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The right to issue legal tender was given to the Federal government by the Constitution.  For many decades banks issued paper currency supposedly based on their gold reserves.  People had to accept the first at face value, didn't have to accept the second at face value or at all.

A potted history


She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre

by ATinNM on Tue Dec 11th, 2018 at 05:41:00 PM EST
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