The use of the term American Patriot Currency expresses this message and proposed solution, as such, they are protected speech. Negotiable Instrument Negotiable Instruments have their modern origins in the Law of the Merchant, which was eventually absorbed into the common law. In 1882, the English enacted the Bills of Exchange Act. Of primary importance to a negotiable instrument is that the writing be made payable to bearer or to order. There is no requirement of the Patriot requiring an endorsement to become a bearer.
Possession alone determines the bearer.
Under the terms of the reverse side of the Patriot setting forth the warehouse receipt, a bearer can redeem the silver represented by the Patriot at any time through surrender of the warehouse receipt to the warehouseman. This analogy notes one important distinction. Article Ill paper does not cover or represent any particular money. Nevertheless, this distinction does not impede the use of this warehouse receipt as a negotiable document of title similar to other cash substitutes for those in association willing to accept such documents as currency and those willing to utilize the patriot as such. As such, each ounce of equally fine silver would be then in a class considered fungible goods.