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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.
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 ]
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 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 ...
A Monetary History of the United States, 1867–1960. Princeton: Princeton University Press. ISBN 9781400829330. Rothbard, Murray N. (2002). A History of Money and Banking in the United States. Auburn: Ludwig von Mises Institute. ISBN 978-0945466338. Barrett, Don C. (1931). The Greenback and Resumption of Specie Payments, 1862–1879. Cambridge ...
Top row: The distinctive green ink used on the backs of Demand Notes gave rise to the term "greenbacks" Bottom row: Prominent design elements used on the front of $5 and $20 Demand Notes (located respectively under their denomination); pictured in the middle is the front of a $10 Demand Note with prominent design elements listed
On the heels of the controversy surrounding new press secretary Sean Spicer, the history and role of the oft-beleaguered position is being examined. The role actually started under Abraham Lincoln ...
The government continued to issue greenbacks and borrow large amounts of money, and the United States' national debt grew from $65 million in 1860 to $2 billion in 1866. [14] Congress passed the Revenue Act of 1864 , which represented a compromise between those who favored a more progressive tax structure and those who favored a flat tax. [ 24 ]