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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]
They took two forms: Demand Notes, issued in July 1861 (Congress authorized $50,000,000 in Demand Notes) [2] and United States Notes issued between 1862 and 1865. [ 3 ] Eleven months after the assassination of Abraham Lincoln - which took place on April 14, 1865 - Congress passed the Contraction Act to lower the price level so they could ...
A Demand Note is a type of United States paper money that was issued from August 1861 to April 1862 during the American Civil War in denominations of 5, 10, and 20 US$. Demand Notes were the first issue of paper money by the United States that achieved wide circulation.
In 1861, the US began issuing Demand Notes, which were the first paper money issued by the United States whose main purpose was to circulate. And since 1914, the US has issued Federal Reserve Notes. Since 1971, Federal Reserves Notes have been the only banknotes of the United States dollar that have been issued.
Greenback (1860s money), a fiat currency issued during the American Civil War United States Note , paper money issued from 1862 to 1971 Greenback, a nickname used for the United States dollar in the financial press in other countries
The U.S. federal government had issued paper money known as United States Notes during the American Civil War, pursuant to the terms of the Legal Tender Act of 1862. In the 1869 case of Hepburn v. Griswold , the Court had held that the Legal Tender Act violated the Due Process Clause of the Fifth Amendment to the United States Constitution .
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Notes Silver center cent 1¢ 4.48 g 24.00 mm Cu (ring) Ag (plug) reeded 1792 The first and only US bi-metallic coin until the 2000 Library of Congress ten dollar coin. Ring cent 1¢ various weights 90% Cu 10% Ag [a] various 1850–1851, 1853 [b], 1884–1885 196 ring cents (originals and restrikes) are known to exist. [1]