Endorsement (alternatively spelt indorsement) may refer to:

* Testimonial in advertising, written or spoken statement endorsing a product
* Political endorsement
* a form added to an insurance policy, modifying the terms
* A signature on a negotiable instrument (such as a cheque) indicating a person's intent to become a party to the instrument.
* Blank endorsement – such a signature, without indicating payee

In effect, when signing "Deposit for credit on account or exchange for Non-Negotiable Federal Reserve Notes of face value"

You are signing a non-endorsement to use federal reserve credit/debit.

An endorsement, or signature on the back of any deposit would "indicate" yourself to become a party to the Contract between the US and the Federal Reserve and their elastic currency (changing value) Notes.

A non-endorsement clearly states you will NOT endorse said notes, therefore, the Non-negotiable FRNs you get are, for all legal purposes, non-elastic US Bank notes.

It should be noted here, the $300,000,000 US bank notes are still in Banks and/or the Treasury. These US Notes where pre-paid every year by the US Treasury in Gold or Silver. They have Red seals and serial numbers. If the notes are worn out, the Treasury has to pay for a new one in gold or silver coin and at face value of the coin.

It is my belief, since going off the gold standard (Nixon in 1971) the notes were no longer circulated because, they were actually too expensive to replace.

Therefore, the FRNs issued had to be "empowered" to "serve the same purpose as US Bank notes". Thus protecting the US Bank notes at the same time, Since the price of Gold is so high, and the law requires $300,000,000 in US Bank notes each year, the Treasury could not afford to give that much gold to the Federal Reserve, once it had to pay current market value for Gold. (The par value for gold prior to 1971 was still about $40 and ounce.)

[link to www.usagold.com]

When I write "Redeemed lawful money per 12-USC-411" on the back of a FRN and a Federal Reserve Bank inspects that note, the Serial number of that FRN is cancelled and a US Bank note (from the $300,000,000) serial number is accounted for to cancel, dollar for dollar, that amount of National Debt.

I am non-endorsing the FRN as a debt note with my demand for lawful money on the back of the note and/or my non-endorsement on the deposit.

The FRN serial number cannot be used again, since it has been PAID.

In cases where a normal, unredeemed, worn out FRN comes to a bank, that NOTE is destroyed, but the serial number can and is reissued to a newly printed FRN (with the addition of a * to the number, if I remember right). The debt it is evidence of continues to accrue new debt at face value and interest.

By the way, this is why I do not write anything on the FACE of the FRN, the redemption of the FRN is on the back, since it is against the rules to "DEFACE" a FRN.

I hope that helps :)