On June 4, 1963, President John F. Kennedy issued Executive Order No. 11110

On June 4, 1963, President John F. Kennedy issued Executive Order No. 11110, directing the Treasury to produce $4 billion worth of $2 and $5 bills.

The bills, supported by silver reserves stored in the Treasury's vaults, were issued without debt or interest. The seigniorage, or profit from coinage, went directly to the US government rather than to the privately owned US Federal Reserve Bank.

This issuance of notes was part of Kennedy's broader strategy to diminish the influence of the US Federal Reserve Bank.

On November 22, 1963, President Kennedy was assassinated in Dallas, Texas.

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