Comment: Not exactly, this is how I read it.

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Not exactly, this is how I read it.

Congress is given the power to coin Money.

Article 1 section 8.5
To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

Article 1 section 10
No State shall make any Thing but gold and silver Coin a Tender in Payment of Debts.

Only US Congress can mint Coins that the States must use to pay their debts to the US Treasury or the people.

A Dollar was defined as a branded and fixed weight of Silver, 371 4/16 grains by the Coinage Act of 1792. Counterfeiting involved copying the Congressional Brand. Congress regulated of foreign Coin also by determining the weight of silver or gold of those coins. The Panda or the Silver Real for example.

No states or State chartered banks may issues Bills of credit, they must have a weight gold and silver on hand and redeemable on demand for any bills created. Fractional Reserves are explicitly forbidden to the States.

Nordhaus infringed on the Congressional brand. Had he simply minted a weight of silver he wouldn't be a counterfeiter and could have established his own brand reputation and loyalty.

The States are to pay their debts to Treasury and to the people in Gold and Silver Congressional Coin or regulated (made regular) foreign Coin including Nordhaus Coins not Congressionally branded.

Are other Federal claims in the Nordhaus case are without justification except that Nordhaus Coins are not legal Tender for State debts.

Had Nordhaus minted unbranded Coins they would be as valid as cigarettes were in prison camps. There are no Constitutional or legal restriction on what you and I can contract for trade.

The Constitution establishes rules for Governments, not for people or citizens.

Free includes debt-free!