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The ease with which paper money can be created, by both legitimate authorities and counterfeiters, has led to a temptation in times of crisis such as war or revolution, or merely a spendthrift government, to produce paper money which was not supported by precious metal or other goods; this often led to hyperinflation and a loss of faith in the ...
There were three general types of money in the colonies of British America: the specie (coins), printed paper money and trade-based commodity money. [2] Commodity money was used when cash (coins and paper money) were scarce. Commodities such as tobacco, beaver skins, and wampum, served as money at various times in many locations. [3]
The history of money is the development over time of systems for the exchange, ... Paper money was introduced in Song dynasty China during the 11th century. [81]
A United States Note, also known as a Legal Tender Note, is a type of paper money that was issued from 1862 to 1971 in the United States. Having been current for 109 years, they were issued for longer than any other form of U.S. paper money other than the currently issued Federal Reserve Note.
The Secretary of the Treasury directed a reduction in paper currency from a 7 + 7 ⁄ 16 inch by 3 + 9 ⁄ 64 inch size to a 6 + 5 ⁄ 16 inch by 2 + 11 ⁄ 16 inch (6.31" × 2.69") size, which allowed the Treasury Department to produce 12 notes per 16 + 1 ⁄ 4 inch by 13 + 1 ⁄ 4 inch sheet of paper that previously would yield 8 notes at the ...
Up to the mid-1990s, American money had changed little since the end of silver coins in the mid-1960s, and some of the denominations, including the paper notes and the nickel, had barely changed since the 1930s. Beginning in 1996 with the $100 and $50 bills, paper money was redesigned to deter counterfeiting.
Greenbacks were emergency paper currency issued by the United States during the American Civil War that were printed in green on the back. [1] They were in two forms: Demand Notes, issued in 1861–1862, [1] and United States Notes, issued in 1862–1865. [2]
With the advent of small-size banknotes came significant design changes for all types of paper currency including National Bank Notes. As a result of the changes, each denomination now had the same portrait and, except for minor variations, the same decorative features that would characterize all types of United States currency from the late ...