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The King's Bench Letter |
The King's Bench Legal AnalysisLegal Analysis >> Federal Reserve Notes According to the 12 USC 411, Federal Reserve Notes may be exchanged for lawful money, meaning that the notes themselves are not lawful money. United States Notes (USNs) are indeed, under emergency circumstances (beginning in 1861) a form a lawful money.
Federal reserve notes, to be issued at the discretion of the Board of
Governors of the Federal Reserve System for the purpose of making advances
to Federal reserve banks through the Federal reserve agents as hereinafter
set forth and for no other purpose, are authorized. The said notes shall be
obligations of the United States and shall be receivable by all national and
member banks and Federal reserve banks and for all taxes, customs, and other
public dues. They shall be redeemed in lawful money on demand at the Treasury
Department of the United States, in the city of Washington, District of
Columbia, or at any Federal Reserve bank.
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