Why does it say Federal Reserve Note on the US 1 dollar bill?

Answer 1

If you look at the bills in your wallet you'll see that ALL current US paper money is in the form of Federal Reserve Notes. That means they're issued under the authority of the Federal Reserve System, the US central bank.

Earlier forms of paper money were also issued directly by the federal government and included:

• Silver certificates, backed 1-for-1 by silver bullion in the Treasury, and redeemable for silver until 1968
• Gold certificates, backed 1-for-1 by gold bullion in the Treasury, and redeemable for gold until 1933
• United States Notes, very similar to Federal Reserve Notes, and issued until the early 1970s.