3 ms·
The US dollar was at one point backed by a gold and silver standard, meaning that you could always go redeem the cash for a specific amount of the metal. After
by gen3 7y ago
The US dollar was at one point backed by a gold and silver standard, meaning that you could always go redeem the cash for a specific amount of the metal. After the Great Depression the US moved away from the standard, backing the money with the faith in the US government.
This is why each note has “Backed by the full faith and credit of the United States” printed on it.
https://en.m.wikipedia.org/wiki/History_of_the_United_States_dollar https://en.m.wikipedia.org/wiki/History_of_the_United_States...
https://www.reference.com/business-finance/backs-up-currency-united-states-today-17abf1ea677c41d5 https://www.reference.com/business-finance/backs-up-currency...
- TheSoftwareGuy 7y ago>This is why each note has “Backed by the full faith and credit of the United States” printed on it. No they don't. I just checked three different bills in my pocket (a $1, a $10 and a $100) and none of them say this. They say "This note is legal tender for all debts public and private" but there is absolutely no reference to "the full faith and credit of the united states"