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Text from a US Silver Certificate...from when US money was actually backed by something of value, and not just the governments word.
MoreAt one time the price of silver was fixed by the government. Paper "silver certificates" were printed in amounts up to the value of the total amount of silver held on deposit in the Treasury. It also meant that each silver certificate could be redeemed for a specific amount of silver metal because the two were linked in value.When industrial demand for silver increased in the early 1960s the government was forced to deregulate its price. That meant that each silver certificate could no longer be tied to a fixed amount of silver. Printing was suspended by 1965 and redemption for silver metal ended shortly after that.
There has been considerable debate over that decision but it belongs in threads related to politics and economics rather than US Banknotes.
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Which cheque works just like a currency note?
Currency notes are promissory notes payable to the bearer on demand.section 31 of RBI ACT provides that no one other than RBI or Central Govt. Can issue a promissory note or bill of exchange payable to bearer on demand...hence no cheque works just as a currency note.
What are the requisites of negotiable promissory note?
1. it must be in writing signed by the maker. 2. it must contain an unconditional promise to pay a certain sum in money. 3. it must be payable on demand, or at fixed or determinable period of time. 4. must be payable to order or bearer.
What is a bank of issue?
A bank of issue is a bank which issues its own notes payable to the bearer.
Will Pay To The bearer on demand when did this stop on bills?
1963
Which function is not provided by financial institutions?
Accepting deposits payable on demand.
