Click here to read the entire Affidavit of a former Federal Reserve Attorney.
Lawful Money
Traditionally and legally, Congress defines the phrase “lawful money” for the United States. Lawful money was the form of money of exchange that the federal government (or any state) could be required by statute to receive in payment of taxes or other debts, Traditionally, as defined by Congress, lawful money only included gold, silver, and currency notes redeemable for gold or silver on demand. In banking law context, lawful money was only those forms of money of exchange (the form just mentioned, plus U.S. bonds and notes redeemable for gold) that constituted the reserves of a national bank prior to 1913 (date of creation of the Federal Reserve Banks). See, Lawful Money, Webster’s New International Dictionary (2nd ed. 1950)
Legal Tender
Legal tender, a related concept (to lawful money) but one that is economically inferior to lawful money because it allows payment in instruments that cannot be redeemed for gold or silver on demand, has been the form of money of exchange commonly used in the United States since 1933, when domestic private gold transactions were suspended (until 1974). Basically, legal tender is whatever the government says that it is. The most common form of legal tender is Federal Reserve notes, which by law cannot be redeemed in gold since 1934 or, since 1964, for silver. See, 31 U.S.C. Sections 5103, 5118(b), and 5119(a).
More on Lawful Money and Federal Reserve Notes from Investopedia
Definition of ‘Lawful Money’
Any form of currency issued by the United States Treasury and not the Federal Reserve System, including gold and silver coins, Treasury notes, and Treasury bonds. Lawful money stands in contrast to fiat money, to which the government assigns value although it has no intrinsic value of its own and is not backed by reserves. Fiat money includes legal tender such as paper money, checks, drafts and bank notes.
Also known as “specie”, which means “in actual form.”
Investopedia explains ‘Lawful Money’
Oddly enough, the dollar bills that we carry around in our wallets are not considered lawful money. The notation on the bottom of a U.S. dollar bill reads “Legal Tender for All Debts, Public and Private”, and is issued by the U.S. Federal Reserve, not the U.S. Treasury. Legal tender can be exchanged for an equivalent amount of lawful money, but effects such as inflation can change the value of fiat money. Lawful money is said to be the most direct form of ownership, but for purposes of practicality it has little use in direct transactions between parties anymore.
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And one last bit of information concerning Federal Reserve Notes:
The Third Circuit Court of Appeals ruled the Federal Reserve notes are not money. How about that?
Paper currency, in the form of the Federal Reserve Note, is defined as an “obligation[ ] of the United States” that may be “redeemed in lawful money on demand.” 12 U.S.C. § 411 (2002). These bills are not “money” per se but promissory notes supported by the monetary reserves of the United States.
U.S. v. Thomas 319 F.3d 640, 645 (C.A.3 (Virgin Islands),2003)
So according to the 3rd Circuit Court of Appeals Federal Reserve notes are not intrinsically money?
Definition of PER SE
: by, of, or in itself or oneself or themselves : as such : intrinsically
So what is lawful money?
What is a U.S. dollar?
Are Federal Reserve Notes actually money?
In a surprise move, President Obama signed an executive order rejoining the International Criminal Court, an organization established originally by the United State to enforce international law and punish war criminals.