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Comment: but the federal reserve and the treasury do not redeem FRN

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In reply to comment: Think capacity ... (see in situ)

but the federal reserve and the treasury do not redeem FRN

Not sure where you are going with this since we have already established that federal reserve notes are de facto irredeemable, meaning that if you demand redemption at the treasury or a federal reserve branch you will not be getting any gold or silver coin in exchange for your paper notes. There is no way to redeem federal reserve notes at par because that institution is bankrupt and they have no gold or silver coin in their vaults with which to make good on their obligations.