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The phrase is actually "Redeemable in Gold" rather than "Backed by Gold". Federal Reserve notes were and remain so-called Fiat money, i.e. paper currency that represents an obligation of the central banking system that is not dependent on precious metal.
The phrase was removed from Federal Reserve notes starting with the 1934 series, issued the year after Franklin Roosevelt took the US off the gold standard. It had appeared on previous Federal Reserve notes beginning with the first series in 1914. Strictly interpreted, the full phrase limited gold redemption only to those bills presented at the Treasury itself or any of the twelve Federal Reserve banks, places that the average person would rarely visit. The clause "... or lawful money" was never clarified but was interpreted to mean any coin or bill issued by the government, including other Federal Reserve notes.
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Which phrase of the Preamble is addressed when the federal government gives a region federal disaster funds?
"...secure the Blessings of Liberty"
What does the word federal mean when we speak of the federal government?
When used correctly, the word "federal" (as in "federal system") refers to the division of political power between the national government and the state governments. However, people use the word "federal" as a synonym for the word "national." Therefore, when people use the phrase, "Today, the federal government decided...." they are (usually) referring to the national government and not the division of power between the national and state governments. This is an example of a technical term in political science being incorrectly used.
What kind of phrase is during his presidency?
adverb phrase
Is during his presidency an adverb phrase or adjective phrase?
"During his presidency" is an adverbial phrase, because it concerns the time of doing something.Adverb because it states when.It is an adverb phrase, answering the question "when."
Which phrase does not come from the Preamble to the Constitution?
Which phrase does not come from the Preamble to the Constitution?
What is the value of a 1928 US 5 dollar Federal Reserve Note redeemable in gold?
That phrase appeared on all Federal Reserve Notes of the time because the US still issued gold-backed currency, even though FRNs were not gold certificates. Please see the question "What is the value of a 1928 US 5 dollar Federal Reserve Note?" for more information.
What is the value of a 1928 US 20 dollar Federal Reserve Note redeemable in gold?
All 1928 $20 Federal Reserve Notes carried the phrase "Redeemable in Gold", although they weren't gold certificates. There were also gold certificates with that denomination but they have gold seals and lack the words Federal Reserve Note. Please see the question "What is the value of a 1928 US 20 dollar Federal Reserve Note?" for more information.
What is the value of a 100 dollar Federal Reserve Note that says redeemable in gold?
That phrase was on Federal Reserve Notes up till the US went off the gold standard. Please check your bill again and post a new, separate question with its date, and what letter (if any) is next to the date.
What is the meaning of the phrase Regulation D?
Regulation D is a financial term that stands for Reserve Requirements For Depository Institutions. Regulation D is a federal requirement from the Federal Reserve Board that places a limit of six pre-authorized withdrawals or transfers from a savings account or money market account per month.
What is the phrase of corner?
The phrase is "backed into a corner." It means to be in a difficult situation with limited options for escape or resolution.
What phrase is on a 1934 US 100 dollar bill?
1934-series $100 bills had the same boilerplate phrasing that's on all bills of the period:"The United States of America"The bill's type; in this case, "Federal Reserve Note"Its denominationThe phrase "Will pay to the bearer on demand"The phrase "This note is legal tender for all debts, public and private, and is redeemable in lawful money at the United States Treasury or any Federal Reserve Bank"One phrase not found on the bill is the motto "In God We Trust"; that wasn't added to $100 bills until 1963.Note that because the US was no longer on the gold standard in 1934, some of the words such as "pay to the bearer" and "lawful money" were simply holdovers from the days of precious-metal backing. They were effectively circular references and were removed from later bills.
What is the value of a 1928 A US 5 dollar bill redeemable in gold?
All 1928 $5 Federal Reserve Notes carried the phrase "Redeemable in Gold", although they weren't gold certificates and in fact no gold certificates with that denomination were printed. Please see the question "What is the value of a 1928 A US 5 dollar Federal Reserve Note?" for more information.
What is the value of a 1928 US 5 dollar gold certificate issued by the Bank of Cleveland Ohio?
All 1928 $5 Federal Reserve Notes carried the phrase "Redeemable in Gold", but they weren't gold certificates and in fact no gold certificates with that denomination were printed. In addition, the bill was distributed by the Federal Reserve Bank located in Cleveland; it wasn't produced by a bank called the Bank of Cleveland. Please see the question "What is the value of a 1928 US 5 dollar Federal Reserve Note?" for more information.
Is a 1928 Series A federal reserve gold note worth more than the B series?
Even though your bills have the phrase "redeemable in gold" on them they're Federal Reserve Notes rather than gold notes. $10 gold certificates were also printed in the 1928 series but they don't have any series letters. 1928 A $10 FRNs are definitely worth more than 1928 B bills, but the difference depends on the issuing Federal Reserve Bank letter. Please see the questions "What is the value of a 1928 A US 10 dollar bill?" and " ... 1928 B ... " for more information.
What does liberty mean on a penny?
The phrase Liberty and the symbol of the Eagle were legislatively required. At one point it meant our money was honest and free (gold and silver). Now that we slave to the Federal Reserve, it means you have the freedom to line their pockets. www.coinmine.com
What is the participial of the sentence the mailman backed away from the lunging dog?
The sentence "The mailman backed away from the lunging dog" can be turned into a participial phrase as "Backing away from the lunging dog, the mailman retreated."
What is the restricted method of accounting for condo reserve fund contributions?
This phrase may mean that reserve fund contributions are being deferred while also being considered as assets. Your financial advisor can help you understand how this phrase is being used for your association's accounting.
