>Purchasing Power
Federal Reserve notes are not redeemable in gold, silver, or any other commodity. Federal Reserve notes have not been redeemable in gold since January 30, 1934, when the Congress amended Section 16 of the Federal Reserve Act to read: "The said [Federal Reserve] notes shall be obligations of the United States
When did the silver certificate end? 1964
A silver certificate is a type of legal tender in the form of paper currency that was issued by the U.S. government beginning in 1878. These certificates were eventually phased out in 1964 and today can be redeemed for their face value in cash only, rather than in actual silver.
In the United States, the gold standard (Indexing of Federal Reserve notes to a gold exchange rate) was abandoned by Richard Nixon in 1971, whereas the silver standard officially came to an end when China and Hong Kong abandoned it in 1935.