The US one dollar bill is still old school. In fact, it has the oldest design of all US currency being produced today. So that means it doesn’t have the flashy tech, or the colorful hues, or the wild looks that have leaked into the redesigns of the more valuable banknotes. But that doesn’t mean it hasn’t changed. Just check out the evolution of the dollar bill from 1862 until now. Ol’ Georgie looks a bit different.
They left out the most important one, the Silver Certificate issued in various forms from 1878 to 1964. These said:
“This certifies that there is on deposit in the Treasury of the United States of America one dollar in silver payable to the bearer on demand”
In theory you could take that note to any federally chartered bank and exchange it for silver metal equal to the face value of the bill, either coin or bullion. In 1964 the government changed our currency to Federal Reserve Notes, a fiat dollar valuable only because the government says it’s valuable, and because it has the power to punish you if you don’t accept it. Since they aren’t backed by precious metal the government can print as many of them as they want for only the cost of paper and ink.