Comment: US notes in the form of FRNs

(See in situ)


US notes in the form of FRNs

Since early 1971 the Fed has "circulated" its US notes within the walls of the Fed Banks to preserve them from getting tattered by handling:

http://www.treasury.gov/resource-center/faqs/currency/pages/...

Read the last paragraph:

United States notes serve no function that is not already adequately served by Federal Reserve notes. As a result, the Treasury Department stopped issuing United States notes, and none have been placed into circulation since January 21, 1971.

If you find this interesting then quit patrolling behind the bank teller window. Just focus on your own affairs which is to make your demand known. Make a copy of each paycheck with your stamp. It has gotten so that you need not sign at all:

http://img843.imageshack.us/img843/5191/nonendorsementsignat...

Recently I tried a new way to "sign" the back of checks. Previously I had been using the stamp that says "Redeemed for Lawful Money pursuant to 12 USC 411 by True Name dba LEGAL M NAME. I always wrote the True Name in by hand. One time I had forgot to write in the true name signature and the teller insisted that I needed to "sign". A few weeks ago I switched to "Deposited for credit on account or exchanged for Lawful Money of equal face value", written by hand, but no name signed at all. The second time I did this the teller asked me if I had signed the back and I nodded my head affirmatively. She turned the check over and read the back. She said "you need to sign it" but didn't hand the check back. Instead she read the verbiage one more time and then said: "Oh, OK, that works". Incidentally, I was not depositing any part of the $100.00 check, but simply asked for 5 $20s, which she handed me cheerfully (our tellers are always cheerful and greet long-time customers by their first name).

http://img31.imageshack.us/img31/1062/nonendorsementdirect.jpg

Here is what the stamp looks like:

http://img715.imageshack.us/img715/9559/redeemed100s.jpg

Make your demand. That is all the law speaks of.