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History of the Legal Tender Paper Money Issued During the Great

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  • What was the paper money in 1861?

    Greenbacks were emergency paper currency issued by the United States during the American Civil War that were printed in green on the back.
    They were in two forms: Demand Notes, issued in 1861–1862, and United States Notes, issued in 1862–1865.

  • When was paper money introduced in the US?

    Paper money in the United States dates back to 1690 and represented bills of credit or IOUs.
    New currencies were introduced in the U.S. in 1861 to help finance the Civil War.
    In 1996, a series of bills were introduced that used new methods to prevent counterfeiting.

  • What was the first standard paper money used in the United States during the Civil War?

    The first paper money issued by the government were "demand notes" commonly referred to as "greenbacks." In 1862, Congress retired the demand notes and began issuing United States notes, also called legal tender notes.

  • Greenback is a slang term for U.S. dollars.
    The first greenbacks were printed to finance the civil war and were called as such because their backs were printed in green.
    Because they were not fully backed by gold, greenbacks lost value and caused inflation in the northern economy.

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History of the Legal Tender Paper Money Issued During the Great