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The federal government first issued paper money in 1861 to fund the Civil War. [10] Before that, all U.S. paper money was bank-issued money. For example, paper notes were issued by the First Bank of the United States, which was a private corporation chartered by the federal government. [11]
Detail of the obverse of a Series 1950 United States ten-dollar bill, showing the phrase "This note is legal tender for all debts, public and private, and is redeemable in lawful money at the United States Treasury, or at any Federal Reserve Bank." This phrase was subsequently shortened in later issues to "This note is legal tender for all ...
The Act of July 17, 1861 [2] authorized United States Secretary of the Treasury Salmon P. Chase to raise money via the issuance of $50,000,000 in Treasury Notes payable on demand. [3] These Demand Notes were paid to creditors directly and used to meet the payroll of soldiers in the field.
A one-dollar bill, the most common Federal Reserve Note . Federal Reserve Notes are the currently issued banknotes of the United States dollar. [1] The United States Bureau of Engraving and Printing produces the notes under the authority of the Federal Reserve Act of 1913 [2] and issues them to the Federal Reserve Banks at the discretion of the Board of Governors of the Federal Reserve System. [2]
1963: "Will Pay To The Bearer On Demand" is removed from the front of the bill and the legal tender designation is shortened to "This note is legal tender for all debts, public and private" (eliminating "and is redeemable in lawful money at the United States Treasury, or at any Federal Reserve Bank.")
Silver certificates are a type of representative money issued between 1878 and 1964 in the United States as part of its circulation of paper currency. [1] They were produced in response to silver agitation by citizens who were angered by the Fourth Coinage Act , which had effectively placed the United States on a gold standard . [ 2 ]
1856 British Guiana One-Cent Magenta. $9.48 million. Known to philatelists as the "Mona Lisa of stamps," the British Guiana One-Cent Magenta is the world's most famous rare stamp.
In an 8–1 decision resting largely on prior court cases, particularly the jointly-decided cases Knox v.Lee (1871) and Parker v.Davis (1871), [2] the power "of making the notes of the United States a legal tender in payment of private debts" was interpreted as "included in the power to borrow money and to provide a national currency".