The document discusses the history and definition of the US dollar. It explains that the US Constitution gives Congress the power to coin money and regulate its value. The Coinage Act of 1792 established the US Mint and defined coins of gold, silver, and copper, including dollars. The Federal Reserve Act of 1913 established the Federal Reserve System and granted it authority to issue Federal Reserve notes as legal tender to be redeemed for lawful money. However, the dollar is technically a note or debt obligation rather than an actual coin backed by precious metals.

1. What is a Dollar?

2. The Background
US Constitution
Coinage Act 1792 & 1964
Federal Reserve Act

3. Federal Reserve Act
● USC Title 12 Chapter 3
● Enacted December 23, 1913
● Establishes The Federal Reserve System as
the central banking system for the United
States.
● Granted authority to issue Federal Reserve
Notes as Legal Tender.

4. USC Title 12 Chapter 3 Sub
Chapter XII Section 411
●Federal reserve notes...shall be obligations of the
United States...shall be redeemed in lawful money
on demand at the Treasury Department of the
United States

5. Federal Reserve Note (One
Dollar?)

6. Key Words to Define
● Note: a writing acknowledging a debt and
promising payment.
● Legal Tender: money that is lawfully accepted
for payment of a debt or obligation...All legal
tender is money but not all money is legal
tender.
● Redemption: to purchase back; to regain
possession by payment of a stipulated price.
● Lawful Money:...???? “see President Richard
Nixon 1971.”

7. US Constitution Article 1 Section 8
To coin money, regulate the value thereof, and of
foreign coin, and fix the standard of weights and
measures

8. Coinage Act of 1792
● Section 1: Establishes the US Mint regulating
the coins of The United States
● Section 9: Sets that coins be minted of Gold,
Silver, and Copper.
● Section 9: Establishes the denominations and
values for these coins as Eagles, Half Eagles,
Quarter Eagles, and Dollars and Cents
● Section 20: Money of Account for the United
States to be expressed in Dollars

9. Key Words to Define
● MONEY: Gold, silver, and some other less
precious metals...
● DOLLAR: money. A silver coin of the United
States of the value of one hundred cents, or
tenth part of an eagle.
● EAGLE, money. A gold coin of the United
States, of the value of ten dollars
Source: Bouvier's Law Dictionary 6th Edition 1856

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