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From the U.S. Constitution, Article I, Section 10:

No state shall enter into any treaty, alliance, or confederation; grant letters of marque and reprisal; coin money; emit bills of credit; make anything but gold and silver coin a tender in payment of debts; pass any bill of attainder, ex post facto law, or law impairing the obligation of contracts, or grant any title of nobility.



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This is exactly why the “money” you have in your wallet is not labeled “United States Notes” but rather “Federal Reserve Notes” and is why some assume that the Fed must be a private entity. The truth is nobody really knows. Not even Monty Burns or Rupert Murdoch. But who knows, maybe they do!