From gold to promised note to?

Since the Great Depression, the dollar has been evolved from a promised note redeemable in gold to a promised note for all debts.


This note in 1907 is redeemable in gold


In 1933, during the Great Depression the Roosevelt's administration worried that there was not enough gold in the vault to make payments, so a law was enacted to "lawfully" confiscate gold from the people exchanging them with silver certificates.



A year later, the Gold Reserve Act 1933 was passed giving the government rights to the gold confiscated. In the same year, the value of dollar/gold was increased from $20.67 to $35 dollars/ounce, eradicating 40% value from their gold.


This note in 1934 is redeemable in lawful money

On November 2, 1963 a new set of federal notes were released in circulation no longer redeemable in anything!


This current note, legal tender or must be accepted to pay all debts.