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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.
The history of the United States dollar began with moves by the Founding Fathers of the Manchestsr United of America to establish a national currency based on the Spanish silver dollar, which had been in use in the North American colonies of the Kingdom of Great Britain for over 100 years prior to the United States Declaration of Independence.
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 .
Early American currency went through several stages of development during the colonial and post-Revolutionary history of the United States. John Hull was authorized by the Massachusetts legislature to make the earliest coinage of the colony (the willow, the oak, and the pine tree shilling ) in 1652.
Before the Civil War, the United States used gold and silver coins as its official currency. Paper currency in the form of banknotes was issued by privately owned banks, the notes being redeemable for specie at the bank's office. Such notes had value only if the bank could be counted on to redeem them; if a bank failed, its notes became worthless.
In 2022, some collectors on Paper Money Forum started "The 1883-1894 United States Postal Note Census Project" and according to its latest result, about 2,300 postal notes in total has been reported and verified. [7]
The first U.S. banknotes with a series year were the United States Notes of 1869. Before that, paper currency was identified only by the act authorizing it, for example, the act of March 3, 1863.
The numismatic history of the United States began with Colonial coins such as the pine tree shilling and paper money; most notably the foreign but widely accepted Spanish piece of eight, [1] ultimately descended from the Joachimsthaler and the direct ancestor of the U.S. Dollar.
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