On June 4, 1963, President Kennedy signed a Presidential decree, Executive Order 11110. This order virtually stripped the Federal Reserve Bank of its power to loan money to the United States Government at interest. President Kennedy declared the privately owned Federal Reserve Bank would soon be out of business. This order gave the Treasury Department the authority to issue silver certificates against any silver in the treasury. This executive order still stands today. In less than five months after signing that executive order President Kennedy was assassinated on November 22, 1963.
The United States Notes (silver certificates) he had issued were taken out of circulation immediately. Federal Reserve Notes continued to serve as the legal currency of this nation. It is estimated that 99% of all U.S. paper currency circulating in 1999 are Federal Reserve Notes.
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