Comment: nice mental model

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In reply to comment: OK, I think I get this (see in situ)

nice mental model

Many mental models function as remedy is between your ears.

I have always enjoyed the next extension of your mental model. FRNs are insurance policies awaiting a claim in bottomry. We float them around (circulation). When somebody redeems them that is making the claim for FRNs in lawful money, which by all right should be in metals. Congress, in order to justify re-enacting Title 31 into positive law pegged US notes to FRNs in value by bundling United States notes into a bigger category of lawful monies called United States currency notes. Look at the notes of Title 31 USC §5115.