What is a Dollar? It is a unit of measurement similar to a foot, which is ALWAYS 12 inches. In the US, a Dollar is, and always has been, 371.25 grains (0.773 troy oz) of pure silver. The US was NEVER on a lawful gold standard, and a Federal Reserve Note is obviously NOT a Dollar.

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    [–]Jesus[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

    It's a measurement via weight. That's how Hamilton was able to come up with 0.772 try oz figure. I agree, it is a mode of accounting. We trust it because for the majority it is the only thing we ever knew.