Yes, I can exchange it as you say, as in “buy” it. Not quite the same as having a legitimate gold/silver-backed currency that results in stability, not the fluctuations we see today as the value of the FRN goes up and down.
The Coinage Act of 1792 formally defined the dollar as 371.25 grains of pure silver. The Par Value Modification Act from 1973 defines the dollar as precisely 9/380 of a fine troy ounce of gold. Notice each refers to “the dollar”. What we are using today (FRN) isn’t a dollar even though people refer to it as such. Its a “Note”. Black’s Law Dictionary says that the term “money” refers to coins and paper currency used as circulating medium of exchange, and does not embrace <span style=”text-decoration: underline;”>notes</span>, bonds, evidences of debt, or other personal or real estate.
Didn’t mean to get too far off the subject of the coming depression, but our currency held its value back then because it was backed by PMs. Not so now, which will greatly amplify the coming hardship.