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1923 One Dollar Red Seal...question

 
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United States
39199 Posts
 Posted 09/19/2017  5:22 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
US Notes (Legal Tender notes) with red seals date back to the Currency Act of 1878, which (without a history lesson) stated that an outstanding amount of around $350 million was to be maintained in such notes. They were printed off and on over the next 90 years with their own distinctive seal color to meet the terms of this obscure statute, eventually in much smaller quantities than their Silver Certificate and Federal Reserve Note cousins, until the law was changed following the issuance of the final red seals in the Series 1966A $100 notes.

Hope that helps.
Edited by Coinfrog
09/19/2017 5:24 pm
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 Posted 09/19/2017  6:34 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
Here's an example of the distinctive 1923 $1 red seal note:


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United States
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 Posted 09/19/2017  9:56 pm  Show Profile   Bookmark this reply Add babysitr to your friends list Get a Link to this Reply
There is history knowledge changing hands here! Awesome, please help me understand....National bank notes= backd by bonds deposited in treasury..US Notes= backed by treasury itself...Silver Cert.= backed by physical silver..Gold Notes= backed by physical gold..Federal Reserve Notes= backed by nothing (promise of government)..So part of the Fed. is rapid stimulation of economy,better flow in our banking system, and profits of the banks themselves,as they are not Government owned ?
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United States
641 Posts
 Posted 09/20/2017  2:26 pm  Show Profile   Bookmark this reply Add lettow to your friends list Get a Link to this Reply
US notes = backed by nothing.
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United States
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 Posted 09/20/2017  4:55 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
Well, backed by worldwide faith in our government itself, which in comparison to that of most countries, is quite stable and admired.
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United States
1322 Posts
 Posted 09/20/2017  5:27 pm  Show Profile   Bookmark this reply Add babysitr to your friends list Get a Link to this Reply
Well said!!and that is a beautiful 1923 Legal Tender
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United States
39199 Posts
 Posted 09/20/2017  5:44 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
Thanks. As long as our paper money is accepted (even preferred often) in most countries around the world, we are in an admirable position, even without bullion conversion privileges. Try spending pesos at your local Wal-mart; dollars are easily converted at Wal-marts in Mexico.
Edited by Coinfrog
09/20/2017 5:46 pm
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