Why do older US dollars say "this note is legal tender for all debts, puiblic and private, and is redeemable in lawful money at the US treasury or at any federal reserve bank?"?
I have a $5 bill from 1950. Instead of saying the usual “this note is legal tender for all debts, public and private,” it contains extra text. What does it mean by “redeemable in lawful money?”
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