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| From reddit Pics |
Once when money was backed by precious metals.
“Good money [supposedly] drives bad money out of circulation.” Gresham’s Law
But all too often the opposite turns out to be the case.
My grandfather once collected Silver Certificates expecting to be able to turn them in for silver dollars ... until Lyndon B. Johnson reneged on this federal government commitment in 1968. After that you could only exchange a (bad) Federal Reserve note for a (once good) Silver Certificate. Gold Certificates were previously eliminated when we went off the gold standard in 1933 under FDR. Alas!
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