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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
2.9 The paper currency of the United States is technically called “Federal Reserve Notes.” The following excerpt is from the Federal Reserve Act: “Federal Reserve Notes … 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.” If you took a $20 bill to the Treasury Department or a Federal Reserve Bank, with what type of “lawful money” is the government likely to redeem it?
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