"Sections 411 and 415 do not clearly declare but at least imply that there may be two kinds of “FEDERAL RESERVE NOTES”: 1) “federal reserve notes” (under Section 411) and 2) “Federal Reserve notes” (under Section 415). If so, the 411-frn’s are “obligations of the United States” that can be used to pay taxes and are also redeemable in “lawful money of the United States” while the 415-FRn’s appear to be private currency of the Federal Reserve banks that are not expressly suitable for paying taxes, and aren’t redeemable in “lawful money” (gold or silver coin)."
http://adask.wordpress.com/2008/08/16/federal-reserve-notes-federal-reserve-notes/
Printed copy · Anthology Volume 7, page 827Printed copy from The Tender For Law Anthology, Volume 7, page 827 (printed 13 June 2014). Added by this site; not part of the Facebook export.