Federal reserve notes

Definition of Federal reserve notes

Form of currency issued by Federal Reserve Banks in the likeness of noninterest bearing promissory note payable to bearer on demand. The federal reserve note (e.g. one, five, ten, etc. dollar bill) is the most widely used paper currency. Such have ; replaced silver and gold certificates which were backed by silver and gold. Such reserve notes are direct obligations of the United States.

That's the definition of Federal reserve notes in Black's Law Dictionary 6th Edition. Courtesy of Cekhukum.com.