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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.
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 ]
They were in two forms: Demand Notes, issued in 1861–1862, [1] and United States Notes, issued in 1862–1865. [2] A form of fiat money, the notes were legal tender for most purposes and carried varying promises of eventual payment in coin but were not backed by existing gold or silver reserves. [3]
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.
In 1934, when Federal Reserve Notes stopped being redeemable in gold, the only difference between them and Legal Tender Notes was that the first were liabilities of the Federal Reserve while the latter were direct liabilities of the United States Treasury Department.
Benny and Becky Binion posing with 100 US$10,000 notes equaling one million dollars. The United States ten-thousand-dollar bill was printed from 1878 to 1934. The $10,000 note first appeared in the Series 1878 legal tender. It was reissued in the series 1914 and 1918 and in the series 1928 and 1934. [1]