The question "What is a 'dollar'?" may seem trivial. Everyone knows what a "dollar" is - or, at least almost everyone thinks he does. In fact, however, very few people could correctly define a "dollar.” And even fewer know why a correct definition is vital to their continued economic and political well-being.
The United States has a highly advanced free-market economy. In a free- market economy, the prices of almost all goods and services are stated in units of money. Under present law - and, as will be described below, from the very beginnings of this country - "United States money is expressed in dollars * * * .”1 Moreover, all "United States coins and currency (including Federal Reserve Notes * * *) are legal tender for all debts, public charges, taxes and dues. Thus, all "coins and currency (including Federal Reserve notes * * * )" that are "expressed in dollars" are both money and legal tender. For this reason, accurately defining the noun "dollar" is mandatory, in order to know what is supposedly the official "Money" of the United States and what constitutes "legal tender for all debts, public charges. taxes and dues.
