> was a promise from the Federal Reserve to pay whoever had that piece of paper to pay them the actual money written on it.
FYI, as written, that statement makes little sense. The term "actual money" does not mean anything. US dollar notes are actual money.
Before Nixon Shock, the dollars were on a gold standard. The government had a promise to give whoever had the US note the specified amount of physical gold (metal). As it is now, it is called a fiat currency, and no government exchanges it for gold or any other metal or any other form of money. It is still "actual money" though, by most sane definitions.
FYI, as written, that statement makes little sense. The term "actual money" does not mean anything. US dollar notes are actual money.
Before Nixon Shock, the dollars were on a gold standard. The government had a promise to give whoever had the US note the specified amount of physical gold (metal). As it is now, it is called a fiat currency, and no government exchanges it for gold or any other metal or any other form of money. It is still "actual money" though, by most sane definitions.