My opinion. Correction is requested. Okay, stay with me here, it's a little long.
Since many of us are stamping variably worded demands or directives on the backs of checks, I suggest that the precise wording might be considered since a precise outcome is desired.
For example: At 12 USC CHAPTER 3 SUBCHAPTER I Sect. 411 (addended below) We read that Federal reserve notes (a misnomer, since on the notes they are found named only as "FEDERAL RESERVE NOTES" and I will now refer to them as FRNs for the balance of this writing) may be redeemed for lawful money.
Now I ask. . . . where do we read that a check may be redeemed for lawful money ? I have not seen legislation which indicates that checks may be redeemed for lawful money. Neither have I seen a check denominated in FRNs as the unit to be used to satisfy the "Pay" directive.
I also do not have evidence that a check is equivalent to or exchangeable for FRNs. Even so, they are regularly "cashed" for lawful money (FRNs) but not cashed for redeemed lawful money.
Most of the checks I receive use the dollar sign preceding the space where the drawer writes in the numbers for the amount of the draft. So, one might then believe a check to be exchangeable for "dollars", or actually requiring "dollars" to be paid out upon presentment of the check. Not long ago, checks indicated the word "dollars" as the unit to be paid, but I don't see much of that any more. Some checks have neither and only have the words "CHECK AMOUNT" or "AMOUNT" present above a numeric entry which also does not include a dollar sign.
The concept of the constitutional "dollar" is repugnant to a healthy Federal Reserve banking system and the credit/debt mongers and so, the word "dollars" is scorned and disappeared. I also have never seen a check "paid" or "cashed" for "dollars".
I am too young to have withessed any check paid out in silver dollars.
I have only seen checks processed for credit (aka"deposit") as a bookkeeping entry of numbers or exchanged for FRN's. I have never seen a check "Paid", since payment would be by way of tendering wealth money (U.S. Notes, gold, silver, commodity money).
It is when one hands a check to the teller that the that a negotiation is made next. If not deposited for credit, the teller tenders FRNs. Since the draft is not limited by the words "Pay to" (as a non-negotiable sight draft) the teller is not bound to pay out the substance indicated (not bound to pay "dollars") and the check functions as an instrument for the discharge (transfer) of debt. Were the check written "Pay to", the teller would be bound to pay out the substance indicated, that being "dollars". However, since banks do not deal in "dollars" they also do not produce "Pay to" checks for use within their system. The checks are written otherwise as follows: "Pay to the order of". It is the open and negitiable nature of the phrase "to the order of" which leaves the descretion to the payee as to what constitutes satisfaction of the draft, it not thereby limited to "dollars". So, the teller, operating under the bank's order, offers FRNs to the presenter (the payee or third party payee) as an alternative and because the bank is not bound to pay out "dollars". The payee accepts the FRNs, in lieu of "dollars" because nothing else is available, or so he thinks. You and I know that redeemed lawful money is available as a release of FRNs against a qualified endorsement negotiated check.
The question is, how do we properly memorialize the occurrence of the negotiation as having been made for redeemed lawful money rather than lawful money (FRNs in bondage) ?
If one provides an unqualified endorsement (one w/o a stamp or demand), hasn't he has accepted all of the conditions adherent to the processing of that check?
Those conditions are precisely what we prefer to be severed from by seeking to obtain "redeemed lawful money" (not just "lawful money", since the FEDERAL RESERVE NOTE is also considered to be "lawful money") in exchange for the check presented.
So, might the endorsement qualifying statement more precisely address the result sought if worded thus:
"Exchanged for redeemed lawful
money in the amount of $______
or deposited for credit on account
in same money amount herein stated" You fill in the amount to match the amount for which the check is drawn.
The qualifying statement, above, provides a clear indication of how the check is to be negotiated, not in "lawful money", but in "redeemed lawful money".
It also presents the words in the case (upper/lower) as is found in the legislation, it reiterates the dollar sign and the amount.
It also indicates that the deposit is to be in "redeemed lawful money", though I doubt such a function is possible in today's "banks".
I suppose it could be streamlined to: Exchanged for redeemed lawful money
or deposited for credit on account in
same money herein stated"
I feel that the stamp which indicates: Redeemed in Lawful Money
Pursuant to 12 USC § 411
http://uscode.house.gov/download/pls/12C3.txt is a beauty. However, it might be most appropriate for stamping the redeemed FRNs and not for use as an endorsement qualifier unless one can show that a check can be redeemed for lawful money.
Here is the legislation:
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.