A Crisp 1928 US Red Note: Legal Tender at Face Value
The United States Note with the RED seal, was another step in creating the Modern Federal Reserve Notes. Unlike the blue seal Silver Certificates, which were backed by silver coin, the United States Notes were backed only by the credit of the United States Government.
The first "United States Note" was issued in 1862. Since most transactions still took place with physical gold or silver, it was hit or miss if your local grocer or butcher or blacksmith would accept it. This is because it was "legal tender at its face value". Meaning while the note states that it is redeemable "on demand" for $5.00, it was also claiming to be $5.00.
That's Fiat currency in a nutshell. Double-speak. They are saying two contradictory statements: "We will pay to the bearer FIVE DOLLARS on demand." and "This note is legal tender at FIVE DOLLARS"
So you could go the the US treasury and bearing this note you may demand $5.00. They can legally hand the same note back to you saying "Here's your $5.00" since this note is "Legal Tender at its face value." It is Five Dollars.
What a joke! No mention of silver or gold. No mention of anything but a promise. This note is legal tender at its face value. Trust us.
The red seal "United States Notes" are the first US fiat based currency - even before the earliest Federal Reserve Notes.
Even though it's printed "Series of 1928" most of these were printed in the 1950's
Technically, these notes are still spendable at face value. While extremely unlikely, it is not impossible to find one of these circulating. But with it's bright red seal, these are removed pretty quickly. A note of this condition would attract a very nice premium.
This design was the beginning of our modern money design. They shrunk the size to better fit in a wallet, they became more utilitarian with a clear denomination.
Missing is the phrase "In God We Trust", which was added later over the Lincoln Memorial building.
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Wow that's a really nice piece of History you got there!
I agree!
A red note!
I bought lots of $1 blue notes, back by silver. That was as far as I went... just for posterity. But of course there is no silver to back them, hehehe!
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Better to hold the silver, than collect the paper. Although it's interesting from an historical perspective.
Yes, definitely historical!
That looks just like the United States Note that Got J.F. Kennedy killed...
Perhaps. His executive order was never rescinded. Kennedy did not believe silver was useful as a monetary function, other than for coins. Of course all that silver in our change was replaced with copper and dross right after the.... incident.
He wanted to re-issue silver certificates and begin minting silver dollars again. But ironically, it was to ween the US off of silver-backed currency to go 100% fiat. The 1964 silver dollar never came about and the modern green seal FED NOTES became popular soon after.
If the US still had silver in reserve, they could issue silver certificates and silver dollars again... but they won't. The best we get are collector's "commemorative dollars".
We'll have Silver Dollars again, but they'll be Collector Coins that contain 1/10 ounce of Silver... The One Ounce Circulating Silver Coins will have a $10 Face Value...
The fate of Fiat.
I think there is some Collector's value on these old notes depending on condition and rarity.
Yes, these are in demand in some circles.
I don't like the tender kind I like the rough silver and gold one 🤣 !BBH
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I prefer the silver and gold to pieces of paper.
Interesting that you can't use it fer interest on the public debt.
Demand $5 and they give you back the same $5, that's funny!
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Awesome note! I love the red seal! I have one of those around here somewhere. I still wish they would put Liberty back on our money instead former presidents...