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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.
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.
Paper currency was issued by poorly capitalized state-chartered "wildcat" banks in the United States during the Free Banking Era from 1836 to 1865. [18] These bearer notes were formally redeemable in specie but typically collateralized by government bonds or real estate notes, or even nothing at all. [citation needed]
United States Large Size National Bank Notes. Society of Paper Money Collectors, Inc. ISBN 0-9648774-1-4. Newman, Eric P. (2008). The Early Paper Money of America (5 ed.). Krause Publications. ISBN 978-0-89689-326-9. Schwartz, John; Lindquist, Scott (2011). Standard Guide to Small-Size U.S. Paper Money – 1928 to Date. Krause Publications.
The Coinage Act of 1792 established the United States Mint and regulated the coinage of the United States. [3] The act created coins in the denominations of Half Cent (1/200 of a dollar), Cent (1/100 of a dollar, or a cent), Half Dime (also known as a half disme) (five cents), Dime (also known as a disme) (10 cents), Quarter (25 cents), Half Dollar (50 cents), Dollar, Quarter Eagle ($2.50 ...
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.
Download as PDF; Printable version; ... Obsolete denominations of United States currency; B. ... Numismatic history of the United States; P.
On banknotes of the United States dollar, the series refers to the year appearing on the obverse of a bill, indicating when the bill's design was adopted. The series year does not indicate the exact date a bill was printed; instead, the year indicates the first year that bills of the same design were originally made.