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Detail of the obverse of a Series 1950 United States ten-dollar bill, showing the phrase "This note is legal tender for all debts, public and private, and is redeemable in lawful money at the United States Treasury, or at any Federal Reserve Bank." This phrase was subsequently shortened in later issues to "This note is legal tender for all ...
By the First Legal Tender Act, Congress limited the Treasury's emission of United States Notes to $150,000,000; however, by 1863, the Second Legal Tender Act, [9] enacted July 11, 1862, a Joint Resolution of Congress, [10] and the Third Legal Tender Act, [11] enacted March 3, 1863, had expanded the limit to $450,000,000, the option to exchange ...
The Legal Tender Cases were two 1871 United States Supreme Court cases that affirmed the constitutionality of paper money. The two cases were Knox v. Lee and Parker v. Davis. 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.
Congress used the National Banking Act of July 12, 1882, to clarify the legal tender status of silver certificates [27] by clearly authorizing them to be included in the lawful reserves of national banks. [28] A general appropriations act of August 4, 1886, authorized the issue of $1, $2, and $5 silver certificates.
On February 25, 1862, Congress passed the first Legal Tender Act, which authorized the issuance of $150 million (~$3.57 billion in 2023) in United States Notes. [ 8 ] Since the reverse of the notes was printed with green ink, they were called "greenbacks" by the public and considered to be equivalent to the Demand Notes, which were already ...
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United States Postal Money Service was introduced in 1864 by an act on Congress as a way of sending small amounts of money through the mail. [6] By 1865 there were 416 post offices designated as money order offices that had issued money orders to the value of over $1.3 million and by 1882 they had issued orders valued at $113.4 million from ...
Juilliard v. Greenman, 110 U.S. 421 (1884), was a Supreme Court of the United States case in which issuance of greenbacks as legal tender in peacetime was challenged. The Legal Tender Acts of 1862 and 1863 were upheld. Augustus D. Juilliard sold and delivered 100 bales of cotton to Thomas S. Greenman [1] for $5,122.90. Greenman tendered $5,100 ...