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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 ...
Legal-tender notes are treasury notes or banknotes that, in the eyes of the law, must be accepted in the payment of debts." [ 47 ] The ruling in the Legal Tender Cases (which include Juilliard v. Greenman ) led later courts to "support the federal government's invalidation of gold clauses in private contracts in the 1930s."
Obverse of the first $1 bill, issued in 1862 as a legal tender note featuring Treasury Secretary Chase, who later held as Chief Justice that such bills are unconstitutional, before being overturned. The Legal Tender Cases primarily involved the constitutionality of the Legal Tender Act of 1862, 12 Stat. 345, enacted during the American Civil ...
From 1862 to 1880 the US Treasury Department issued $1,000 Legal Tender notes, with three different designs on the obverse. The portrait of Robert Morris appeared on the first 1000 dollar bill. Mayor of New York DeWitt Clinton appeared on two other versions. [ 1 ]
1862 and 1869 legal tender notes. ... 1890 $2 Treasury Note. An 1890 $2 Treasury Note featuring General James McPherson is worth upwards of $4,500, according to U.S. Currency Auctions. However, it ...
The ante-bellum Treasury Notes did not have legal tender status, but financial innovation during the Civil War caused the term Treasury Note to become associated with legal tender instruments such as the United States Notes introduced in 1862 and the Compound Interest Treasury Notes introduced in 1863.
Although still legal tender, most are in the hands of collectors and museums. The reverse designs featured abstract scroll-work with ornate denomination identifiers. With the exception of the $100,000 bill, these bills ceased production in the 1940s, and were recalled in 1969.
On July 14, 1969, the Department of the Treasury and the Federal Reserve System announced that currency notes in denominations of $500, $1,000, $5,000 and $10,000 would be discontinued immediately ...
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