National Bank to Federal Reserve

Did you know that for most of our country’s early history, gold was used to represent money? In fact, you could go to a bank and trade in your paper money for gold!
To see some paper money that you could exchange for gold certificates, compare them to today's paper money and investigate the following questions.

• Can you redeem (trade) the gold certificates for gold?
• Can you redeem today's paper money for gold?
• Who issued the gold certificates?
• Who issues today's paper money?
• What do you think the words THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE on today's paper money mean?

Go to the following link to answer today's questions:    The Gold Standard

Finished with the assignment?  Play the Fed Chairman Game

Lessons on money and banking:  Hands on Banking