1928 Federal Reserve Note Collection - “GOLD ON DEMAND”

Gold Demand Notes

1928 paper currency was unique because they were the last bank notes redeemable in gold.  They read “Redeemable In Gold On Demand At The United States Treasury, Or In Gold Or Lawful Money At Any Federal Reserve Bank.”  Federal Reserve notes have not been redeemable in gold since January 30, 1934. In addition, no 1928 notes ever have had the motto “In God We Trust” on them.

.In 1933, President Franklin D. Roosevelt signed an Executive Order forbidding the private ownership or hoarding of gold coin, gold bullion, and gold certificates within the continental United States and recalling all gold coins then in circulation.   By 1934, all gold and gold certificates had to be surrendered to United States Department of the Treasury.  Thereafter, no legal tender could be exchanged for gold, and it was illegal to own most gold, except for some jewelry and collector's coins.  Believe it or not, this prohibition was not repealed until 1974, when President Ford signed a bill legalizing private ownership of gold coins, bars, and certificates.

In 1934, new Federal Reserve Notes were printed, removing the gold clause and read “This Note Is Legal Tender For All Debts, Public And Private, And Is Redeemable In Lawful Money At The United States Treasury, Or At Any Federal Reserve Bank.”

This set features a collection of Gold Demand Notes that are rare, sought-after pieces of history.