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Paper Money And The Original Understanding Of The Coinage Clause, Robert G. Natelson

Robert G. Natelson

Over a century ago, the Supreme Court decided the Legal Tender Cases, holding that Congress could authorize legal tender paper money in addition to metallic coin. In recent years, some commentators have argued that this holding was incorrect as a matter of original understanding or original meaning, but that any other holding would be absolutely inconsistent with modern needs. They further argue that the impracticality of functioning without paper money demonstrates that originalism is not a workable method of constitutional interpretation. Those who rely on the Legal Tender Cases to discredit originalism are, however, in error. This Article shows that …