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United States Currency in 1923
In a lot of ways these pieces of United States currency from 1923 look a lot like today's currency. Though, the back of the bills seems much less ornate, and the bills themselves are much larger.
Even more interesting... Look at how they say "Payable to the bearer on demand" - meaning they can be exchanged for their equivalent in gold at any time. Now, the notes say "Federal Reserve Note" - meaning the note is no longer exchangeable for gold, but rather represents a debt owed to the Federal Reserve for "creating" that piece of fiat currency for you to "spend".
Even more interesting... Look at how they say "Payable to the bearer on demand" - meaning they can be exchanged for their equivalent in gold at any time. Now, the notes say "Federal Reserve Note" - meaning the note is no longer exchangeable for gold, but rather represents a debt owed to the Federal Reserve for "creating" that piece of fiat currency for you to "spend".
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