06-01-2016, 12:31 PM
[Kinser] If one has a silver certificate for 10 dollars then yes you can go to the bank and get 10 dollars worth of silver. Pretty simple really.
[Mike] Um no, you could not go to your local bank, “the silver certificates could only be redeemed in person at the New York or San Francisco Assay Offices”.
Individual citizens redemption of currency for specie was not a major route through which the gold standard worked. Most of the action was by institutions and occurred at the Federal Reserve level.
[Mike] Um no, you could not go to your local bank, “the silver certificates could only be redeemed in person at the New York or San Francisco Assay Offices”.
Individual citizens redemption of currency for specie was not a major route through which the gold standard worked. Most of the action was by institutions and occurred at the Federal Reserve level.