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They were in two forms: Demand Notes, issued in 1861–1862, [1] and United States Notes, issued in 1862–1865. [2] A form of fiat money, the notes were legal tender for most purposes and carried varying promises of eventual payment in coin but were not backed by existing gold or silver reserves. [3]
A Demand Note is a type of United States paper money that was issued from August 1861 to April 1862 during the American Civil War in denominations of 5, 10, and 20 US$. Demand Notes were the first issue of paper money by the United States that achieved wide circulation.
In 1861, the US began issuing Demand Notes, which were the first paper money issued by the United States whose main purpose was to circulate. And since 1914, the US has issued Federal Reserve Notes. Since 1971, Federal Reserves Notes have been the only banknotes of the United States dollar that have been issued.
A United States Note, also known as a Legal Tender Note, is a type of paper money that was issued from 1862 to 1971 in the United States. Having been current for 109 years, they were issued for longer than any other form of U.S. paper money other than the currently issued Federal Reserve Note .
Greenback (1860s money) Coinage Act of 1873; Demand Note; United States Note; Public Credit Act of 1869; John Sherman, who was the biggest proponent of this act, and was the Secretary of Treasury when this was passed; Gold Standard; Salmon P. Chase; Resumption Act
United States Notes, 1880 series (featured picture set) (9 F) ... Greenback (1860s money) H. Hepburn v. Griswold; Homer Lee Bank Note Company; I. Interest bearing ...
Greenback (1860s money), a fiat currency issued during the American Civil War; United States Note, paper money issued from 1862 to 1971; Greenback, a nickname used for the United States dollar in the financial press in other countries
The U.S. federal government had issued paper money known as United States Notes during the American Civil War, pursuant to the terms of the Legal Tender Act of 1862. In the 1869 case of Hepburn v. Griswold , the Court had held that the Legal Tender Act violated the Due Process Clause of the Fifth Amendment to the United States Constitution .
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