A hundred dollar bill is worth less than $4 today!Submitted by GCN3030 on Fri, 10/28/2011 - 00:05
What are dollars? What are Federal Reserve Notes? Why do we call them "dollar bills". Where did the term dollar come from, and what is its legal meaning considering that it appears in the seventh amendment of the constitution?
To make a long story short a dollar is a silver coin containing a specific weight of pure silver, roughly 0.773 troy ounces. A note is a promise to pay, an IOU, technically speaking a "promissory note". The term "bills" comes from the term bills of credit, which is another fancy way of saying IOU's. The constitution makes it clear that "No state shall Emit Bills of Credit or make any thing but Gold and Silver coin a made a tender in payment of debts". The Federal government has no business making legal tender laws under the constitution only the states have that right, but even they are limited in their Tender making powers to gold and silver coin.
Please see my blog, view the videos, and read the articles to learn more in depth about this topic. http://whatisadollar.blogspot.com/