Kennedy billsSubmitted by celeste on Sat, 04/05/2008 - 16:26
On June 4, 1963, John F. Kennedy signed a virtually unknown Presidential decree, Executive Order 11110, a mere four months before his assassination on November 22, 1963. This decree returned to the U.S. Federal government the Constitutional right to create and "to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury."
As a result, US$4,292,893,815 of new "Kennedy Bills" were created through the U.S. Treasury instead of the Federal Reserve System. In 1964, Kennedy's successor, Lyndon B. Johnson, stated that, "Silver has become too valuable to be used as money." The Kennedy bills were removed from circulation.
It is amazing to see paper money that says United States note at the top and not the Federal Reserve. It gave me chills to think I had something in my hand that a President may have died for.