on looking after this undertaking.