I have already shown the bottom paragraph of the Treasury Faqs page:
Your question is a basic foundation to understand redemption of lawful money and in general what I am calling the redemption model as in Jesus CHRIST of the Bible. Because of the discrepancy of US notes in value, from FRNs Congress had a drama, a dilemma and could not produce Title 31 as Positive Law until it reconciled the face value of these two currencies:
This is real slick - the Congress changed US notes to United States currency notes:
Look at the Notes:
In the section, the words “United States currency notes” are substituted for “United States notes” for clarity and consistency in the revised title.
In subsection (a), the first sentence is added for clarity and because of the restatement. The words “shall not bear interest” are omitted because of the source provisions restated in section 5118 of the revised title.
Those changes are obfuscation of the nature of US notes and the fundamental difference that US notes cannot be used for a reserve currency!
In subsection (b), before clause (1), the words “in circulation” are substituted for “to be used as a part of the circulation medium” to eliminate unnecessary words. In clause (1), the words “the sum of” are omitted as surplus.
The US notes are still in circulation among Fed banks. That is to say that they are being preserved from getting tattered up so that the Treasury has to tool up and print more to replace them.
The US notes were not changed in name so much as bundled into a larger catagory of currencies called US currency notes. If you are into this look at the surrounding statutes to get the full picture. Browse through §§5114-5119.
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