The Changing Face of the US Dollar?
As the US dollar has made its journey from a currency being backed up by a tangible asset to a fiat currency backed up by little more than governmental promises certain phrases have been eliminated that were previously displayed.
(1) The bill no longer contains the phrase "SILVER CERTIFICATE", instead it reads "FEDERAL RESERVE NOTE". A "note", according to The Dictionary of Banking Terms, 4th Ed., by Thomas P. Fitch, is "legal evidence of a debt or obligation". What we think of money today is not an asset as it was during the time when it was backed by something tangible such as gold or silver, instead it is a representation of debt.
(2) At the bottom of the bill the wording "IN SILVER PAYABLE TO THE BEARER ON DEMAND" has been removed.
These Silver Certificates began to disappear from circulation during the 1940s and 1950s because they were immediately shredded once redeemed for silver. This was due to a diminishing store of silver bullion in the treasury vaults. Silver Certificates were officially abolished by Congress on June 4, 1963 and all redemption in silver ceased on June 24, 1968.