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The greenback's low point came in July that year, with 258 greenbacks equal to 100 gold. When the war ended in April 1865 the greenback made another recovery to 150. [11] The recovery began when Congress limited the total issue of greenback dollars to $450 million. The greenbacks rose in value until December 1878, when they became on par with gold.
They took two forms: Demand Notes, issued in July 1861 (Congress authorized $50,000,000 in Demand Notes) [2] and United States Notes issued between 1862 and 1865. [ 3 ] Eleven months after the assassination of Abraham Lincoln - which took place on April 14, 1865 - Congress passed the Contraction Act to lower the price level so they could ...
Top row: The distinctive green ink used on the backs of Demand Notes gave rise to the term "greenbacks" Bottom row: Prominent design elements used on the front of $5 and $20 Demand Notes (located respectively under their denomination); pictured in the middle is the front of a $10 Demand Note with prominent design elements listed
Download as PDF; Printable version; In other projects ... Demand Note; G. Greenback (1860s money) H.
These notes were made receivable for the bonds of the National loans, for all debts due to or from the United States, except duties on imports and interest on the public debt, and were also declared a legal tender. In March, 1863, the issue of notes for parts of a dollar was authorized to an amount not exceeding fifty millions of dollars.
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The Greenback and Resumption of Specie Payments, 1862–1879. Cambridge: Harvard University Press. Kindahl, James K. (February 1961). "Economic Factors in Specie Resumption: The United States 1865–1879". Journal of Political Economy. 69 (1). doi:10.1086/258412. Weinstein, Allen (1970). Prelude to Populism: Origins of the Silver Issue, 1867 ...
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