[Aldebert]

I would like to know how federal banking law and regulations restrict federal and state chartered banks in their treatment of these IOUs. They are not “money” so if a bank accepts an IOU must it essentially buy it from the customer in exchange for real money. Will the bank discount it as was done in the old days? And is the bank restricted in doing this? Also, a California IOU cannot possibly be covered by FDIC insurance, I would think.

[mylife]

It’s quite a mess.

[Sacajaweau]

No state can print money. It is a Federal Task. These “notes” are really worthless kinda like bad checks....