Call them ‘Federal Reserves’ because they have not been dollars since August 15, 1970

We need to stop referring to Federal Reserve notes as ‘dollars’. A dollar was a one-ounce gold coin. But since August 15, 1970, Federal Reserve stopped redeeming their notes for one-ounce gold coins. So it only makes sense to stop referring to them as dollars. Federal Reserve notes, on that day, became tokens or symbols.

From Brave AI: “When did Nixon close the gold window? On August 15, 1971, President Richard Nixon announced that the United States would no longer honor its promise to redeem dollars for gold at a fixed rate of $35 per ounce. This event is commonly referred to as the “closing of the gold window.”

Consider if we all wore the basic winter coats and we all checked our coats and received coat-check tickets. Then we started to trade these tickets as currency. But then someone steals all the coats. Should we still refer to them as coat-check tickets? Or are they just tokens? Federal Reserve used to issue certificates, and then notes, that we redeemable in gold or silver. Now, they are not redeemable. Hence, they can only be considered or called tokens.

I actually suggest calling them ‘Federal-Reserves’ or maybe ‘FRs‘.

These past few weeks I was calling them ‘tokens’ or ‘Federal Reserve tokens’. It’s more specific and quicker to just say one silver ounce is priced at 30 Federal Reserves (see price). Similar to how one might have said the “Spanish Real”

From Brave AI: “What was a Spanish real? The Spanish real was a unit of currency in Spain for several centuries after the mid-14th century. It was originally worth 3 maravedis, the Spanish currency since Alfonso VI. The real underwent several changes in value relative to other units throughout its lifetime until it was replaced by the peseta in 1868. The most common denomination for the currency was the silver eight-real Spanish dollar (Real de a 8) or peso, which was used throughout Europe, America, and Asia during the height of the Spanish Empire. The real was also used as a reference currency for world trade, and the English in the American colonies called it the Spanish dollar, eventually adopting it as their own.”

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