Thank you for the clarification.Originally Posted by lorne
You are mistaken. The pictured bills are not "FRN debt notes" but U.S. notes - lawful money - as I redeemed my pay into them by making a demand for lawful money. The red ink stamp serves as a marker & reminder of that event. Both United States Notes and Federal Reserve Notes are parts of our national currency and both are legal tender. United States notes serve no function that is not already adequately served by Federal Reserve notes. As a result, the Treasury Department stopped issuing United States notes, and none have been placed into circulation since January 21, 1971.
By law, Federal Reserve Notes are redeemable in lawful money. Therefore United States notes still exist and the FRN is dual capacity; it can function as a US note.
As those U.S. notes are not the privileged currency (private credit of the FED), the US Treasury does not have claim nor first lien on anything you purchase with them; including bitcoin.
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