Notes payable in gold coin of the present standard of weight and fineness, if demanded, in the same manner as GOLD BONDS.
The Joint Resolution of Congress of June 5, 1933, which was upheld by the U.S. Supreme Court in the GOLD CLAUSE CASES, declared it to be against public policy for any obligation to give the obligee the right to require payment in gold or a particular kind of coin or currency. All obligations were thereby made dischargeable by payment in legal tender, which this Joint Resolution and the Emergency Banking Act of 1933 provided should be "all coins and currencies of the United States."
Public Law 89-81 (the Coinage Act of 1965), approved July 23, 1965, repealed the provisions of law formerly contained in Section 43(b)(1) of the Act of May 12, 1933 as amended (31 U.S.C. 462), popularly known as the AAA Farm Relief and Inflation Act, with respect to the legal tender status of coins and currencies of the U.S., including Federal Reserve notes, but added a new provision of law to the same effect, codified in 31 U.S.C. 392.
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