The United States Note with the RED seal, was another step in creating the Modern Federal Reserve Notes. Unlike the blue seal Silver Certificates, which were backed by silver coin, the United States Notes were backed only by the credit of the United States Government.
The first "United States Note" was issued in 1862. Since most transactions still took place with physical gold or silver, it was hit or miss if your local grocer or butcher or blacksmith would accept it. This is because it was "legal tender at its face value". Meaning while the note states that it is redeemable "on demand" for $5.00, it was also claiming to be $5.00.
That's Fiat currency in a nutshell. Double-speak. They are saying two contradictory statements: "We will pay to the bearer FIVE DOLLARS on demand." and "This note is legal tender at FIVE DOLLARS"
So you could go the the US treasury and bearing this note you may demand $5.00. They can legally hand the same note back to you saying "Here's your $5.00" since this note is "Legal Tender at its face value." It is Five Dollars.
What a joke! No mention of silver or gold. No mention of anything but a promise. This note is legal tender at its face value. Trust us.
The red seal "United States Notes" are the first US fiat based currency - even before the earliest Federal Reserve Notes.
Even though it's printed "Series of 1928" most of these were printed in the 1950's
Technically, these notes are still spendable at face value. While extremely unlikely, it is not impossible to find one of these circulating. But with it's bright red seal, these are removed pretty quickly. A note of this condition would attract a very nice premium.
This design was the beginning of our modern money design. They shrunk the size to better fit in a wallet, they became more utilitarian with a clear denomination.
Missing is the phrase "In God We Trust", which was added later over the Lincoln Memorial building.
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Teach Your Children Liberty from Sin
We encourage parents to teach their children principles of Godliness, beginning with the Word and an understanding who God is and what His Son has done to form a relationship with us.
No one can lay a foundation other than the one already laid, which is Jesus Christ. If anyone builds on this foundation using gold, silver, precious stones, wood, hay, or straw, his workmanship will be evident, because the Day will bring it to light. It will be revealed with fire, and the fire will prove the quality of each man’s work. 1 Corinthians 3:11-13
Teach Your children Liberty from Tyranny
Second to this is the principle of self-determination and freedom, lest we loose the ability to teach our children the first principle in future generations.
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