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L893
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Why Are Dollar Bills Worth Anything? - Frank Shostak -

“Dollars,” which are not dollars as the term is used in the Constitution, are accepted for two reasons:

1. One can use them to pay federal taxes. In other words, they are de facto circulating tax anticipation coupons. While it is true that one can also use a U.S. Gold Eagle, some of which have a stated dollar value of $50, to pay taxes, that would be ridiculous.

2. Legal tender laws provide that the paper dollars are acceptable for all debts public and private. Thus, in a legal proceeding, the award, unless the controversy provides for specific performance, e.g., with a gold clause, will be in the legal tender.

Thus, it is not necessary that the dollar, or the euro or any of the other make-believe money incarnations, have a historical precedent.

Larry Parks

Commented 2681 days ago

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Beginning of the headline :Why are the dollar bills in people's pockets worth anything? According to some experts, the dollar bills carry value because the government in power says so. Other experts are of the view it is because people are willing to accept it as payment.To say that the value of money is on account of the government or on account of social convention is to say very little. In fact, what experts are saying is that money has value because it is accepted, and why is it accepted? … Because it is accepted!The... Read More

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