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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.
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.
A demand letter, letter of demand, [1] (of payment), or letter before claim, [2] is a letter stating a legal claim (usually drafted by a lawyer) which makes a demand for restitution or performance of some obligation, owing to the recipients' alleged breach of contract, or for a legal wrong.
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.
Those notes are "obligations of the United States" and "shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank". [52] Federal Reserve Notes are designated by law as "legal tender" for the payment of debts. [53]
This was a series of 18 stamps available at U.S. post offices from 1945 to 1951. They were used for sending small amounts of money. Printed in grey and black with a simple uniform design, they ranged in value from 1 to 90 cents. Their Scott catalogue designations are PN 1 to 18. [9] In used condition collectors can purchase all of them at very ...