Why do older US dollars say "this note is legal tender for all debts, puiblic and private, and is redeemable in lawful money at the US treasury or at any federal reserve bank?"?

1 Answer

Answer :

I believe at that time we were on the gold standard and the money could be exchanged for the appropriate amount of gold. I’m trying to find a bit more info right now here. When we went off the gold standard, this would no longer have been true.

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