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A $5 United States Note of the series of 1862 popularly known as a "greenback" from the color of ink used on the reverse. The American Civil War of 1861 to 1865 greatly affected the financial system of the United States of America, creating vast new war-related expenditures while disrupting the flow of tax revenue from the Southern United States, organized as the Confederate States of America.
The greenback's low point came in July that year, with 258 greenbacks equal to 100 gold. When the war ended in April 1865 the greenback made another recovery to 150. [11] The recovery began when Congress limited the total issue of greenback dollars to $450 million. The greenbacks rose in value until December 1878, when they became on par with gold.
The largest amount of greenbacks outstanding at any one time was calculated as $447,300,203.10. [7] The National Bank Act (ch. 58, 12 Stat. 665; February 25, 1863), originally known as the National Currency Act, was passed in the Senate by a 23–21 vote, and was supplemented a year later by the National Banking Act of 1864. The goals of these ...
They were known popularly as "greenbacks", a name inherited from the earlier greenbacks, the Demand Notes, that they replaced in 1862. Often termed Legal Tender Notes, they were named United States Notes by the First Legal Tender Act, which authorized them as a form of fiat currency .
Greenbacks were the first banknotes issued by the federal government since the end of the American Revolution, when the "Continentals" caused runaway inflation and became almost worthless. The new Greenbacks were not backed by specie (gold or silver), but rather by the requirement that merchants honor their face value for purchases and debts.
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The Greenback Era: A Social and Political History of American Finance, 1865-1879 is a nonfiction history book by American historian Irwin Unger, published in 1964 by Princeton University Press. It won the 1965 Pulitzer Prize for History. [1] It is about American finance in the post-Civil War period and the social and political elements involved.
And for the year to date, the ruble has crashed about 20% against the greenback. While that could boost Russia’s exports by making them cheaper, it will likely stoke inflation further by making ...