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The ease with which paper money can be created, by both legitimate authorities and counterfeiters, has led to a temptation in times of crisis such as war or revolution, or merely a spendthrift government, to produce paper money which was not supported by precious metal or other goods; this often led to hyperinflation and a loss of faith in the ...
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.
Demand Notes are considered the first paper money issued by the United States whose main purpose was to circulate. They were made because of a coin shortage as people hoarded their coins during the American Civil War and were issued in denominations of $5, $10 and $20. They were redeemable in coin. They were replaced by United States Notes in 1862.
To see if your paper currency is worth more than the $1 or $5 printed, here’s what to look for. More From The Penny Hoarder: The Best Rewards Credit Cards for Earning Points, Miles, and Cash Back 1.
Paper Money of the United States, 19th Edition. Clifton, NJ, The Coin & Currency Institute, Inc. ISBN 0-87184-519-9. Heitman, Francis B. (1914). Historical Register of Officers of the Continental Army During The War of the Revolution. Washington, DC, The Rare Book Shop Publishing Company, Inc. Sobel, Robert, (ed.) (1990).
The first ten-thousand-dollar bills were issued as large-size paper money measuring 7.38 in (187 mm) by 3.18 in (81 mm) and portrayed Andrew Jackson.Beginning with the 1928 series, the size of the bill was reduced to the small-size variety measuring 6.14 in (156 mm) by 2.61 in (66 mm).
There were three general types of money in the colonies of British America: the specie (coins), printed paper money and trade-based commodity money. [2] Commodity money was used when cash (coins and paper money) were scarce. Commodities such as tobacco, beaver skins, and wampum, served as money at various times in many locations. [3]
In India the earliest paper money was issued by Bank of Hindostan (1770– 1832), General Bank of Bengal and Bihar (1773–75), and Bengal Bank (1784–91). [107] The use of banknotes issued by private commercial banks as legal tender has gradually been replaced by the issuance of bank notes authorized and controlled by national governments.