Old page wikitext, before the edit (old_wikitext) | '{{Short description|Type of paper money that was issued from 1862 to 1971 in the United States}}
{{For|the current US note|Federal Reserve Note}}
{{Use American English|date=October 2022}}
{{Use mdy dates|date=October 2022}}
[[Image:USNotes.jpg|thumb|Large-sized Series of 1880 United States Notes; the $20 note displays [[Alexander Hamilton]] and a red scalloped [[United States Department of the Treasury|Treasury]] seal, and the $10 note displays [[Daniel Webster]] and a large red spiked Treasury seal]]
A '''United States Note''', also known as a '''Legal Tender Note''', is a type of [[Banknote|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. They were known popularly as "'''greenbacks'''", a name inherited from the earlier [[Greenback (1860s money)|greenbacks]], the [[Demand Note]]s, 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]]. During the early 1860s the so-called ''second obligation'' on the reverse of the notes stated:<ref>Friedberg, Arthur L. and Ira S., 2006, ''Paper Money of the United States, 18th Edition'', Clifton, NJ, The Coin & Currency Institute, Inc. {{ISBN|0-87184-518-0}}</ref>
{{blockquote|This Note is a Legal Tender for all debts public and private except Duties on Imports and Interest on the Public Debt; and is receivable in payment of all loans made to the United States.}}
By the 1930s, this obligation would eventually be shortened to:
{{blockquote|This note is a legal tender at its face value for all debts public and private}}
They were originally issued directly into circulation by the [[United States Department of the Treasury|U.S. Treasury]] to pay expenses incurred by the [[Union (American Civil War)|Union]] during the [[American Civil War]]. During the next century, the legislation governing these notes was modified many times and numerous versions were issued by the Treasury.
United States Notes that were issued in the [[large-sized note|large-size]] format, before 1929, differ dramatically in appearance when compared to modern American currency, but those issued in the small-size format, starting 1929, are very similar to contemporary [[Federal Reserve Note]]s of the same denominations with the distinction of having red [[Seal of the United States Department of the Treasury|U.S. Treasury Seals]] and [[serial number]]s in place of green ones. Also, while a variety of denominations were issued as United States Notes during the large-size era, only the $1, $2, $5, and $100 denominations were ever issued as small-size notes.
Existing United States Notes are still fully usable and are considered [[legal tender]]. However, as no United States Notes have been issued since January 1971, most issues are now becoming increasingly rare to find in circulation, and command higher prices than face value as items of [[numismatics|numismatic]] interest.
==History==
{{see also|Union (American Civil War)#Economy}}
===Demand Notes===
{{main|Demand Note}}
[[File:Demand Legal comparison.jpg|thumb|Comparison of a $5 Demand Note (upper image) and an 1862 issue $5 United States Note (lower image) in which the words "On Demand" and the phrase "Receivable in Payment of All Public Dues" are removed and the Treasury Seal is added]]
During 1861, the first year of the [[American Civil War]], the expenses incurred by the Union Government much exceeded its limited revenues from taxation, and borrowing was the main vehicle for financing the war. The Act of July 17, 1861<ref>[http://memory.loc.gov/cgi-bin/ampage?collId=llsl&fileName=012/llsl012.db&recNum=290 United States Congress. Act of July, 17 1861 Chapter V. Washington D.C.: 1861]</ref> authorized [[United States Secretary of the Treasury]] [[Salmon P. Chase]] to raise money via the issuance of $50,000,000 in [[Treasury Note (19th century)|Treasury Notes]] payable on demand.<ref name="Greenbacks">Mitchell, Wesley Clair, "A History of the Greenbacks With Special Reference To the Economic Consequences of Their Issue 1862–65", University of Chicago, Chicago, 1903.</ref> These Demand Notes were paid to creditors directly and used to meet the payroll of soldiers in the field. While issued within the legal framework of Treasury Note Debt, the Demand Notes were intended to circulate as currency and were of the same size as banknotes and closely resembled them in appearance.<ref>Chittenden, L.E., ''Recollections of President Lincoln and His Administration'', Harper & Brothers, New York, 1891.</ref> During December 1861, economic conditions deteriorated and a [[Demand Note#Suspension of Specie Payment|suspension of specie payment]] caused the government to cease redeeming the Demand Notes as coins.
===The Legal Tender Acts===
[[Image:RunningtheMachine-LincAdmin.jpg|thumb|A political cartoon from the [[1864 United States presidential election|1864 U.S. presidential election]] depicting [[William P. Fessenden|Secretary Fessenden]] of the Lincoln administration operating "[[Salmon P. Chase|Chase]]'s Mill" at left to flood the country with Greenbacks.]]
The beginning of 1862 found the Union's expenses increasing, and the government was having trouble funding the escalating war. U.S. Demand Notes—which were used, among other things, to pay Union soldiers—were unredeemable, and the value of the notes began to deteriorate. Congressman and [[Buffalo, New York|Buffalo]] banker [[Elbridge G. Spaulding]] prepared a bill, based on the Free Banking Law of New York, that eventually became the [[National Bank Act|National Banking Act of 1863]].<ref>D.S. & Heidler, J.T. (2000). [https://books.google.com/books?id=SdrYv7S60fgC&pg=PA1167 Heidler, ''Encyclopedia of the American Civil War: a political, social, and military history'' (p. 1168)]. New York, NY: W.W. Norton</ref>
Recognizing, however, that his proposal would take many months to pass Congress, during early February Spaulding introduced another bill to permit the U.S. Treasury to issue {{US$|long=no|150}} million in notes as legal tender.<ref>McPherson, J.M. [https://books.google.com/books?id=GXfGuNAvm7AC&pg=PA445 (1988). ''Battle cry of freedom: the Civil War era'' (p.445)]. New York, NY: Oxford University Press</ref> This caused tremendous controversy in Congress, as hitherto the Constitution had been interpreted as not granting the government the power to issue a paper currency. "The bill before us is a war measure, a measure of ''necessity'', and not of choice," Spaulding argued before the House, adding, "These are extraordinary times, and extraordinary measures must be resorted to in order to save our Government, and preserve our nationality." Spaulding justified the action as a "''necessary means'' of carrying into execution the powers granted in the Constitution 'to raise and ''support'' armies', and 'to provide and ''maintain'' a navy{{'"}}.<ref>[https://books.google.com/books?id=dqWy8Qe4pqgC&pg=PA29 Spaulding, E.G. (1869). ''History of the legal tender paper money issued during the great rebellion''] (p.29). Buffalo, NY: Express Printing.</ref> Despite strong opposition, President [[Abraham Lincoln]] signed the [[First Legal Tender Act]],<ref name="FirstLegal">ch. 33, {{USStat|12|345}}</ref> enacted February 25, 1862, into law, authorizing the issuance of United States Notes as a [[legal tender]]—the paper currency soon to be known as "greenbacks".
Initially, the emission was limited to {{US$|long=no|150000000}} total face value between the new Legal Tender Notes and the existing Demand Notes. The Act also intended for the new notes to be used to replace the Demand Notes as soon as practical. The Demand Notes had been issued in denominations of [[United States five-dollar bill|$5]], [[United States ten-dollar bill|$10]], and [[United States twenty-dollar bill|$20]], and these were replaced by United States Notes nearly identical in appearance on the obverse. In addition, notes of entirely new design were introduced in denominations of [[United States fifty-dollar bill|$50]], [[United States one hundred-dollar bill|$100]], [[Large denominations of United States currency|$500 and {{US$|long=no|1000}}]]. The Demand Notes' printed promise of payment "On Demand" was removed and the statement "This Note is a Legal Tender" was added.
Legal tender status guaranteed that creditors would have to accept the notes despite the fact that they were not backed by gold, bank deposits, or government reserves, and had no interest. However, the First Legal Tender Act did not make the notes an ''unlimited legal tender'' as they could not be used by merchants to pay customs duties on imports and could not be used by the government to pay interest on its bonds. The Act did provide that the notes be receivable by the government for short term deposits at 5% interest, and for the purchase of 6% interest 20-year bonds at par. The rationale for these terms was that the Union government would preserve its credit-worthiness by supporting the value of its bonds by paying their interest in gold. Early in the war, customs duties were a large part of government tax revenue and by making these payable in gold, the government would generate the coin necessary to make the interest payments on the bonds. Lastly, by making the bonds available for purchase at par in United States Notes, the value of the latter would be confirmed as well.<ref name="Greenbacks"/> The limitations of the legal tender status were quite controversial. [[Thaddeus Stevens]], the Chairman of the House of Representatives Committee of Ways and Means, which had authored an earlier version of the Legal Tender Act that would have made United States Notes a legal tender for ''all'' debts, denounced the exceptions, calling the new bill "mischievous" because it made United States Notes an intentionally depreciated currency for the masses, while the banks who loaned to the government got "sound money" in gold. This controversy would continue until the removal of the exceptions during 1933.
By the First Legal Tender Act, Congress limited the Treasury's emission of United States Notes to {{US$|long=no|150000000}}; however, by 1863, the [[Second Legal Tender Act]],<ref name="SecondLegal">ch. 142, {{USStat|12|532}}</ref> enacted July 11, 1862, a Joint Resolution of Congress,<ref name="JointRex">[http://memory.loc.gov/cgi-bin/ampage?collId=llsl&fileName=012/llsl012.db&recNum=853 United States Congress. Resolution of January 17, 1863, No. 9. Washington D.C.: 1863]</ref> and the [[Third Legal Tender Act]],<ref name="ThirdLegal">ch. 73, {{USStat|12|709}}</ref> enacted March 3, 1863, had expanded the limit to {{US$|long=no|450000000}}, the option to exchange the notes for United States bonds at par had been revoked, and notes of [[United States one-dollar bill|$1]] and [[United States two-dollar bill|$2]] denominations had been introduced as the appearance of fiat currency had per [[Gresham's law]] driven even silver coinage out of circulation. As a result of this [[monetary inflation|inflation]], the greenback began to trade at a substantial discount from gold, which prompted Congress to pass the short-lived [[Anti-Gold Futures Act of 1864]], which was soon repealed after it seemed to accelerate the decrease of greenback value.
The largest amount of greenbacks outstanding at any one time was calculated as {{US$|long=no|447300203.10}}.<ref>Backus, Charles K., "The Contraction of the Currency", The Honest Money League of the Northwest, Chicago, 1878.</ref> The Union's reliance on expanding the circulation of greenbacks eventually ended with the emission of [[Interest Bearing Note|Interest Bearing]] and [[Compound Interest Treasury Note]]s, and the passage of the [[National Banking Act]]. However, the end of the war found the greenbacks trading for only about half of their nominal value in gold.<ref name="Greenbacks"/> The [[United States Secret Service|Secret Service]] was founded on July 5, 1865, to minimize [[Counterfeit money|counterfeiting]], which accounted for up to half of the currency.<ref>{{Cite web|title=How much currency is circulating in the economy, and how much of it is counterfeit? Is currency included in the money supply statistics?|url=https://www.frbsf.org/education/publications/doctor-econ/2004/april/money-supply-currency-counterfeit/|access-date=January 16, 2022|website=Federal Reserve Bank of San Francisco|language=en}}</ref>
===Post Civil War===
[[File:US-$10-LT-1901-Fr.114.jpg|thumb|Series of 1901 {{US$|long=no|10}} Legal Tender depicting military explorers [[Meriwether Lewis]], [[William Clark (explorer)|William Clark]], and an [[American bison]]]]
At the end of the [[American Civil War]], some economists, such as [[Henry Charles Carey]], argued for building on the precedent of non-interest-based fiat money and making the greenback system permanent.<ref>Carey, Henry Charles (March 1865) [http://quod.lib.umich.edu/cgi/t/text/text-idx?sid=932372736069d66b3b26927f407796bf&c=moa&idno=AEU5158.0001.001&view=toc The Way to Outdo England Without Fighting Her]</ref> However, [[Hugh McCulloch|Secretary of the Treasury McCulloch]] argued that the Legal Tender Acts had been war measures, and that the United States should soon reverse them and return to the [[gold standard]]. The [[United States House of Representatives|House of Representatives]] voted overwhelmingly to endorse the Secretary's argument.<ref name="Cyclo">"United States Notes", [[John Joseph Lalor]], ''Cyclopaedia of Political Science, Political Economy, and of the Political History of the United States'', Rand McNally & Co, Chicago, 1881.</ref> With an eventual return to gold convertibility in mind, the Funding Act of April 12, 1866<ref>[http://memory.loc.gov/cgi-bin/ampage?collId=llsl&fileName=014/llsl014.db&recNum=62 United States Congress. Act of April 12, 1866 Chapter XXXIII. Washington D.C.: 1866]</ref> was passed, authorizing McCulloch to retire {{US$|long=no|10}} million of the Greenbacks within six months and up to {{US$|long=no|4}} million per month thereafter. This he proceeded to do until only {{US$|long=no|356000000}} were outstanding during February 1868. By this time, the wartime economic prosperity was ended, the crop harvest was poor, and a financial panic in Great Britain caused a recession and a sharp decrease of prices in the United States.<ref name="Studenski">Studenski, Paul; Krooss, Hermand Edward (1952). ''Financial History of the United States'', New York, NY: McGraw-Hill. {{ISBN|1-58798-175-0}}.</ref> The contraction of the money supply was blamed for the deflationary effects, and caused debtors to agitate successfully for a halt to the notes' retirement.<ref>[http://www.u-s-history.com/pages/h171.html The Greenback Question.] Retrieved May 30, 2009.</ref>
During the early 1870s, Treasury Secretaries [[George S. Boutwell]] and [[William Adams Richardson]] maintained that, though Congress had mandated {{US$|long=no|356000000}} as the minimum Greenback circulation, the old Civil War statutes still authorized a maximum of {{US$|long=no|400000000}}{{#tag:ref |While the three Legal Tender Acts had authorized {{US$|long=no|450000000}} of notes, the Second Legal Tender Act, in taking the total from {{US$|long=no|150000000}} to {{US$|long=no|300000000}} had reserved {{US$|long=no|50000000}} of the increase for the purpose of redeeming balances in a temporary deposit program. The Act of June 30, 1864, reiterated this limitation, and as the temporary loan program had ceased to exist, only {{US$|long=no|400000000}} of the {{US$|long=no|450000000}} ceiling were available.| group="nb"}}—and thus they had at their discretion a "reserve" of {{US$|long=no|44000000}}. While the Senate Finance Committee under [[John Sherman]] disagreed, being of the opinion that the {{US$|long=no|356000000}} was a maximum as well as a minimum, no legislation was passed to assert the committee's opinion. Starting in 1872, Boutwell and Richardson used the "reserve" to counteract seasonal demands for currency, and eventually expanded the circulation of the Greenbacks to {{US$|long=no|382000000}} in response to the [[Panic of 1873]].<ref name="Timberlake">Timberlake, Richard H.(1993). ''Monetary Policy in the United States: An Intellectual and Institutional History'', Chicago: University of Chicago Press. {{ISBN|978-0-226-80384-5}}.</ref>
In June 1874, Congress established a maximum for Greenback circulation of {{US$|long=no|382000000}}, and in January 1875, approved the [[Specie Payment Resumption Act]], which authorized a reduction of the circulation of Greenbacks towards a revised limit of {{US$|long=no|300000000}}, and required the government to redeem them for gold, on demand, after January 1, 1879. As a result, the currency strengthened and by April 1876, the notes were on par with silver coins which then began to re-emerge into circulation.<ref name="100Greatest">Bowers, Q. David; David Sundman (2006). ''100 GREATEST AMERICAN CURRENCY NOTES'', Atlanta, Georgia: Whitman Publishing. {{ISBN|0-7948-2006-9}}.</ref> On May 31, 1878, the contraction in the circulation was halted at {{US$|long=no|346681016}}—a level which would be maintained for almost 100 years afterwards.<ref>[https://query.nytimes.com/gst/abstract.html?res=9F0CE0DE1639E433A25757C2A9639C946297D6CF The National Balance Sheet; It Includes {{US$|long=no|71000000}} of Debits Which Might Well Be Dropped"] ''[[New York Times]]'' May 24, 1903, Sunday</ref> While {{US$|long=no|346681016}} was a significant figure at the time, it is now a very small fraction of the total currency in circulation in the United States. The year 1879 found Sherman, now Secretary of the Treasury, in possession of sufficient specie to redeem notes as requested, but as this brought the value of the greenbacks into parity with gold for the first time since the Specie Suspension of December 1861, the public voluntarily accepted the greenbacks as part of the circulating medium.<ref name="Cyclo"/>
While the United States Notes had been used as a form of debt issuance during the Civil War, afterwards they were used as a way of moderately influencing the money supply by the federal government—such as through the actions of Boutwell and Richardson. During the [[Panic of 1907]], President [[Theodore Roosevelt]] attempted to increase liquidity in the markets by authorizing the Treasury to issue more Greenbacks, but the [[Aldrich–Vreeland Act]] provided for the needed flexibility by the [[National Bank Note]] supply instead. Eventually, the perceived need for an elastic currency was addressed with the [[Federal Reserve Note]]s authorized by the [[Federal Reserve Act|Federal Reserve Act of 1913]], and attempts to alter the circulating quantity of United States Notes ended.
===End of the United States Note===
Soon after [[Executive Order 6102|private ownership of gold was banned]] in 1933 (a ban that would be lifted in 1974), all of the remaining types of circulating currency, [[National Bank Note]]s, [[Silver certificate (United States)|silver certificates]], [[Federal Reserve Note]]s, and United States Notes, were redeemable by individuals only for [[silver]]. Eventually, even silver redemption stopped in June 1968, during a time in which all U.S. currency (both coins and paper currency) was changed to [[fiat money|fiat currency]]. For the general public, there was then little to distinguish United States Notes from Federal Reserve Notes. As a result, the public circulation of United States Notes, in the form of {{US$|long=no|2}} and {{US$|long=no|5}} bills was discontinued in August 1966, and replaced with {{US$|long=no|5}} Federal Reserve Notes and, eventually, {{US$|long=no|2}} Federal Reserve Notes as well. United States Notes became rare in hand-to-hand commerce and also beginning in 1966, the Treasury converted the outstanding balance into new {{US$|long=no|100}} United States Notes, the majority of which sat unissued in bank vaults. Series 1966 and Series 1966A {{US$|long=no|100}} United States Notes were printed from 1966 to 1969, with distribution into public circulation officially ending January 21, 1971.<ref name="USTfaq">[http://www.treasury.gov/resource-center/faqs/Currency/Pages/legal-tender.aspx U.S. Treasury – FAQ: Legal Tender Status]</ref>
In September 1994, the Riegle Improvement Act released the Treasury from its long-standing obligation to keep United States Notes in circulation. Just prior to the Riegle act, the treasury considered releasing its large remaining stockpile of unissued {{US$|long=no|100}} United States Notes into general circulation, but with the recently redesigned series 1996 {{US$|long=no|100}} Federal Reserve Note, it was decided confusion would likely arise with the sudden appearance of two very different {{US$|long=no|100}} notes in circulation.<ref name="Riegle">[https://www.congress.gov/bill/103rd-congress/house-bill/3474/text Riegle Community Development and Regulatory Improvement Act of 1994, see Sec. 602(f)(4)]</ref> The Treasury announced in 1996 that the remaining stock of {{US$|long=no|100}} United States Notes had been destroyed.<ref>Hessler, Gene and Chambliss, Carlson (2006). ''The Comprehensive Catalog of U.S. Paper Money'', 7th edition, Port Clinton, Ohio: BNR Press {{ISBN|0-931960-66-5}}.</ref>
==Comparison to Federal Reserve Notes==
Both United States Notes and [[Federal Reserve Note]]s have been legal tender since the [[Executive Order 6102|gold recall]] of 1933. Both have been used in circulation as money in the same way. However, the issuing authority for them came from different statutes.<ref name="USTfaq" /> United States Notes are, depending on their issue, redeemable directly for precious metal – as after the specie resumption of 1879 which authorized federal officials to do so if requested. The difference between a United States Note and a Federal Reserve Note is that a United States Note represented a "bill of credit"{{clarify|date=May 2020}} and, since it was issued by the government itself and does not involve either lending or borrowing, was inserted by the Treasury directly into circulation free of interest. The twelve Federal Reserve Banks issue them into circulation pursuant to the Federal Reserve Act of 1913. A commercial bank belonging to the Federal Reserve System can obtain Federal Reserve Notes from the Federal Reserve Bank in its district whenever it wishes. It must pay for them in full, dollar for dollar, by drawing down its account with its district Federal Reserve Bank.<ref name="USTfaq" />
==Characteristics==
[[File:United States Note change from large to small size with plate position.svg|thumb|The size of the United States Note changed from large (gray) to small (green) with plate position letters and the slightly smaller modern [[Federal Reserve Note]] (blue) super-imposed on bottom left 1928-size note]]
Like all U.S. currency, United States Notes were produced in a [[large-sized note|large sized]] format until 1929, at which time the notes' sizes were reduced to the small-size format of the present day.{{#tag:ref | Large size notes represent the earlier types or series of U.S. banknotes. Their "average" dimension is {{val|7.375|x|3.125|ul=inches}} ({{val|187|x|79|ul=mm}}). Small size notes (described as such due to their size relative to the earlier large size notes) are an "average" {{val|6.125|x|2.625|u=inches}} ({{val|156|x|67|u=mm}}), the size of modern U.S. currency. "Each measurement is {{val|p=±|0.08|u=inches}} ({{val|2|u=mm}}) to account for margins and cutting".<ref>Friedberg, p. 7.</ref>| group="nb"}} Per the Treasury Department Appropriation Bill of 1929, notes issued before October 1928 were {{frac|7|7|16}}{{times}}{{frac|3|9|64}} inches and later issues were to be {{frac|6|5|16}}{{times}}{{frac|2|11|16}} inches, which allowed the Treasury Department to produce 12 notes per {{frac|16|1|4}}{{times}}{{frac|13|1|4}} inch sheet of paper that previously would yield 8 notes at the old size.<ref>{{cite book|title=Treasury Department Appropriation Bill, 1929|year=1928|page=105|publisher=U.S. Government Printing Office|publication-date=1928|url=https://books.google.com/books?id=qqQuAAAAMAAJ&pg=PA105}}</ref>
The original large-sized Civil War issues were dated 1862 and 1863, and issued in denominations of {{US$|long=no|1}}, {{US$|long=no|2}}, {{US$|long=no|5}}, {{US$|long=no|10}}, {{US$|long=no|20}}, {{US$|long=no|50}}, {{US$|long=no|100}}, {{US$|long=no|500}} and {{US$|long=no|1000}}.<ref>
{{cite web |url=http://www.uspapermoney.info/general/chron_l.html| title=Chronology of Large-Size Notes |website=www.uspapermoney.info |access-date=June 6, 2009}}</ref> The United States Notes were dramatically redesigned for the Series of 1869, the so-called ''Rainbow Notes''. The notes were again redesigned for the Series of 1874, 1875 and 1878. The Series of 1878 included, for the first and last time, notes of {{US$|long=no|5000}} and {{US$|long=no|10000}} denominations. The final across-the-board redesign of the large-sized notes was the Series of 1880. Individual denominations were redesigned in 1901, 1907, 1917 and 1923.
On small-sized United States Notes, the [[Seal of the United States Department of the Treasury|U.S. Treasury Seal]] and the [[serial number]]s are printed in red (contrasting with Federal Reserve Notes, where they appear in green). By the time the treasury adopted the small-size format in 1928, the [[Federal Reserve System]] had existed for fifteen years and there had been a decline in the need for United States Notes; the notes were mainly issued in {{US$|long=no|2}} and {{US$|long=no|5}} denominations in the Series years of 1928, 1953, and 1963. There was a limited issue of {{US$|long=no|1}} notes in the [[Series of 1928 (United States Currency)|Series of 1928]], most of which were released in 1948 in [[Puerto Rico]], and an issue of {{US$|long=no|100}} notes in the Series year of 1966, mainly to satisfy the legacy legal requirement of maintaining the mandated quantity in circulation after the {{US$|long=no|2}} and {{US$|long=no|5}} denominations had been discontinued in August 1966. The BEP also printed but did not issue {{US$|long=no|10}} notes in the 1928 Series. An example was displayed at the 1933 Worlds Fair in Chicago.
Section 5119(b)(2) of Title 31, United States Code, was amended by the Riegle Community Development and Regulatory Improvement Act of 1994 (Public Law 103–325) to read as follows: "The Secretary shall not be required to reissue United States currency notes upon redemption." This does not change the legal tender status of United States Notes nor does it require a recall of those notes already in circulation. This provision means that United States Notes are to be canceled and destroyed but not reissued. This will eventually result in a decrease in the amount of these notes outstanding.<ref name=bep-riegle-Act>{{cite web |title=Historical Legislation - Riegle Improvement Act |url=http://www.bep.treas.gov/historicallegislation.html |publisher=[[Bureau of Engraving and Printing]], U.S. Department of the Treasury |website=www.bep.treas.gov |access-date=February 9, 2015}}</ref>
===Large-size United States Notes (1862–1923)===
{| class="wikitable sortable"
|+ Complete type set of United States Notes (aka Legal Tender)
|-
! scope="col" style="width:35px;"| Value
! scope="col" style="width:45px;"| Year
! scope="col" style="width:45px; "| Fr. #<ref>Friedberg numbering system, http://www.panix.com/~clay/currency/catalog-numbers.html</ref>
! scope="col" style="width:225px;" class="unsortable"| Image
! scope="col" style="width:200px;"| Portrait{{#tag:ref |Names in parentheses are either the engravers or artists responsible for the concept and/or initial design.| group="nb"}}
|-
! scope="row"|<span style="display:none">000001</span>$1
|1862–63
|Fr.16c
|[[File:US-$1-LT-1862-Fr-16c.jpg|225px]]
|<span style="display:none">Chase</span>[[Salmon P. Chase]]<br/>(Joseph P. Ourdan)<ref>Hessler, 2004, p. 24.</ref>
|-
! scope="row"|<span style="display:none">000001</span>$1
|1869
|Fr.18
|[[File:US-$1-LT-1869-Fr-18.jpg|225px]]
|<span style="display:none">Washington</span>[[George Washington]]
|-
! scope="row"|<span style="display:none">000001</span>$1
|1878
|Fr.27
|[[File:US-$1-LT-1878-Fr-27.jpg|225px]]
|<span style="display:none">Washington</span>[[George Washington]]
|-
! scope="row"|<span style="display:none">000001</span>$1
|1880
|Fr.29
|[[File:US-$1-LT-1880-Fr-29.jpg|225px]]
|<span style="display:none">Washington</span>[[George Washington]]
|-
! scope="row"|<span style="display:none">000002</span>$2
|1862–63
|Fr.41
|[[File:US-$2-LT-1862-Fr-41.jpg|225px]]
|<span style="display:none">Hamilton</span>[[Alexander Hamilton]]
|-
! scope="row"|<span style="display:none">000002</span>$2
|1869
|Fr.42
|[[File:US-$2-LT-1869-Fr-42.jpg|225px]]
|<span style="display:none">Jefferson</span>[[Thomas Jefferson]]
|-
! scope="row"|<span style="display:none">000002</span>$2
|1875
|Fr.47
|[[File:US-$2-LT-1875-Fr-47.jpg|225px]]
|<span style="display:none">Jefferson</span>[[Thomas Jefferson]]
|-
! scope="row"|<span style="display:none">000002</span>$2
|1880
|Fr.52
|[[File:US-$2-LT-1880-Fr-52.jpg|225px]]
|<span style="display:none">Jefferson</span>[[Thomas Jefferson]]
|-
! scope="row"|<span style="display:none">000005</span>$5
|1862–63
|Fr.61a
|[[File:US-$5-LT-1862-Fr-61a.jpg|225px]]
|<span style="display:none">Hamilton</span>[[Statue of Freedom|Freedom]]<br/>(Owen G. Hanks, eng; [[Thomas Crawford (sculptor)|Thomas Crawford]], art)<ref>Hessler, 2004, p. 20.</ref><br/>[[Alexander Hamilton]]
|-
! scope="row"|<span style="display:none">000005</span>$5
|1869
|Fr.64
|[[File:US-$5-LT-1869-Fr.64.jpg|225px]]
|<span style="display:none">Jackson</span>[[Andrew Jackson]]
|-
! scope="row"|<span style="display:none">000005</span>$5
|1875
|Fr.68
|[[File:US-$5-LT-1875-Fr-68.jpg|225px]]
|<span style="display:none">Jackson</span>[[Andrew Jackson]]
|-
! scope="row"|<span style="display:none">000005</span>$5
|1880
|Fr.72
|[[File:US-$5-LT-1880-Fr-72.jpg|225px]]
|<span style="display:none">Jackson</span>[[Andrew Jackson]]
|-
! scope="row"|<span style="display:none">000010</span>$10
|1862–63
|Fr.95b
|[[File:US-$10-LT-1863-Fr-95b.jpg|225px]]
|<span style="display:none">Lincoln</span>[[Abraham Lincoln]]<br/>(Frederick Girsch);<ref>Hessler, 2004, p. 22.</ref><br/>Eagle; Art
|-
! scope="row"|<span style="display:none">000010</span>$10
|1869
|Fr.96
|[[File:US-$10-LT-1869-Fr-96.jpg|225px]]
|<span style="display:none">Webster</span>[[Daniel Webster]]
|-
! scope="row"|<span style="display:none">000010</span>$10
|1875
|Fr.98
|[[File:US-$10-LT-1875-Fr-98.jpg|225px]]
|<span style="display:none">Webster</span>[[Daniel Webster]]
|-
! scope="row"|<span style="display:none">000010</span>$10
|1880
|Fr.102
|[[File:US-$10-LT-1880-Fr-102.jpg|225px]]
|<span style="display:none">Webster</span>[[Daniel Webster]]
|-
! scope="row"|<span style="display:none">000010</span>$10
|1901
|Fr.114
|[[File:US-$10-LT-1901-Fr.114.jpg|225px]]
|<span style="display:none">Lewis</span>[[Meriwether Lewis|Lewis]] & [[William Clark (explorer)|Clark]]
|-
! scope="row"|<span style="display:none">000010</span>$10
|1923
|Fr.123
|[[File:US-$10-LT-1923-Fr-123.jpg|225px]]
|<span style="display:none">Jackson</span>[[Andrew Jackson]]
|-
! scope="row"|<span style="display:none">000020</span>$20
|1862–63
|Fr.126b
|[[File:US-$20-LT-1863-Fr-126b.jpg|225px]]
|<span style="display:none">Liberty</span>Liberty
|-
! scope="row"|<span style="display:none">000020</span>$20
|1869
|Fr.127
|[[File:US-$20-LT-1869-Fr-127.jpg|225px]]
|<span style="display:none">Hamilton</span>[[Alexander Hamilton]]
|-
! scope="row"|<span style="display:none">000020</span>$20
|1875
|Fr.128
|[[File:US-$20-LT-1875-Fr-128.jpg|225px]]
|<span style="display:none">Hamilton</span>[[Alexander Hamilton]]
|-
! scope="row"|<span style="display:none">000020</span>$20
|1880
|Fr.145
|[[File:US-$20-LT-1880-Fr-145.jpg|225px]]
|<span style="display:none">Hamilton</span>[[Alexander Hamilton]]
|-
! scope="row"|<span style="display:none">000050</span>$50
|1862–63
|Fr.148a
|[[File:US-$50-LT-1862-Fr-148a.jpg|225px]]
|<span style="display:none">Hamilton</span>[[Alexander Hamilton]]<br/>(Joseph P. Ourdan)<ref>Hessler, 2004, p. 27.</ref>
|-
! scope="row"|<span style="display:none">000050</span>$50
|1869
|Fr.151
|[[File:US-$50-LT-1869-Fr-151.jpg|225px]]
|<span style="display:none">Clay</span>[[Henry Clay]]
|-
! scope="row"|<span style="display:none">000050</span>$50
|1874
|Fr.152
|[[File:US-$50-LT-1874-Fr-152.jpg|225px]]
|<span style="display:none">Franklin</span>[[Benjamin Franklin]]
|-
! scope="row"|<span style="display:none">000050</span>$50
|1880
|Fr.164
|[[File:US-$50-LT-1880-Fr.164.jpg|225px]]
|<span style="display:none">Franklin</span>[[Benjamin Franklin]]
|-
! scope="row"|<span style="display:none">000100</span>$100
|1862–63
|Fr.167
|[[File:US-$100-LT-1863-Fr-167.jpg|225px]]
|<span style="display:none">Spread Eagle</span>Vignette spread eagle<br/>(Joseph P. Ourdan)<ref>Hessler, 2004, p. 28.</ref>
|-
! scope="row"|<span style="display:none">000100</span>$100
|1869
|Fr.168
|[[File:US-$100-LT-1869-Fr-168.jpg|225px]]
|<span style="display:none">Lincoln</span>[[Abraham Lincoln]]
|-
! scope="row"|<span style="display:none">000100</span>$100
|1878
|Fr.171
|[[File:US-$100-LT-1878-Fr-171.jpg|225px]]
|<span style="display:none">Lincoln</span>[[Abraham Lincoln]]
|-
! scope="row"|<span style="display:none">000100</span>$100
|1880
|Fr.181
|[[File:US-$100-LT-1880-Fr-181.jpg|225px]]
|<span style="display:none">Lincoln</span>[[Abraham Lincoln]]
|-
! scope="row"|<span style="display:none">000500</span>$500
|1862–63
|Fr.183c
|[[File:US-$500-LT-1863-Fr-183c.jpg|225px]]
|<span style="display:none">Gallatin</span>[[Albert Gallatin]]
|-
! scope="row"|<span style="display:none">000500</span>$500
|1869
|Fr.184
|[[File:US-$500-LT-1869-Fr-184.jpg|225px]]
|<span style="display:none">Adams</span>[[John Quincy Adams]]<br/>(Charles Burt)<ref>Hessler, 2004, p. 36.</ref>
|-
! scope="row"|<span style="display:none">000500</span>$500
|1875
|Fr.185b
|[[File:US-$500-LT-1875-Fr-185b.jpg|225px]]
|<span style="display:none">Mansfield</span>[[Joseph K. Mansfield]]
|-
! scope="row"|<span style="display:none">000500</span>$500
|1880
|Fr.185l
|[[File:US-$500-LT-1880-Fr-185l.jpg|225px]]
|<span style="display:none">Mansfield</span>[[Joseph K. Mansfield]]
|-
! scope="row"|<span style="display:none">001000</span>$1,000
|1862–63
|Fr.186e
|[[File:US-$1000-LT-1863-Fr-186e.jpg|225px]]
|<span style="display:none">Morris</span>[[Robert Morris (financier)|Robert Morris]]<br/>(Charles Schlecht)
|-
! scope="row"|<span style="display:none">001000</span>$1,000
|1869
|Fr.186f
|
|<span style="display:none">Clinton</span>[[DeWitt Clinton]]
|-
! scope="row"|<span style="display:none">001000</span>$1,000
|1878
|Fr.187a
|[[File:US-$1000-LT-1878-Fr-187a.jpg|225px]]
|<span style="display:none">Clinton</span>[[DeWitt Clinton]]
|-
! scope="row"|<span style="display:none">001000</span>$1,000
|1880
|Fr.187k
|[[File:US-$1000-LT-1880-Fr-187k.jpg|225px]]
|<span style="display:none">Clinton</span>[[DeWitt Clinton]]
|-
! scope="row"|<span style="display:none">005000</span>$5,000
|1878
|Fr.188
|[[File:US-$5000-LT-1878-Fr.188-PROOF.jpg|225px]]
|<span style="display:none">Madison</span>[[James Madison]]
|-
! scope="row"|<span style="display:none">010000</span>$10,000
|1878
|Fr.189
|[[File:US-$10000-LT-1878-Fr.189-PROOF.jpg|225px]]
|<span style="display:none">Jackson</span>[[Andrew Jackson]]
|}
===Series 1928 United States Notes===
{|class="wikitable" style="font-size: 90%"
!colspan="12"| United States Notes – First small-size issue, Series 1928 (Smithsonian Institution)
|-
!colspan="1"| Image !!rowspan="2"| Value !!rowspan="2"| Dimensions !!rowspan="2"| Main Color !!colspan="2"|
|-
! Obverse/Reverse !! Obverse !! Reverse
|-
|align="center"| [[File:US-$1-LT-1928-Fr.1500.jpg|150px]]
| [[United States one-dollar bill|$1]] United States Note
| {{val|6.140|×|2.610|u=in}} ({{val|155.956|×|66.294|u=mm}})
| Green; Black
| [[George Washington]]
| Stylized "One Dollar"
|-
|align="center"| [[File:US-$2-LT-1928-Fr.1501.jpg|150px]]
| [[United States two-dollar bill|$2]] United States Note
| {{val|6.140|×|2.610|u=in}} ({{val|155.956|×|66.294|u=mm}})
| Green; Black
| [[Thomas Jefferson]]
| [[Monticello]]
|-
|align="center"| [[File:US-$5-LT-1928-Fr.1525.jpg|150px]]
| [[United States five-dollar bill|$5]] United States Note
| {{val|6.140|×|2.610|u=in}} ({{val|155.956|×|66.294|u=mm}})
| Green; Black
| [[Abraham Lincoln]]
| [[Lincoln Memorial]]
|}
===Series 1953 United States Notes===
{|class="wikitable" style="font-size: 90%"
!colspan="12"| United States Notes – Small-size issue, Series 1953
|-
!colspan="1"| Image !!rowspan="2"| Value !!rowspan="2"| Dimensions !!rowspan="2"| Main Color !!colspan="2"|
|-
! Obverse/Reverse !! Obverse !! Reverse
|-
|align="center"| [[File:Series 1953 US two-dollar bill obverse.jpg|150px]]
| [[United States two-dollar bill|$2]] United States Note
| {{val|6.140|×|2.610|u=in}} ({{val|155.956|×|66.294|u=mm}})
| Green; Black
| [[Thomas Jefferson]]
| [[Monticello]]
|-
|align="center"|
| [[United States five-dollar bill|$5]] United States Note
| {{val|6.140|×|2.610|u=in}} ({{val|155.956|×|66.294|u=mm}})
| Green; Black
| [[Abraham Lincoln]]
| [[Lincoln Memorial]]
|}
===Series 1963 United States Notes===
{|class="wikitable" style="font-size: 90%"
!colspan="12"| United States Notes – Small-size issue, Series 1963
|-
!colspan="1"| Image !!rowspan="2"| Value !!rowspan="2"| Dimensions !!rowspan="2"| Main Color !!colspan="2"|
|-
! Obverse/Reverse !! Obverse !! Reverse
|-
|align="center"|
| [[United States two-dollar bill|$2]] United States Note
| {{val|6.140|×|2.610|u=in}} ({{val|155.956|×|66.294|u=mm}})
| Green; Black
| [[Thomas Jefferson]]
| [[Monticello]]
|-
|align="center"| [[File:US $5 1963 USN.jpg|frameless|156x156px]]
| [[United States five-dollar bill|$5]] United States Note
| {{val|6.140|×|2.610|u=in}} ({{val|155.956|×|66.294|u=mm}})
| Green; Black
| [[Abraham Lincoln]]
| [[Lincoln Memorial]]
|}
===Series 1966 United States Notes===
{|class="wikitable" style="font-size: 90%"
!colspan="12"| United States Notes – Small-size issue, Series 1966
|-
!colspan="1"| Image !!rowspan="2"| Value !!rowspan="2"| Dimensions !!rowspan="2"| Main Color !!colspan="2"|
|-
! Obverse/Reverse !! Obverse !! Reverse
|-
|align="center"| [[File:US_%24100_United_States_Note_1966.jpg|150px]]
| [[United States one hundred-dollar bill|$100]] United States Note
| {{val|6.140|×|2.610|u=in}} ({{val|155.956|×|66.294|u=mm}})
| Green; Black
| [[Benjamin Franklin]]
| [[Independence Hall]]
|}
==Public debt of the United States==
{{As of|December 2012}}, the U.S. Treasury calculates that {{US$|long=no|239}} million in United States notes are in circulation and, in accordance with [[United States debt ceiling|debt ceiling legislation]], excludes this amount from the [[United States public debt|statutory debt limit]] of the United States. The {{US$|long=no|239}} million excludes {{US$|long=no|25}} million in United States Notes issued prior to July 1, 1929, determined pursuant to Act of June 30, 1961, 31 U.S.C. 5119, to have been destroyed or irretrievably lost.<ref>{{cite web | url=http://www.treasurydirect.gov/govt/reports/pd/mspd/2012/opdm122012.pdf | date=December 31, 2012 | access-date=January 8, 2013 | title=Monthly Statement of the Public Debt of the United States | publisher=United States Treasury Department}}</ref>
==Politics and controversy==
The United States Notes were introduced as [[fiat money]] rather than the precious metal medium of exchange that the United States had traditionally used. Their introduction was thus contentious.
The [[United States Congress]] had enacted the ''Legal Tender Acts'' during the [[U.S. Civil War]] when southern Democrats were [[United States House of Representatives elections, 1860|absent]] from the Congress, and thus their [[Jacksonian democracy|Jacksonian]] [[Hard money (policy)|hard money]] views were underrepresented. After the war, the [[Supreme Court of the United States|Supreme Court]] ruled on the ''[[Legal Tender Cases]]'' to determine the constitutionality of the use of greenbacks. The 1870 case ''[[Hepburn v. Griswold]]'' found unconstitutional the use of greenbacks when applied to debts established prior to the First ''Legal Tender Act'' as the five [[Democratic Party (United States)|Democrats]] on the Court, [[Samuel Nelson|Nelson]], [[Robert Cooper Grier|Grier]], [[Nathan Clifford|Clifford]], [[Stephen Johnson Field|Field]], and [[Salmon P. Chase|Chase]], ruled against the Civil War legislation in a 5–3 decision. Secretary Chase had become [[Chief Justice of the United States]] and a Democrat, and spearheaded the decision invalidating his own actions during the war. However, Grier retired from the Court, and [[Ulysses S. Grant|President Grant]] appointed two new [[Republican Party (United States)|Republicans]], [[William Strong (Pennsylvania judge)|Strong]] and [[Joseph P. Bradley|Bradley]], who joined the three sitting Republicans, [[Noah Haynes Swayne|Swayne]], [[Samuel Freeman Miller|Miller]], and [[David Davis (Supreme Court justice)|Davis]], to reverse Hepburn, 5–4, in the 1871 cases ''[[Knox v. Lee]]'' and ''[[Parker v. Davis]]''. In 1884, the Court, controlled 8–1 by Republicans, granted the federal government very broad power to issue Legal Tender paper through the case ''[[Juilliard v. Greenman]]'', with only the lone remaining Democrat, Field, dissenting.<ref name="Timberlake" />
The states in the far west stayed loyal to the Union, but also had hard money sympathies. During the specie suspension from 1862 to 1878, western states used the gold dollar as a unit of account whenever possible and accepted greenbacks at a discount wherever they could.<ref name="Greenbacks"/> The preferred forms of paper money were [[gold certificate (United States)|gold certificate]]s and [[National Gold Bank Note]]s, the latter having been created specifically to address the desire for hard money in [[California]].
During the 1870s and 1880s, the [[Greenback Party]] existed for the primary purpose of advocating an increased circulation of United States Notes as a way of creating inflation according to the [[quantity theory of money]]. However, as the 1870s unfolded, the market price of silver decreased with respect to gold, and inflationists found a new cause in the [[Free Silver movement]]. Opposition to the resumption of specie convertibility of the Greenbacks during 1879 was accordingly muted.
==See also==
{{Portal|Money|Numismatics|United States}}
*[[History of central banking in the United States]]
==Footnotes==
{{Reflist|group="nb"}}
{{reflist|group=note}}
==Notes==
{{reflist|30em}}
==References==
*{{cite book |last1=Friedberg |first1=Arthur L. |last2=Friedberg |first2=Ira S. |year=2013 |title= Paper Money of the United States: A Complete Illustrated Guide With Valuations |publisher= Coin & Currency Institute |url= https://books.google.com/books?id=eMFWoWl2UYkC |edition=20th|isbn=978-0-87184-520-7}}
*{{cite book |last1=Hessler |first1=Gene |year=1993 |title=The Engraver's Line – An Encyclopedia of Paper Money & Postage Stamp Art |publisher= BNR Press |isbn=0-931960-36-3}}
*{{cite book |last1=Hessler |first1=Gene|year=2004 |title=U.S. Essay, Proof and Specimen Notes |publisher= BNR Press |edition=2|isbn=0-931960-62-2}}
==Further reading==
* Wesley Clair Mitchell, [https://archive.org/details/ahistorygreenba00mitcgoog ''A History of the Greenbacks: With Special Reference to the Economic Consequences of Their Issue, 1862–65.''] Chicago: University of Chicago Press, 1903.
* [[Irwin Unger]], ''[[The Greenback Era: A Social and Political History of American Finance, 1865–1879]].'' (1965)
* Henry George, [http://www.cooperativeindividualism.org/george-henry_on-greenbacks-silver-and-free-banking-1889.html "On Greenbacks, Free Silver, and Free Banking,"] ''The Standard'', December 14, 1889.
==External links==
*[http://www.treasury.gov/resource-center/faqs/Currency/Pages/legal-tender.aspx U.S. Treasury Dept. information about United States Notes]
*[http://www.friesian.com/notes.htm Six Kinds of United States Paper Currency]
{{Obsolete United States currency and coinage}}
{{Money and central banking within the contemporary United States (pre–1913)}}
[[Category:Freiwirtschaft]]
[[Category:Monetary reform]]
[[Category:Banknotes of the United States]]
[[Category:1862 establishments in the United States]]
[[Category:1971 disestablishments in the United States]]' |
New page wikitext, after the edit (new_wikitext) | '{{Short description|hello guys whats up}}
{{For|the current US note|Federal Reserve Note}}
{{Use American English|date=October 2022}}
{{Use mdy dates|date=October 2022}}
[[Image:USNotes.jpg|thumb|Large-sized Series of 1880 United States Notes; the $20 note displays [[Alexander Hamilton]] and a red scalloped [[United States Department of the Treasury|Treasury]] seal, and the $10 note displays [[Daniel Webster]] and a large red spiked Treasury seal]]
A '''United States Note''', also known as a '''Legal Tender Note''', is a type of [[Banknote|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. They were known popularly as "'''greenbacks'''", a name inherited from the earlier [[Greenback (1860s money)|greenbacks]], the [[Demand Note]]s, 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]]. During the early 1860s the so-called ''second obligation'' on the reverse of the notes stated:<ref>Friedberg, Arthur L. and Ira S., 2006, ''Paper Money of the United States, 18th Edition'', Clifton, NJ, The Coin & Currency Institute, Inc. {{ISBN|0-87184-518-0}}</ref>
{{blockquote|This Note is a Legal Tender for al hello guys whats up l debts public and private except Duties on Imports and Interest on the Public Debt; and is receivable in payment of all loans made to the United States.}}
By the 1930s, this obligation would eventually be shortened to:
{{blockquote|This note is a legal tender at its face value for all debts public and private}}
They were originally issued directly into circulation by the [[United States Department of the Treasury|U.S. Treasury]] to pay expenses incurred by the [[Union (American Civil War)|Union]] during the [[American Civil War]]. During the next century, the legislation governing these notes was modified many times and numerous versions were issued by the Treasury.
United States Notes that were issued in the [[large-sized note|large-size]] format, before 1929, differ dramatically in appearance when compared to modern American currency, but those issued in the small-size format, starting 1929, are very similar to contemporary [[Federal Reserve Note]]s of the same denominations with the distinction of having red [[Seal of the United States Department of the Treasury|U.S. Treasury Seals]] and [[serial number]]s in place of green ones. Also, while a variety of denominations were issued as United States Notes during the large-size era, only the $1, $2, $5, and $100 denominations were ever issued as small-size notes.
Existing United States Notes are still fully usable and are considered [[legal tender]]. However, as no United States Notes have been issued since January 1971, most issues are now becoming increasingly rare to find in circulation, and command higher prices than face value as items of [[numismatics|numismatic]] interest.
==History==
{{see also|Union (American Civil War)#Economy}}
===Demand Notes===
{{main|Demand Note}}
[[File:Demand Legal comparison.jpg|thumb|Comparison of a $5 Demand Note (upper image) and an 1862 issue $5 United States Note (lower image) in which the words "On Demand" and the phrase "Receivable in Payment of All Public Dues" are removed and the Treasury Seal is added]]
During 1861, the first year of the [[American Civil War]], the expenses incurred by the Union Government much exceeded its limited revenues from taxation, and borrowing was the main vehicle for financing the war. The Act of July 17, 1861<ref>[http://memory.loc.gov/cgi-bin/ampage?collId=llsl&fileName=012/llsl012.db&recNum=290 United States Congress. Act of July, 17 1861 Chapter V. Washington D.C.: 1861]</ref> authorized [[United States Secretary of the Treasury]] [[Salmon P. Chase]] to raise money via the issuance of $50,000,000 in [[Treasury Note (19th century)|Treasury Notes]] payable on demand.<ref name="Greenbacks">Mitchell, Wesley Clair, "A History of the Greenbacks With Special Reference To the Economic Consequences of Their Issue 1862–65", University of Chicago, Chicago, 1903.</ref> These Demand Notes were paid to creditors directly and used to meet the payroll of soldiers in the field. While issued within the legal framework of Treasury Note Debt, the Demand Notes were intended to circulate as currency and were of the same size as banknotes and closely resembled them in appearance.<ref>Chittenden, L.E., ''Recollections of President Lincoln and His Administration'', Harper & Brothers, New York, 1891.</ref> During December 1861, economic conditions deteriorated and a [[Demand Note#Suspension of Specie Payment|suspension of specie payment]] caused the government to cease redeeming the Demand Notes as coins.
===The Legal Tender Acts===
[[Image:RunningtheMachine-LincAdmin.jpg|thumb|A political cartoon from the [[1864 United States presidential election|1864 U.S. presidential election]] depicting [[William P. Fessenden|Secretary Fessenden]] of the Lincoln administration operating "[[Salmon P. Chase|Chase]]'s Mill" at left to flood the country with Greenbacks.]]
The beginning of 1862 found the Union's expenses increasing, and the government was having trouble funding the escalating war. U.S. Demand Notes—which were used, among other things, to pay Union soldiers—were unredeemable, and the value of the notes began to deteriorate. Congressman and [[Buffalo, New York|Buffalo]] banker [[Elbridge G. Spaulding]] prepared a bill, based on the Free Banking Law of New York, that eventually became the [[National Bank Act|National Banking Act of 1863]].<ref>D.S. & Heidler, J.T. (2000). [https://books.google.com/books?id=SdrYv7S60fgC&pg=PA1167 Heidler, ''Encyclopedia of the American Civil War: a political, social, and military history'' (p. 1168)]. New York, NY: W.W. Norton</ref>
Recognizing, however, that his proposal would take many months to pass Congress, during early February Spaulding introduced another bill to permit the U.S. Treasury to issue {{US$|long=no|150}} million in notes as legal tender.<ref>McPherson, J.M. [https://books.google.com/books?id=GXfGuNAvm7AC&pg=PA445 (1988). ''Battle cry of freedom: the Civil War era'' (p.445)]. New York, NY: Oxford University Press</ref> This caused tremendous controversy in Congress, as hitherto the Constitution had been interpreted as not granting the government the power to issue a paper currency. "The bill before us is a war measure, a measure of ''necessity'', and not of choice," Spaulding argued before the House, adding, "These are extraordinary times, and extraordinary measures must be resorted to in order to save our Government, and preserve our nationality." Spaulding justified the action as a "''necessary means'' of carrying into execution the powers granted in the Constitution 'to raise and ''support'' armies', and 'to provide and ''maintain'' a navy{{'"}}.<ref>[https://books.google.com/books?id=dqWy8Qe4pqgC&pg=PA29 Spaulding, E.G. (1869). ''History of the legal tender paper money issued during the great rebellion''] (p.29). Buffalo, NY: Express Printing.</ref> Despite strong opposition, President [[Abraham Lincoln]] signed the [[First Legal Tender Act]],<ref name="FirstLegal">ch. 33, {{USStat|12|345}}</ref> enacted February 25, 1862, into law, authorizing the issuance of United States Notes as a [[legal tender]]—the paper currency soon to be known as "greenbacks".
Initially, the emission was limited to {{US$|long=no|150000000}} total face value between the new Legal Tender Notes and the existing Demand Notes. The Act also intended for the new notes to be used to replace the Demand Notes as soon as practical. The Demand Notes had been issued in denominations of [[United States five-dollar bill|$5]], [[United States ten-dollar bill|$10]], and [[United States twenty-dollar bill|$20]], and these were replaced by United States Notes nearly identical in appearance on the obverse. In addition, notes of entirely new design were introduced in denominations of [[United States fifty-dollar bill|$50]], [[United States one hundred-dollar bill|$100]], [[Large denominations of United States currency|$500 and {{US$|long=no|1000}}]]. The Demand Notes' printed promise of payment "On Demand" was removed and the statement "This Note is a Legal Tender" was added.
Legal tender status guaranteed that creditors would have to accept the notes despite the fact that they were not backed by gold, bank deposits, or government reserves, and had no interest. However, the First Legal Tender Act did not make the notes an ''unlimited legal tender'' as they could not be used by merchants to pay customs duties on imports and could not be used by the government to pay interest on its bonds. The Act did provide that the notes be receivable by the government for short term deposits at 5% interest, and for the purchase of 6% interest 20-year bonds at par. The rationale for these terms was that the Union government would preserve its credit-worthiness by supporting the value of its bonds by paying their interest in gold. Early in the war, customs duties were a large part of government tax revenue and by making these payable in gold, the government would generate the coin necessary to make the interest payments on the bonds. Lastly, by making the bonds available for purchase at par in United States Notes, the value of the latter would be confirmed as well.<ref name="Greenbacks"/> The limitations of the legal tender status were quite controversial. [[Thaddeus Stevens]], the Chairman of the House of Representatives Committee of Ways and Means, which had authored an earlier version of the Legal Tender Act that would have made United States Notes a legal tender for ''all'' debts, denounced the exceptions, calling the new bill "mischievous" because it made United States Notes an intentionally depreciated currency for the masses, while the banks who loaned to the government got "sound money" in gold. This controversy would continue until the removal of the exceptions during 1933.
By the First Legal Tender Act, Congress limited the Treasury's emission of United States Notes to {{US$|long=no|150000000}}; however, by 1863, the [[Second Legal Tender Act]],<ref name="SecondLegal">ch. 142, {{USStat|12|532}}</ref> enacted July 11, 1862, a Joint Resolution of Congress,<ref name="JointRex">[http://memory.loc.gov/cgi-bin/ampage?collId=llsl&fileName=012/llsl012.db&recNum=853 United States Congress. Resolution of January 17, 1863, No. 9. Washington D.C.: 1863]</ref> and the [[Third Legal Tender Act]],<ref name="ThirdLegal">ch. 73, {{USStat|12|709}}</ref> enacted March 3, 1863, had expanded the limit to {{US$|long=no|450000000}}, the option to exchange the notes for United States bonds at par had been revoked, and notes of [[United States one-dollar bill|$1]] and [[United States two-dollar bill|$2]] denominations had been introduced as the appearance of fiat currency had per [[Gresham's law]] driven even silver coinage out of circulation. As a result of this [[monetary inflation|inflation]], the greenback began to trade at a substantial discount from gold, which prompted Congress to pass the short-lived [[Anti-Gold Futures Act of 1864]], which was soon repealed after it seemed to accelerate the decrease of greenback value.
The largest amount of greenbacks outstanding at any one time was calculated as {{US$|long=no|447300203.10}}.<ref>Backus, Charles K., "The Contraction of the Currency", The Honest Money League of the Northwest, Chicago, 1878.</ref> The Union's reliance on expanding the circulation of greenbacks eventually ended with the emission of [[Interest Bearing Note|Interest Bearing]] and [[Compound Interest Treasury Note]]s, and the passage of the [[National Banking Act]]. However, the end of the war found the greenbacks trading for only about half of their nominal value in gold.<ref name="Greenbacks"/> The [[United States Secret Service|Secret Service]] was founded on July 5, 1865, to minimize [[Counterfeit money|counterfeiting]], which accounted for up to half of the currency.<ref>{{Cite web|title=How much currency is circulating in the economy, and how much of it is counterfeit? Is currency included in the money supply statistics?|url=https://www.frbsf.org/education/publications/doctor-econ/2004/april/money-supply-currency-counterfeit/|access-date=January 16, 2022|website=Federal Reserve Bank of San Francisco|language=en}}</ref>
===Post Civil War===
[[File:US-$10-LT-1901-Fr.114.jpg|thumb|Series of 1901 {{US$|long=no|10}} Legal Tender depicting military explorers [[Meriwether Lewis]], [[William Clark (explorer)|William Clark]], and an [[American bison]]]]
At the end of the [[American Civil War]], some economists, such as [[Henry Charles Carey]], argued for building on the precedent of non-interest-based fiat money and making the greenback system permanent.<ref>Carey, Henry Charles (March 1865) [http://quod.lib.umich.edu/cgi/t/text/text-idx?sid=932372736069d66b3b26927f407796bf&c=moa&idno=AEU5158.0001.001&view=toc The Way to Outdo England Without Fighting Her]</ref> However, [[Hugh McCulloch|Secretary of the Treasury McCulloch]] argued that the Legal Tender Acts had been war measures, and that the United States should soon reverse them and return to the [[gold standard]]. The [[United States House of Representatives|House of Representatives]] voted overwhelmingly to endorse the Secretary's argument.<ref name="Cyclo">"United States Notes", [[John Joseph Lalor]], ''Cyclopaedia of Political Science, Political Economy, and of the Political History of the United States'', Rand McNally & Co, Chicago, 1881.</ref> With an eventual return to gold convertibility in mind, the Funding Act of April 12, 1866<ref>[http://memory.loc.gov/cgi-bin/ampage?collId=llsl&fileName=014/llsl014.db&recNum=62 United States Congress. Act of April 12, 1866 Chapter XXXIII. Washington D.C.: 1866]</ref> was passed, authorizing McCulloch to retire {{US$|long=no|10}} million of the Greenbacks within six months and up to {{US$|long=no|4}} million per month thereafter. This he proceeded to do until only {{US$|long=no|356000000}} were outstanding during February 1868. By this time, the wartime economic prosperity was ended, the crop harvest was poor, and a financial panic in Great Britain caused a recession and a sharp decrease of prices in the United States.<ref name="Studenski">Studenski, Paul; Krooss, Hermand Edward (1952). ''Financial History of the United States'', New York, NY: McGraw-Hill. {{ISBN|1-58798-175-0}}.</ref> The contraction of the money supply was blamed for the deflationary effects, and caused debtors to agitate successfully for a halt to the notes' retirement.<ref>[http://www.u-s-history.com/pages/h171.html The Greenback Question.] Retrieved May 30, 2009.</ref>
During the early 1870s, Treasury Secretaries [[George S. Boutwell]] and [[William Adams Richardson]] maintained that, though Congress had mandated {{US$|long=no|356000000}} as the minimum Greenback circulation, the old Civil War statutes still authorized a maximum of {{US$|long=no|400000000}}{{#tag:ref |While the three Legal Tender Acts had authorized {{US$|long=no|450000000}} of notes, the Second Legal Tender Act, in taking the total from {{US$|long=no|150000000}} to {{US$|long=no|300000000}} had reserved {{US$|long=no|50000000}} of the increase for the purpose of redeeming balances in a temporary deposit program. The Act of June 30, 1864, reiterated this limitation, and as the temporary loan program had ceased to exist, only {{US$|long=no|400000000}} of the {{US$|long=no|450000000}} ceiling were available.| group="nb"}}—and thus they had at their discretion a "reserve" of {{US$|long=no|44000000}}. While the Senate Finance Committee under [[John Sherman]] disagreed, being of the opinion that the {{US$|long=no|356000000}} was a maximum as well as a minimum, no legislation was passed to assert the committee's opinion. Starting in 1872, Boutwell and Richardson used the "reserve" to counteract seasonal demands for currency, and eventually expanded the circulation of the Greenbacks to {{US$|long=no|382000000}} in response to the [[Panic of 1873]].<ref name="Timberlake">Timberlake, Richard H.(1993). ''Monetary Policy in the United States: An Intellectual and Institutional History'', Chicago: University of Chicago Press. {{ISBN|978-0-226-80384-5}}.</ref>
In June 1874, Congress established a maximum for Greenback circulation of {{US$|long=no|382000000}}, and in January 1875, approved the [[Specie Payment Resumption Act]], which authorized a reduction of the circulation of Greenbacks towards a revised limit of {{US$|long=no|300000000}}, and required the government to redeem them for gold, on demand, after January 1, 1879. As a result, the currency strengthened and by April 1876, the notes were on par with silver coins which then began to re-emerge into circulation.<ref name="100Greatest">Bowers, Q. David; David Sundman (2006). ''100 GREATEST AMERICAN CURRENCY NOTES'', Atlanta, Georgia: Whitman Publishing. {{ISBN|0-7948-2006-9}}.</ref> On May 31, 1878, the contraction in the circulation was halted at {{US$|long=no|346681016}}—a level which would be maintained for almost 100 years afterwards.<ref>[https://query.nytimes.com/gst/abstract.html?res=9F0CE0DE1639E433A25757C2A9639C946297D6CF The National Balance Sheet; It Includes {{US$|long=no|71000000}} of Debits Which Might Well Be Dropped"] ''[[New York Times]]'' May 24, 1903, Sunday</ref> While {{US$|long=no|346681016}} was a significant figure at the time, it is now a very small fraction of the total currency in circulation in the United States. The year 1879 found Sherman, now Secretary of the Treasury, in possession of sufficient specie to redeem notes as requested, but as this brought the value of the greenbacks into parity with gold for the first time since the Specie Suspension of December 1861, the public voluntarily accepted the greenbacks as part of the circulating medium.<ref name="Cyclo"/>
While the United States Notes had been used as a form of debt issuance during the Civil War, afterwards they were used as a way of moderately influencing the money supply by the federal government—such as through the actions of Boutwell and Richardson. During the [[Panic of 1907]], President [[Theodore Roosevelt]] attempted to increase liquidity in the markets by authorizing the Treasury to issue more Greenbacks, but the [[Aldrich–Vreeland Act]] provided for the needed flexibility by the [[National Bank Note]] supply instead. Eventually, the perceived need for an elastic currency was addressed with the [[Federal Reserve Note]]s authorized by the [[Federal Reserve Act|Federal Reserve Act of 1913]], and attempts to alter the circulating quantity of United States Notes ended.
===End of the United States Note===
Soon after [[Executive Order 6102|private ownership of gold was banned]] in 1933 (a ban that would be lifted in 1974), all of the remaining types of circulating currency, [[National Bank Note]]s, [[Silver certificate (United States)|silver certificates]], [[Federal Reserve Note]]s, and United States Notes, were redeemable by individuals only for [[silver]]. Eventually, even silver redemption stopped in June 1968, during a time in which all U.S. currency (both coins and paper currency) was changed to [[fiat money|fiat currency]]. For the general public, there was then little to distinguish United States Notes from Federal Reserve Notes. As a result, the public circulation of United States Notes, in the form of {{US$|long=no|2}} and {{US$|long=no|5}} bills was discontinued in August 1966, and replaced with {{US$|long=no|5}} Federal Reserve Notes and, eventually, {{US$|long=no|2}} Federal Reserve Notes as well. United States Notes became rare in hand-to-hand commerce and also beginning in 1966, the Treasury converted the outstanding balance into new {{US$|long=no|100}} United States Notes, the majority of which sat unissued in bank vaults. Series 1966 and Series 1966A {{US$|long=no|100}} United States Notes were printed from 1966 to 1969, with distribution into public circulation officially ending January 21, 1971.<ref name="USTfaq">[http://www.treasury.gov/resource-center/faqs/Currency/Pages/legal-tender.aspx U.S. Treasury – FAQ: Legal Tender Status]</ref>
In September 1994, the Riegle Improvement Act released the Treasury from its long-standing obligation to keep United States Notes in circulation. Just prior to the Riegle act, the treasury considered releasing its large remaining stockpile of unissued {{US$|long=no|100}} United States Notes into general circulation, but with the recently redesigned series 1996 {{US$|long=no|100}} Federal Reserve Note, it was decided confusion would likely arise with the sudden appearance of two very different {{US$|long=no|100}} notes in circulation.<ref name="Riegle">[https://www.congress.gov/bill/103rd-congress/house-bill/3474/text Riegle Community Development and Regulatory Improvement Act of 1994, see Sec. 602(f)(4)]</ref> The Treasury announced in 1996 that the remaining stock of {{US$|long=no|100}} United States Notes had been destroyed.<ref>Hessler, Gene and Chambliss, Carlson (2006). ''The Comprehensive Catalog of U.S. Paper Money'', 7th edition, Port Clinton, Ohio: BNR Press {{ISBN|0-931960-66-5}}.</ref>
==Comparison to Federal Reserve Notes==
Both United States Notes and [[Federal Reserve Note]]s have been legal tender since the [[Executive Order 6102|gold recall]] of 1933. Both have been used in circulation as money in the same way. However, the issuing authority for them came from different statutes.<ref name="USTfaq" /> United States Notes are, depending on their issue, redeemable directly for precious metal – as after the specie resumption of 1879 which authorized federal officials to do so if requested. The difference between a United States Note and a Federal Reserve Note is that a United States Note represented a "bill of credit"{{clarify|date=May 2020}} and, since it was issued by the government itself and does not involve either lending or borrowing, was inserted by the Treasury directly into circulation free of interest. The twelve Federal Reserve Banks issue them into circulation pursuant to the Federal Reserve Act of 1913. A commercial bank belonging to the Federal Reserve System can obtain Federal Reserve Notes from the Federal Reserve Bank in its district whenever it wishes. It must pay for them in full, dollar for dollar, by drawing down its account with its district Federal Reserve Bank.<ref name="USTfaq" />
==Characteristics==
[[File:United States Note change from large to small size with plate position.svg|thumb|The size of the United States Note changed from large (gray) to small (green) with plate position letters and the slightly smaller modern [[Federal Reserve Note]] (blue) super-imposed on bottom left 1928-size note]]
Like all U.S. currency, United States Notes were produced in a [[large-sized note|large sized]] format until 1929, at which time the notes' sizes were reduced to the small-size format of the present day.{{#tag:ref | Large size notes represent the earlier types or series of U.S. banknotes. Their "average" dimension is {{val|7.375|x|3.125|ul=inches}} ({{val|187|x|79|ul=mm}}). Small size notes (described as such due to their size relative to the earlier large size notes) are an "average" {{val|6.125|x|2.625|u=inches}} ({{val|156|x|67|u=mm}}), the size of modern U.S. currency. "Each measurement is {{val|p=±|0.08|u=inches}} ({{val|2|u=mm}}) to account for margins and cutting".<ref>Friedberg, p. 7.</ref>| group="nb"}} Per the Treasury Department Appropriation Bill of 1929, notes issued before October 1928 were {{frac|7|7|16}}{{times}}{{frac|3|9|64}} inches and later issues were to be {{frac|6|5|16}}{{times}}{{frac|2|11|16}} inches, which allowed the Treasury Department to produce 12 notes per {{frac|16|1|4}}{{times}}{{frac|13|1|4}} inch sheet of paper that previously would yield 8 notes at the old size.<ref>{{cite book|title=Treasury Department Appropriation Bill, 1929|year=1928|page=105|publisher=U.S. Government Printing Office|publication-date=1928|url=https://books.google.com/books?id=qqQuAAAAMAAJ&pg=PA105}}</ref>
The original large-sized Civil War issues were dated 1862 and 1863, and issued in denominations of {{US$|long=no|1}}, {{US$|long=no|2}}, {{US$|long=no|5}}, {{US$|long=no|10}}, {{US$|long=no|20}}, {{US$|long=no|50}}, {{US$|long=no|100}}, {{US$|long=no|500}} and {{US$|long=no|1000}}.<ref>
{{cite web |url=http://www.uspapermoney.info/general/chron_l.html| title=Chronology of Large-Size Notes |website=www.uspapermoney.info |access-date=June 6, 2009}}</ref> The United States Notes were dramatically redesigned for the Series of 1869, the so-called ''Rainbow Notes''. The notes were again redesigned for the Series of 1874, 1875 and 1878. The Series of 1878 included, for the first and last time, notes of {{US$|long=no|5000}} and {{US$|long=no|10000}} denominations. The final across-the-board redesign of the large-sized notes was the Series of 1880. Individual denominations were redesigned in 1901, 1907, 1917 and 1923.
On small-sized United States Notes, the [[Seal of the United States Department of the Treasury|U.S. Treasury Seal]] and the [[serial number]]s are printed in red (contrasting with Federal Reserve Notes, where they appear in green). By the time the treasury adopted the small-size format in 1928, the [[Federal Reserve System]] had existed for fifteen years and there had been a decline in the need for United States Notes; the notes were mainly issued in {{US$|long=no|2}} and {{US$|long=no|5}} denominations in the Series years of 1928, 1953, and 1963. There was a limited issue of {{US$|long=no|1}} notes in the [[Series of 1928 (United States Currency)|Series of 1928]], most of which were released in 1948 in [[Puerto Rico]], and an issue of {{US$|long=no|100}} notes in the Series year of 1966, mainly to satisfy the legacy legal requirement of maintaining the mandated quantity in circulation after the {{US$|long=no|2}} and {{US$|long=no|5}} denominations had been discontinued in August 1966. The BEP also printed but did not issue {{US$|long=no|10}} notes in the 1928 Series. An example was displayed at the 1933 Worlds Fair in Chicago.
Section 5119(b)(2) of Title 31, United States Code, was amended by the Riegle Community Development and Regulatory Improvement Act of 1994 (Public Law 103–325) to read as follows: "The Secretary shall not be required to reissue United States currency notes upon redemption." This does not change the legal tender status of United States Notes nor does it require a recall of those notes already in circulation. This provision means that United States Notes are to be canceled and destroyed but not reissued. This will eventually result in a decrease in the amount of these notes outstanding.<ref name=bep-riegle-Act>{{cite web |title=Historical Legislation - Riegle Improvement Act |url=http://www.bep.treas.gov/historicallegislation.html |publisher=[[Bureau of Engraving and Printing]], U.S. Department of the Treasury |website=www.bep.treas.gov |access-date=February 9, 2015}}</ref>
===Large-size United States Notes (1862–1923)===
{| class="wikitable sortable"
|+ Complete type set of United States Notes (aka Legal Tender)
|-
! scope="col" style="width:35px;"| Value
! scope="col" style="width:45px;"| Year
! scope="col" style="width:45px; "| Fr. #<ref>Friedberg numbering system, http://www.panix.com/~clay/currency/catalog-numbers.html</ref>
! scope="col" style="width:225px;" class="unsortable"| Image
! scope="col" style="width:200px;"| Portrait{{#tag:ref |Names in parentheses are either the engravers or artists responsible for the concept and/or initial design.| group="nb"}}
|-
! scope="row"|<span style="display:none">000001</span>$1
|1862–63
|Fr.16c
|[[File:US-$1-LT-1862-Fr-16c.jpg|225px]]
|<span style="display:none">Chase</span>[[Salmon P. Chase]]<br/>(Joseph P. Ourdan)<ref>Hessler, 2004, p. 24.</ref>
|-
! scope="row"|<span style="display:none">000001</span>$1
|1869
|Fr.18
|[[File:US-$1-LT-1869-Fr-18.jpg|225px]]
|<span style="display:none">Washington</span>[[George Washington]]
|-
! scope="row"|<span style="display:none">000001</span>$1
|1878
|Fr.27
|[[File:US-$1-LT-1878-Fr-27.jpg|225px]]
|<span style="display:none">Washington</span>[[George Washington]]
|-
! scope="row"|<span style="display:none">000001</span>$1
|1880
|Fr.29
|[[File:US-$1-LT-1880-Fr-29.jpg|225px]]
|<span style="display:none">Washington</span>[[George Washington]]
|-
! scope="row"|<span style="display:none">000002</span>$2
|1862–63
|Fr.41
|[[File:US-$2-LT-1862-Fr-41.jpg|225px]]
|<span style="display:none">Hamilton</span>[[Alexander Hamilton]]
|-
! scope="row"|<span style="display:none">000002</span>$2
|1869
|Fr.42
|[[File:US-$2-LT-1869-Fr-42.jpg|225px]]
|<span style="display:none">Jefferson</span>[[Thomas Jefferson]]
|-
! scope="row"|<span style="display:none">000002</span>$2
|1875
|Fr.47
|[[File:US-$2-LT-1875-Fr-47.jpg|225px]]
|<span style="display:none">Jefferson</span>[[Thomas Jefferson]]
|-
! scope="row"|<span style="display:none">000002</span>$2
|1880
|Fr.52
|[[File:US-$2-LT-1880-Fr-52.jpg|225px]]
|<span style="display:none">Jefferson</span>[[Thomas Jefferson]]
|-
! scope="row"|<span style="display:none">000005</span>$5
|1862–63
|Fr.61a
|[[File:US-$5-LT-1862-Fr-61a.jpg|225px]]
|<span style="display:none">Hamilton</span>[[Statue of Freedom|Freedom]]<br/>(Owen G. Hanks, eng; [[Thomas Crawford (sculptor)|Thomas Crawford]], art)<ref>Hessler, 2004, p. 20.</ref><br/>[[Alexander Hamilton]]
|-
! scope="row"|<span style="display:none">000005</span>$5
|1869
|Fr.64
|[[File:US-$5-LT-1869-Fr.64.jpg|225px]]
|<span style="display:none">Jackson</span>[[Andrew Jackson]]
|-
! scope="row"|<span style="display:none">000005</span>$5
|1875
|Fr.68
|[[File:US-$5-LT-1875-Fr-68.jpg|225px]]
|<span style="display:none">Jackson</span>[[Andrew Jackson]]
|-
! scope="row"|<span style="display:none">000005</span>$5
|1880
|Fr.72
|[[File:US-$5-LT-1880-Fr-72.jpg|225px]]
|<span style="display:none">Jackson</span>[[Andrew Jackson]]
|-
! scope="row"|<span style="display:none">000010</span>$10
|1862–63
|Fr.95b
|[[File:US-$10-LT-1863-Fr-95b.jpg|225px]]
|<span style="display:none">Lincoln</span>[[Abraham Lincoln]]<br/>(Frederick Girsch);<ref>Hessler, 2004, p. 22.</ref><br/>Eagle; Art
|-
! scope="row"|<span style="display:none">000010</span>$10
|1869
|Fr.96
|[[File:US-$10-LT-1869-Fr-96.jpg|225px]]
|<span style="display:none">Webster</span>[[Daniel Webster]]
|-
! scope="row"|<span style="display:none">000010</span>$10
|1875
|Fr.98
|[[File:US-$10-LT-1875-Fr-98.jpg|225px]]
|<span style="display:none">Webster</span>[[Daniel Webster]]
|-
! scope="row"|<span style="display:none">000010</span>$10
|1880
|Fr.102
|[[File:US-$10-LT-1880-Fr-102.jpg|225px]]
|<span style="display:none">Webster</span>[[Daniel Webster]]
|-
! scope="row"|<span style="display:none">000010</span>$10
|1901
|Fr.114
|[[File:US-$10-LT-1901-Fr.114.jpg|225px]]
|<span style="display:none">Lewis</span>[[Meriwether Lewis|Lewis]] & [[William Clark (explorer)|Clark]]
|-
! scope="row"|<span style="display:none">000010</span>$10
|1923
|Fr.123
|[[File:US-$10-LT-1923-Fr-123.jpg|225px]]
|<span style="display:none">Jackson</span>[[Andrew Jackson]]
|-
! scope="row"|<span style="display:none">000020</span>$20
|1862–63
|Fr.126b
|[[File:US-$20-LT-1863-Fr-126b.jpg|225px]]
|<span style="display:none">Liberty</span>Liberty
|-
! scope="row"|<span style="display:none">000020</span>$20
|1869
|Fr.127
|[[File:US-$20-LT-1869-Fr-127.jpg|225px]]
|<span style="display:none">Hamilton</span>[[Alexander Hamilton]]
|-
! scope="row"|<span style="display:none">000020</span>$20
|1875
|Fr.128
|[[File:US-$20-LT-1875-Fr-128.jpg|225px]]
|<span style="display:none">Hamilton</span>[[Alexander Hamilton]]
|-
! scope="row"|<span style="display:none">000020</span>$20
|1880
|Fr.145
|[[File:US-$20-LT-1880-Fr-145.jpg|225px]]
|<span style="display:none">Hamilton</span>[[Alexander Hamilton]]
|-
! scope="row"|<span style="display:none">000050</span>$50
|1862–63
|Fr.148a
|[[File:US-$50-LT-1862-Fr-148a.jpg|225px]]
|<span style="display:none">Hamilton</span>[[Alexander Hamilton]]<br/>(Joseph P. Ourdan)<ref>Hessler, 2004, p. 27.</ref>
|-
! scope="row"|<span style="display:none">000050</span>$50
|1869
|Fr.151
|[[File:US-$50-LT-1869-Fr-151.jpg|225px]]
|<span style="display:none">Clay</span>[[Henry Clay]]
|-
! scope="row"|<span style="display:none">000050</span>$50
|1874
|Fr.152
|[[File:US-$50-LT-1874-Fr-152.jpg|225px]]
|<span style="display:none">Franklin</span>[[Benjamin Franklin]]
|-
! scope="row"|<span style="display:none">000050</span>$50
|1880
|Fr.164
|[[File:US-$50-LT-1880-Fr.164.jpg|225px]]
|<span style="display:none">Franklin</span>[[Benjamin Franklin]]
|-
! scope="row"|<span style="display:none">000100</span>$100
|1862–63
|Fr.167
|[[File:US-$100-LT-1863-Fr-167.jpg|225px]]
|<span style="display:none">Spread Eagle</span>Vignette spread eagle<br/>(Joseph P. Ourdan)<ref>Hessler, 2004, p. 28.</ref>
|-
! scope="row"|<span style="display:none">000100</span>$100
|1869
|Fr.168
|[[File:US-$100-LT-1869-Fr-168.jpg|225px]]
|<span style="display:none">Lincoln</span>[[Abraham Lincoln]]
|-
! scope="row"|<span style="display:none">000100</span>$100
|1878
|Fr.171
|[[File:US-$100-LT-1878-Fr-171.jpg|225px]]
|<span style="display:none">Lincoln</span>[[Abraham Lincoln]]
|-
! scope="row"|<span style="display:none">000100</span>$100
|1880
|Fr.181
|[[File:US-$100-LT-1880-Fr-181.jpg|225px]]
|<span style="display:none">Lincoln</span>[[Abraham Lincoln]]
|-
! scope="row"|<span style="display:none">000500</span>$500
|1862–63
|Fr.183c
|[[File:US-$500-LT-1863-Fr-183c.jpg|225px]]
|<span style="display:none">Gallatin</span>[[Albert Gallatin]]
|-
! scope="row"|<span style="display:none">000500</span>$500
|1869
|Fr.184
|[[File:US-$500-LT-1869-Fr-184.jpg|225px]]
|<span style="display:none">Adams</span>[[John Quincy Adams]]<br/>(Charles Burt)<ref>Hessler, 2004, p. 36.</ref>
|-
! scope="row"|<span style="display:none">000500</span>$500
|1875
|Fr.185b
|[[File:US-$500-LT-1875-Fr-185b.jpg|225px]]
|<span style="display:none">Mansfield</span>[[Joseph K. Mansfield]]
|-
! scope="row"|<span style="display:none">000500</span>$500
|1880
|Fr.185l
|[[File:US-$500-LT-1880-Fr-185l.jpg|225px]]
|<span style="display:none">Mansfield</span>[[Joseph K. Mansfield]]
|-
! scope="row"|<span style="display:none">001000</span>$1,000
|1862–63
|Fr.186e
|[[File:US-$1000-LT-1863-Fr-186e.jpg|225px]]
|<span style="display:none">Morris</span>[[Robert Morris (financier)|Robert Morris]]<br/>(Charles Schlecht)
|-
! scope="row"|<span style="display:none">001000</span>$1,000
|1869
|Fr.186f
|
|<span style="display:none">Clinton</span>[[DeWitt Clinton]]
|-
! scope="row"|<span style="display:none">001000</span>$1,000
|1878
|Fr.187a
|[[File:US-$1000-LT-1878-Fr-187a.jpg|225px]]
|<span style="display:none">Clinton</span>[[DeWitt Clinton]]
|-
! scope="row"|<span style="display:none">001000</span>$1,000
|1880
|Fr.187k
|[[File:US-$1000-LT-1880-Fr-187k.jpg|225px]]
|<span style="display:none">Clinton</span>[[DeWitt Clinton]]
|-
! scope="row"|<span style="display:none">005000</span>$5,000
|1878
|Fr.188
|[[File:US-$5000-LT-1878-Fr.188-PROOF.jpg|225px]]
|<span style="display:none">Madison</span>[[James Madison]]
|-
! scope="row"|<span style="display:none">010000</span>$10,000
|1878
|Fr.189
|[[File:US-$10000-LT-1878-Fr.189-PROOF.jpg|225px]]
|<span style="display:none">Jackson</span>[[Andrew Jackson]]
|}
===Series 1928 United States Notes===
{|class="wikitable" style="font-size: 90%"
!colspan="12"| United States Notes – First small-size issue, Series 1928 (Smithsonian Institution)
|-
!colspan="1"| Image !!rowspan="2"| Value !!rowspan="2"| Dimensions !!rowspan="2"| Main Color !!colspan="2"|
|-
! Obverse/Reverse !! Obverse !! Reverse
|-
|align="center"| [[File:US-$1-LT-1928-Fr.1500.jpg|150px]]
| [[United States one-dollar bill|$1]] United States Note
| {{val|6.140|×|2.610|u=in}} ({{val|155.956|×|66.294|u=mm}})
| Green; Black
| [[George Washington]]
| Stylized "One Dollar"
|-
|align="center"| [[File:US-$2-LT-1928-Fr.1501.jpg|150px]]
| [[United States two-dollar bill|$2]] United States Note
| {{val|6.140|×|2.610|u=in}} ({{val|155.956|×|66.294|u=mm}})
| Green; Black
| [[Thomas Jefferson]]
| [[Monticello]]
|-
|align="center"| [[File:US-$5-LT-1928-Fr.1525.jpg|150px]]
| [[United States five-dollar bill|$5]] United States Note
| {{val|6.140|×|2.610|u=in}} ({{val|155.956|×|66.294|u=mm}})
| Green; Black
| [[Abraham Lincoln]]
| [[Lincoln Memorial]]
|}
===Series 1953 United States Notes===
{|class="wikitable" style="font-size: 90%"
!colspan="12"| United States Notes – Small-size issue, Series 1953
|-
!colspan="1"| Image !!rowspan="2"| Value !!rowspan="2"| Dimensions !!rowspan="2"| Main Color !!colspan="2"|
|-
! Obverse/Reverse !! Obverse !! Reverse
|-
|align="center"| [[File:Series 1953 US two-dollar bill obverse.jpg|150px]]
| [[United States two-dollar bill|$2]] United States Note
| {{val|6.140|×|2.610|u=in}} ({{val|155.956|×|66.294|u=mm}})
| Green; Black
| [[Thomas Jefferson]]
| [[Monticello]]
|-
|align="center"|
| [[United States five-dollar bill|$5]] United States Note
| {{val|6.140|×|2.610|u=in}} ({{val|155.956|×|66.294|u=mm}})
| Green; Black
| [[Abraham Lincoln]]
| [[Lincoln Memorial]]
|}
===Series 1963 United States Notes===
{|class="wikitable" style="font-size: 90%"
!colspan="12"| United States Notes – Small-size issue, Series 1963
|-
!colspan="1"| Image !!rowspan="2"| Value !!rowspan="2"| Dimensions !!rowspan="2"| Main Color !!colspan="2"|
|-
! Obverse/Reverse !! Obverse !! Reverse
|-
|align="center"|
| [[United States two-dollar bill|$2]] United States Note
| {{val|6.140|×|2.610|u=in}} ({{val|155.956|×|66.294|u=mm}})
| Green; Black
| [[Thomas Jefferson]]
| [[Monticello]]
|-
|align="center"| [[File:US $5 1963 USN.jpg|frameless|156x156px]]
| [[United States five-dollar bill|$5]] United States Note
| {{val|6.140|×|2.610|u=in}} ({{val|155.956|×|66.294|u=mm}})
| Green; Black
| [[Abraham Lincoln]]
| [[Lincoln Memorial]]
|}
===Series 1966 United States Notes===
{|class="wikitable" style="font-size: 90%"
!colspan="12"| United States Notes – Small-size issue, Series 1966
|-
!colspan="1"| Image !!rowspan="2"| Value !!rowspan="2"| Dimensions !!rowspan="2"| Main Color !!colspan="2"|
|-
! Obverse/Reverse !! Obverse !! Reverse
|-
|align="center"| [[File:US_%24100_United_States_Note_1966.jpg|150px]]
| [[United States one hundred-dollar bill|$100]] United States Note
| {{val|6.140|×|2.610|u=in}} ({{val|155.956|×|66.294|u=mm}})
| Green; Black
| [[Benjamin Franklin]]
| [[Independence Hall]]
|}
==Public debt of the United States==
{{As of|December 2012}}, the U.S. Treasury calculates that {{US$|long=no|239}} million in United States notes are in circulation and, in accordance with [[United States debt ceiling|debt ceiling legislation]], excludes this amount from the [[United States public debt|statutory debt limit]] of the United States. The {{US$|long=no|239}} million excludes {{US$|long=no|25}} million in United States Notes issued prior to July 1, 1929, determined pursuant to Act of June 30, 1961, 31 U.S.C. 5119, to have been destroyed or irretrievably lost.<ref>{{cite web | url=http://www.treasurydirect.gov/govt/reports/pd/mspd/2012/opdm122012.pdf | date=December 31, 2012 | access-date=January 8, 2013 | title=Monthly Statement of the Public Debt of the United States | publisher=United States Treasury Department}}</ref>
==Politics and controversy==
The United States Notes were introduced as [[fiat money]] rather than the precious metal medium of exchange that the United States had traditionally used. Their introduction was thus contentious.
The [[United States Congress]] had enacted the ''Legal Tender Acts'' during the [[U.S. Civil War]] when southern Democrats were [[United States House of Representatives elections, 1860|absent]] from the Congress, and thus their [[Jacksonian democracy|Jacksonian]] [[Hard money (policy)|hard money]] views were underrepresented. After the war, the [[Supreme Court of the United States|Supreme Court]] ruled on the ''[[Legal Tender Cases]]'' to determine the constitutionality of the use of greenbacks. The 1870 case ''[[Hepburn v. Griswold]]'' found unconstitutional the use of greenbacks when applied to debts established prior to the First ''Legal Tender Act'' as the five [[Democratic Party (United States)|Democrats]] on the Court, [[Samuel Nelson|Nelson]], [[Robert Cooper Grier|Grier]], [[Nathan Clifford|Clifford]], [[Stephen Johnson Field|Field]], and [[Salmon P. Chase|Chase]], ruled against the Civil War legislation in a 5–3 decision. Secretary Chase had become [[Chief Justice of the United States]] and a Democrat, and spearheaded the decision invalidating his own actions during the war. However, Grier retired from the Court, and [[Ulysses S. Grant|President Grant]] appointed two new [[Republican Party (United States)|Republicans]], [[William Strong (Pennsylvania judge)|Strong]] and [[Joseph P. Bradley|Bradley]], who joined the three sitting Republicans, [[Noah Haynes Swayne|Swayne]], [[Samuel Freeman Miller|Miller]], and [[David Davis (Supreme Court justice)|Davis]], to reverse Hepburn, 5–4, in the 1871 cases ''[[Knox v. Lee]]'' and ''[[Parker v. Davis]]''. In 1884, the Court, controlled 8–1 by Republicans, granted the federal government very broad power to issue Legal Tender paper through the case ''[[Juilliard v. Greenman]]'', with only the lone remaining Democrat, Field, dissenting.<ref name="Timberlake" />
The states in the far west stayed loyal to the Union, but also had hard money sympathies. During the specie suspension from 1862 to 1878, western states used the gold dollar as a unit of account whenever possible and accepted greenbacks at a discount wherever they could.<ref name="Greenbacks"/> The preferred forms of paper money were [[gold certificate (United States)|gold certificate]]s and [[National Gold Bank Note]]s, the latter having been created specifically to address the desire for hard money in [[California]].
During the 1870s and 1880s, the [[Greenback Party]] existed for the primary purpose of advocating an increased circulation of United States Notes as a way of creating inflation according to the [[quantity theory of money]]. However, as the 1870s unfolded, the market price of silver decreased with respect to gold, and inflationists found a new cause in the [[Free Silver movement]]. Opposition to the resumption of specie convertibility of the Greenbacks during 1879 was accordingly muted.
==See also==
{{Portal|Money|Numismatics|United States}}
*[[History of central banking in the United States]]
==Footnotes==
{{Reflist|group="nb"}}
{{reflist|group=note}}
==Notes==
{{reflist|30em}}
==References==
*{{cite book |last1=Friedberg |first1=Arthur L. |last2=Friedberg |first2=Ira S. |year=2013 |title= Paper Money of the United States: A Complete Illustrated Guide With Valuations |publisher= Coin & Currency Institute |url= https://books.google.com/books?id=eMFWoWl2UYkC |edition=20th|isbn=978-0-87184-520-7}}
*{{cite book |last1=Hessler |first1=Gene |year=1993 |title=The Engraver's Line – An Encyclopedia of Paper Money & Postage Stamp Art |publisher= BNR Press |isbn=0-931960-36-3}}
*{{cite book |last1=Hessler |first1=Gene|year=2004 |title=U.S. Essay, Proof and Specimen Notes |publisher= BNR Press |edition=2|isbn=0-931960-62-2}}
==Further reading==
* Wesley Clair Mitchell, [https://archive.org/details/ahistorygreenba00mitcgoog ''A History of the Greenbacks: With Special Reference to the Economic Consequences of Their Issue, 1862–65.''] Chicago: University of Chicago Press, 1903.
* [[Irwin Unger]], ''[[The Greenback Era: A Social and Political History of American Finance, 1865–1879]].'' (1965)
* Henry George, [http://www.cooperativeindividualism.org/george-henry_on-greenbacks-silver-and-free-banking-1889.html "On Greenbacks, Free Silver, and Free Banking,"] ''The Standard'', December 14, 1889.
==External links==
*[http://www.treasury.gov/resource-center/faqs/Currency/Pages/legal-tender.aspx U.S. Treasury Dept. information about United States Notes]
*[http://www.friesian.com/notes.htm Six Kinds of United States Paper Currency]
{{Obsolete United States currency and coinage}}
{{Money and central banking within the contemporary United States (pre–1913)}}
[[Category:Freiwirtschaft]]
[[Category:Monetary reform]]
[[Category:Banknotes of the United States]]
[[Category:1862 establishments in the United States]]
[[Category:1971 disestablishments in the United States]]' |
Parsed HTML source of the new revision (new_html) | '<div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">hello guys whats up</div>
<style data-mw-deduplicate="TemplateStyles:r1033289096">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}</style><div role="note" class="hatnote navigation-not-searchable">For the current US note, see <a href="/info/en/?search=Federal_Reserve_Note" title="Federal Reserve Note">Federal Reserve Note</a>.</div>
<p class="mw-empty-elt">
</p>
<figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/info/en/?search=File:USNotes.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/3/3c/USNotes.jpg/220px-USNotes.jpg" decoding="async" width="220" height="219" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/3/3c/USNotes.jpg/330px-USNotes.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/3c/USNotes.jpg/440px-USNotes.jpg 2x" data-file-width="811" data-file-height="808" /></a><figcaption>Large-sized Series of 1880 United States Notes; the $20 note displays <a href="/info/en/?search=Alexander_Hamilton" title="Alexander Hamilton">Alexander Hamilton</a> and a red scalloped <a href="/info/en/?search=United_States_Department_of_the_Treasury" title="United States Department of the Treasury">Treasury</a> seal, and the $10 note displays <a href="/info/en/?search=Daniel_Webster" title="Daniel Webster">Daniel Webster</a> and a large red spiked Treasury seal</figcaption></figure>
<p>A <b>United States Note</b>, also known as a <b>Legal Tender Note</b>, is a type of <a href="/info/en/?search=Banknote" title="Banknote">paper money</a> 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. They were known popularly as "<b>greenbacks</b>", a name inherited from the earlier <a href="/info/en/?search=Greenback_(1860s_money)" title="Greenback (1860s money)">greenbacks</a>, the <a href="/info/en/?search=Demand_Note" title="Demand Note">Demand Notes</a>, 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 <a href="/info/en/?search=Fiat_currency" class="mw-redirect" title="Fiat currency">fiat currency</a>. During the early 1860s the so-called <i>second obligation</i> on the reverse of the notes stated:<sup id="cite_ref-1" class="reference"><a href="#cite_note-1">[1]</a></sup>
</p>
<style data-mw-deduplicate="TemplateStyles:r1211633275">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequote .templatequotecite{line-height:1.5em;text-align:left;padding-left:1.6em;margin-top:0}</style><blockquote class="templatequote"><p>This Note is a Legal Tender for al hello guys whats up l debts public and private except Duties on Imports and Interest on the Public Debt; and is receivable in payment of all loans made to the United States.</p></blockquote>
<p>By the 1930s, this obligation would eventually be shortened to:
</p>
<link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1211633275"><blockquote class="templatequote"><p>This note is a legal tender at its face value for all debts public and private</p></blockquote>
<p>They were originally issued directly into circulation by the <a href="/info/en/?search=United_States_Department_of_the_Treasury" title="United States Department of the Treasury">U.S. Treasury</a> to pay expenses incurred by the <a href="/info/en/?search=Union_(American_Civil_War)" title="Union (American Civil War)">Union</a> during the <a href="/info/en/?search=American_Civil_War" title="American Civil War">American Civil War</a>. During the next century, the legislation governing these notes was modified many times and numerous versions were issued by the Treasury.
</p><p>United States Notes that were issued in the <a href="/info/en/?search=Large-sized_note" class="mw-redirect" title="Large-sized note">large-size</a> format, before 1929, differ dramatically in appearance when compared to modern American currency, but those issued in the small-size format, starting 1929, are very similar to contemporary <a href="/info/en/?search=Federal_Reserve_Note" title="Federal Reserve Note">Federal Reserve Notes</a> of the same denominations with the distinction of having red <a href="/info/en/?search=Seal_of_the_United_States_Department_of_the_Treasury" class="mw-redirect" title="Seal of the United States Department of the Treasury">U.S. Treasury Seals</a> and <a href="/info/en/?search=Serial_number" title="Serial number">serial numbers</a> in place of green ones. Also, while a variety of denominations were issued as United States Notes during the large-size era, only the $1, $2, $5, and $100 denominations were ever issued as small-size notes.
</p><p>Existing United States Notes are still fully usable and are considered <a href="/info/en/?search=Legal_tender" title="Legal tender">legal tender</a>. However, as no United States Notes have been issued since January 1971, most issues are now becoming increasingly rare to find in circulation, and command higher prices than face value as items of <a href="/info/en/?search=Numismatics" title="Numismatics">numismatic</a> interest.
</p>
<div id="toc" class="toc" role="navigation" aria-labelledby="mw-toc-heading"><input type="checkbox" role="button" id="toctogglecheckbox" class="toctogglecheckbox" style="display:none" /><div class="toctitle" lang="en" dir="ltr"><h2 id="mw-toc-heading">Contents</h2><span class="toctogglespan"><label class="toctogglelabel" for="toctogglecheckbox"></label></span></div>
<ul>
<li class="toclevel-1 tocsection-1"><a href="#History"><span class="tocnumber">1</span> <span class="toctext">History</span></a>
<ul>
<li class="toclevel-2 tocsection-2"><a href="#Demand_Notes"><span class="tocnumber">1.1</span> <span class="toctext">Demand Notes</span></a></li>
<li class="toclevel-2 tocsection-3"><a href="#The_Legal_Tender_Acts"><span class="tocnumber">1.2</span> <span class="toctext">The Legal Tender Acts</span></a></li>
<li class="toclevel-2 tocsection-4"><a href="#Post_Civil_War"><span class="tocnumber">1.3</span> <span class="toctext">Post Civil War</span></a></li>
<li class="toclevel-2 tocsection-5"><a href="#End_of_the_United_States_Note"><span class="tocnumber">1.4</span> <span class="toctext">End of the United States Note</span></a></li>
</ul>
</li>
<li class="toclevel-1 tocsection-6"><a href="#Comparison_to_Federal_Reserve_Notes"><span class="tocnumber">2</span> <span class="toctext">Comparison to Federal Reserve Notes</span></a></li>
<li class="toclevel-1 tocsection-7"><a href="#Characteristics"><span class="tocnumber">3</span> <span class="toctext">Characteristics</span></a>
<ul>
<li class="toclevel-2 tocsection-8"><a href="#Large-size_United_States_Notes_(1862–1923)"><span class="tocnumber">3.1</span> <span class="toctext">Large-size United States Notes (1862–1923)</span></a></li>
<li class="toclevel-2 tocsection-9"><a href="#Series_1928_United_States_Notes"><span class="tocnumber">3.2</span> <span class="toctext">Series 1928 United States Notes</span></a></li>
<li class="toclevel-2 tocsection-10"><a href="#Series_1953_United_States_Notes"><span class="tocnumber">3.3</span> <span class="toctext">Series 1953 United States Notes</span></a></li>
<li class="toclevel-2 tocsection-11"><a href="#Series_1963_United_States_Notes"><span class="tocnumber">3.4</span> <span class="toctext">Series 1963 United States Notes</span></a></li>
<li class="toclevel-2 tocsection-12"><a href="#Series_1966_United_States_Notes"><span class="tocnumber">3.5</span> <span class="toctext">Series 1966 United States Notes</span></a></li>
</ul>
</li>
<li class="toclevel-1 tocsection-13"><a href="#Public_debt_of_the_United_States"><span class="tocnumber">4</span> <span class="toctext">Public debt of the United States</span></a></li>
<li class="toclevel-1 tocsection-14"><a href="#Politics_and_controversy"><span class="tocnumber">5</span> <span class="toctext">Politics and controversy</span></a></li>
<li class="toclevel-1 tocsection-15"><a href="#See_also"><span class="tocnumber">6</span> <span class="toctext">See also</span></a></li>
<li class="toclevel-1 tocsection-16"><a href="#Footnotes"><span class="tocnumber">7</span> <span class="toctext">Footnotes</span></a></li>
<li class="toclevel-1 tocsection-17"><a href="#Notes"><span class="tocnumber">8</span> <span class="toctext">Notes</span></a></li>
<li class="toclevel-1 tocsection-18"><a href="#References"><span class="tocnumber">9</span> <span class="toctext">References</span></a></li>
<li class="toclevel-1 tocsection-19"><a href="#Further_reading"><span class="tocnumber">10</span> <span class="toctext">Further reading</span></a></li>
<li class="toclevel-1 tocsection-20"><a href="#External_links"><span class="tocnumber">11</span> <span class="toctext">External links</span></a></li>
</ul>
</div>
<h2><span class="mw-headline" id="History">History</span><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="https://en.wikipedia.org/?title=United_States_Note&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></h2>
<link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1033289096"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/info/en/?search=Union_(American_Civil_War)#Economy" title="Union (American Civil War)">Union (American Civil War) § Economy</a></div>
<h3><span class="mw-headline" id="Demand_Notes">Demand Notes</span><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="https://en.wikipedia.org/?title=United_States_Note&action=edit&section=2" title="Edit section: Demand Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></h3>
<link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1033289096"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/info/en/?search=Demand_Note" title="Demand Note">Demand Note</a></div>
<figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/info/en/?search=File:Demand_Legal_comparison.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/4/42/Demand_Legal_comparison.jpg/220px-Demand_Legal_comparison.jpg" decoding="async" width="220" height="192" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/4/42/Demand_Legal_comparison.jpg/330px-Demand_Legal_comparison.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/42/Demand_Legal_comparison.jpg/440px-Demand_Legal_comparison.jpg 2x" data-file-width="854" data-file-height="744" /></a><figcaption>Comparison of a $5 Demand Note (upper image) and an 1862 issue $5 United States Note (lower image) in which the words "On Demand" and the phrase "Receivable in Payment of All Public Dues" are removed and the Treasury Seal is added</figcaption></figure>
<p>During 1861, the first year of the <a href="/info/en/?search=American_Civil_War" title="American Civil War">American Civil War</a>, the expenses incurred by the Union Government much exceeded its limited revenues from taxation, and borrowing was the main vehicle for financing the war. The Act of July 17, 1861<sup id="cite_ref-2" class="reference"><a href="#cite_note-2">[2]</a></sup> authorized <a href="/info/en/?search=United_States_Secretary_of_the_Treasury" title="United States Secretary of the Treasury">United States Secretary of the Treasury</a> <a href="/info/en/?search=Salmon_P._Chase" title="Salmon P. Chase">Salmon P. Chase</a> to raise money via the issuance of $50,000,000 in <a href="/info/en/?search=Treasury_Note_(19th_century)" title="Treasury Note (19th century)">Treasury Notes</a> payable on demand.<sup id="cite_ref-Greenbacks_3-0" class="reference"><a href="#cite_note-Greenbacks-3">[3]</a></sup> These Demand Notes were paid to creditors directly and used to meet the payroll of soldiers in the field. While issued within the legal framework of Treasury Note Debt, the Demand Notes were intended to circulate as currency and were of the same size as banknotes and closely resembled them in appearance.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4">[4]</a></sup> During December 1861, economic conditions deteriorated and a <a href="/info/en/?search=Demand_Note#Suspension_of_Specie_Payment" title="Demand Note">suspension of specie payment</a> caused the government to cease redeeming the Demand Notes as coins.
</p>
<h3><span class="mw-headline" id="The_Legal_Tender_Acts">The Legal Tender Acts</span><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="https://en.wikipedia.org/?title=United_States_Note&action=edit&section=3" title="Edit section: The Legal Tender Acts"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></h3>
<figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/info/en/?search=File:RunningtheMachine-LincAdmin.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/6/64/RunningtheMachine-LincAdmin.jpg/220px-RunningtheMachine-LincAdmin.jpg" decoding="async" width="220" height="161" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/6/64/RunningtheMachine-LincAdmin.jpg/330px-RunningtheMachine-LincAdmin.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/64/RunningtheMachine-LincAdmin.jpg/440px-RunningtheMachine-LincAdmin.jpg 2x" data-file-width="1536" data-file-height="1124" /></a><figcaption>A political cartoon from the <a href="/info/en/?search=1864_United_States_presidential_election" title="1864 United States presidential election">1864 U.S. presidential election</a> depicting <a href="/info/en/?search=William_P._Fessenden" title="William P. Fessenden">Secretary Fessenden</a> of the Lincoln administration operating "<a href="/info/en/?search=Salmon_P._Chase" title="Salmon P. Chase">Chase</a>'s Mill" at left to flood the country with Greenbacks.</figcaption></figure>
<p>The beginning of 1862 found the Union's expenses increasing, and the government was having trouble funding the escalating war. U.S. Demand Notes—which were used, among other things, to pay Union soldiers—were unredeemable, and the value of the notes began to deteriorate. Congressman and <a href="/info/en/?search=Buffalo,_New_York" title="Buffalo, New York">Buffalo</a> banker <a href="/info/en/?search=Elbridge_G._Spaulding" title="Elbridge G. Spaulding">Elbridge G. Spaulding</a> prepared a bill, based on the Free Banking Law of New York, that eventually became the <a href="/info/en/?search=National_Bank_Act" title="National Bank Act">National Banking Act of 1863</a>.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5">[5]</a></sup>
</p><p>Recognizing, however, that his proposal would take many months to pass Congress, during early February Spaulding introduced another bill to permit the U.S. Treasury to issue <span style="white-space: nowrap">$150</span> million in notes as legal tender.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6">[6]</a></sup> This caused tremendous controversy in Congress, as hitherto the Constitution had been interpreted as not granting the government the power to issue a paper currency. "The bill before us is a war measure, a measure of <i>necessity</i>, and not of choice," Spaulding argued before the House, adding, "These are extraordinary times, and extraordinary measures must be resorted to in order to save our Government, and preserve our nationality." Spaulding justified the action as a "<i>necessary means</i> of carrying into execution the powers granted in the Constitution 'to raise and <i>support</i> armies', and 'to provide and <i>maintain</i> a navy<span style="padding-right:.15em;">'</span>".<sup id="cite_ref-7" class="reference"><a href="#cite_note-7">[7]</a></sup> Despite strong opposition, President <a href="/info/en/?search=Abraham_Lincoln" title="Abraham Lincoln">Abraham Lincoln</a> signed the <a href="/info/en/?search=First_Legal_Tender_Act" class="mw-redirect" title="First Legal Tender Act">First Legal Tender Act</a>,<sup id="cite_ref-FirstLegal_8-0" class="reference"><a href="#cite_note-FirstLegal-8">[8]</a></sup> enacted February 25, 1862, into law, authorizing the issuance of United States Notes as a <a href="/info/en/?search=Legal_tender" title="Legal tender">legal tender</a>—the paper currency soon to be known as "greenbacks".
</p><p>Initially, the emission was limited to <span style="white-space: nowrap">$150,000,000</span> total face value between the new Legal Tender Notes and the existing Demand Notes. The Act also intended for the new notes to be used to replace the Demand Notes as soon as practical. The Demand Notes had been issued in denominations of <a href="/info/en/?search=United_States_five-dollar_bill" title="United States five-dollar bill">$5</a>, <a href="/info/en/?search=United_States_ten-dollar_bill" title="United States ten-dollar bill">$10</a>, and <a href="/info/en/?search=United_States_twenty-dollar_bill" title="United States twenty-dollar bill">$20</a>, and these were replaced by United States Notes nearly identical in appearance on the obverse. In addition, notes of entirely new design were introduced in denominations of <a href="/info/en/?search=United_States_fifty-dollar_bill" title="United States fifty-dollar bill">$50</a>, <a href="/info/en/?search=United_States_one_hundred-dollar_bill" class="mw-redirect" title="United States one hundred-dollar bill">$100</a>, <a href="/info/en/?search=Large_denominations_of_United_States_currency" title="Large denominations of United States currency">$500 and <span style="white-space: nowrap">$1,000</span></a>. The Demand Notes' printed promise of payment "On Demand" was removed and the statement "This Note is a Legal Tender" was added.
</p><p>Legal tender status guaranteed that creditors would have to accept the notes despite the fact that they were not backed by gold, bank deposits, or government reserves, and had no interest. However, the First Legal Tender Act did not make the notes an <i>unlimited legal tender</i> as they could not be used by merchants to pay customs duties on imports and could not be used by the government to pay interest on its bonds. The Act did provide that the notes be receivable by the government for short term deposits at 5% interest, and for the purchase of 6% interest 20-year bonds at par. The rationale for these terms was that the Union government would preserve its credit-worthiness by supporting the value of its bonds by paying their interest in gold. Early in the war, customs duties were a large part of government tax revenue and by making these payable in gold, the government would generate the coin necessary to make the interest payments on the bonds. Lastly, by making the bonds available for purchase at par in United States Notes, the value of the latter would be confirmed as well.<sup id="cite_ref-Greenbacks_3-1" class="reference"><a href="#cite_note-Greenbacks-3">[3]</a></sup> The limitations of the legal tender status were quite controversial. <a href="/info/en/?search=Thaddeus_Stevens" title="Thaddeus Stevens">Thaddeus Stevens</a>, the Chairman of the House of Representatives Committee of Ways and Means, which had authored an earlier version of the Legal Tender Act that would have made United States Notes a legal tender for <i>all</i> debts, denounced the exceptions, calling the new bill "mischievous" because it made United States Notes an intentionally depreciated currency for the masses, while the banks who loaned to the government got "sound money" in gold. This controversy would continue until the removal of the exceptions during 1933.
</p><p>By the First Legal Tender Act, Congress limited the Treasury's emission of United States Notes to <span style="white-space: nowrap">$150,000,000</span>; however, by 1863, the <a href="/info/en/?search=Second_Legal_Tender_Act" class="mw-redirect" title="Second Legal Tender Act">Second Legal Tender Act</a>,<sup id="cite_ref-SecondLegal_9-0" class="reference"><a href="#cite_note-SecondLegal-9">[9]</a></sup> enacted July 11, 1862, a Joint Resolution of Congress,<sup id="cite_ref-JointRex_10-0" class="reference"><a href="#cite_note-JointRex-10">[10]</a></sup> and the <a href="/info/en/?search=Third_Legal_Tender_Act" class="mw-redirect" title="Third Legal Tender Act">Third Legal Tender Act</a>,<sup id="cite_ref-ThirdLegal_11-0" class="reference"><a href="#cite_note-ThirdLegal-11">[11]</a></sup> enacted March 3, 1863, had expanded the limit to <span style="white-space: nowrap">$450,000,000</span>, the option to exchange the notes for United States bonds at par had been revoked, and notes of <a href="/info/en/?search=United_States_one-dollar_bill" title="United States one-dollar bill">$1</a> and <a href="/info/en/?search=United_States_two-dollar_bill" title="United States two-dollar bill">$2</a> denominations had been introduced as the appearance of fiat currency had per <a href="/info/en/?search=Gresham%27s_law" title="Gresham's law">Gresham's law</a> driven even silver coinage out of circulation. As a result of this <a href="/info/en/?search=Monetary_inflation" title="Monetary inflation">inflation</a>, the greenback began to trade at a substantial discount from gold, which prompted Congress to pass the short-lived <a href="/info/en/?search=Anti-Gold_Futures_Act_of_1864" title="Anti-Gold Futures Act of 1864">Anti-Gold Futures Act of 1864</a>, which was soon repealed after it seemed to accelerate the decrease of greenback value.
</p><p>The largest amount of greenbacks outstanding at any one time was calculated as <span style="white-space: nowrap">$447,300,203.10</span>.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12">[12]</a></sup> The Union's reliance on expanding the circulation of greenbacks eventually ended with the emission of <a href="/info/en/?search=Interest_Bearing_Note" class="mw-redirect" title="Interest Bearing Note">Interest Bearing</a> and <a href="/info/en/?search=Compound_Interest_Treasury_Note" class="mw-redirect" title="Compound Interest Treasury Note">Compound Interest Treasury Notes</a>, and the passage of the <a href="/info/en/?search=National_Banking_Act" class="mw-redirect" title="National Banking Act">National Banking Act</a>. However, the end of the war found the greenbacks trading for only about half of their nominal value in gold.<sup id="cite_ref-Greenbacks_3-2" class="reference"><a href="#cite_note-Greenbacks-3">[3]</a></sup> The <a href="/info/en/?search=United_States_Secret_Service" title="United States Secret Service">Secret Service</a> was founded on July 5, 1865, to minimize <a href="/info/en/?search=Counterfeit_money" title="Counterfeit money">counterfeiting</a>, which accounted for up to half of the currency.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13">[13]</a></sup>
</p>
<h3><span class="mw-headline" id="Post_Civil_War">Post Civil War</span><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="https://en.wikipedia.org/?title=United_States_Note&action=edit&section=4" title="Edit section: Post Civil War"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></h3>
<figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/info/en/?search=File:US-$10-LT-1901-Fr.114.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/d/d4/US-%2410-LT-1901-Fr.114.jpg/220px-US-%2410-LT-1901-Fr.114.jpg" decoding="async" width="220" height="190" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/d/d4/US-%2410-LT-1901-Fr.114.jpg/330px-US-%2410-LT-1901-Fr.114.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d4/US-%2410-LT-1901-Fr.114.jpg/440px-US-%2410-LT-1901-Fr.114.jpg 2x" data-file-width="6132" data-file-height="5309" /></a><figcaption>Series of 1901 <span style="white-space: nowrap">$10</span> Legal Tender depicting military explorers <a href="/info/en/?search=Meriwether_Lewis" title="Meriwether Lewis">Meriwether Lewis</a>, <a href="/info/en/?search=William_Clark_(explorer)" class="mw-redirect" title="William Clark (explorer)">William Clark</a>, and an <a href="/info/en/?search=American_bison" title="American bison">American bison</a></figcaption></figure>
<p>At the end of the <a href="/info/en/?search=American_Civil_War" title="American Civil War">American Civil War</a>, some economists, such as <a href="/info/en/?search=Henry_Charles_Carey" title="Henry Charles Carey">Henry Charles Carey</a>, argued for building on the precedent of non-interest-based fiat money and making the greenback system permanent.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14">[14]</a></sup> However, <a href="/info/en/?search=Hugh_McCulloch" title="Hugh McCulloch">Secretary of the Treasury McCulloch</a> argued that the Legal Tender Acts had been war measures, and that the United States should soon reverse them and return to the <a href="/info/en/?search=Gold_standard" title="Gold standard">gold standard</a>. The <a href="/info/en/?search=United_States_House_of_Representatives" title="United States House of Representatives">House of Representatives</a> voted overwhelmingly to endorse the Secretary's argument.<sup id="cite_ref-Cyclo_15-0" class="reference"><a href="#cite_note-Cyclo-15">[15]</a></sup> With an eventual return to gold convertibility in mind, the Funding Act of April 12, 1866<sup id="cite_ref-16" class="reference"><a href="#cite_note-16">[16]</a></sup> was passed, authorizing McCulloch to retire <span style="white-space: nowrap">$10</span> million of the Greenbacks within six months and up to <span style="white-space: nowrap">$4</span> million per month thereafter. This he proceeded to do until only <span style="white-space: nowrap">$356,000,000</span> were outstanding during February 1868. By this time, the wartime economic prosperity was ended, the crop harvest was poor, and a financial panic in Great Britain caused a recession and a sharp decrease of prices in the United States.<sup id="cite_ref-Studenski_17-0" class="reference"><a href="#cite_note-Studenski-17">[17]</a></sup> The contraction of the money supply was blamed for the deflationary effects, and caused debtors to agitate successfully for a halt to the notes' retirement.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18">[18]</a></sup>
</p><p>During the early 1870s, Treasury Secretaries <a href="/info/en/?search=George_S._Boutwell" title="George S. Boutwell">George S. Boutwell</a> and <a href="/info/en/?search=William_Adams_Richardson" title="William Adams Richardson">William Adams Richardson</a> maintained that, though Congress had mandated <span style="white-space: nowrap">$356,000,000</span> as the minimum Greenback circulation, the old Civil War statutes still authorized a maximum of <span style="white-space: nowrap">$400,000,000</span><sup id="cite_ref-19" class="reference"><a href="#cite_note-19">[nb 1]</a></sup>—and thus they had at their discretion a "reserve" of <span style="white-space: nowrap">$44,000,000</span>. While the Senate Finance Committee under <a href="/info/en/?search=John_Sherman" title="John Sherman">John Sherman</a> disagreed, being of the opinion that the <span style="white-space: nowrap">$356,000,000</span> was a maximum as well as a minimum, no legislation was passed to assert the committee's opinion. Starting in 1872, Boutwell and Richardson used the "reserve" to counteract seasonal demands for currency, and eventually expanded the circulation of the Greenbacks to <span style="white-space: nowrap">$382,000,000</span> in response to the <a href="/info/en/?search=Panic_of_1873" title="Panic of 1873">Panic of 1873</a>.<sup id="cite_ref-Timberlake_20-0" class="reference"><a href="#cite_note-Timberlake-20">[19]</a></sup>
</p><p>In June 1874, Congress established a maximum for Greenback circulation of <span style="white-space: nowrap">$382,000,000</span>, and in January 1875, approved the <a href="/info/en/?search=Specie_Payment_Resumption_Act" title="Specie Payment Resumption Act">Specie Payment Resumption Act</a>, which authorized a reduction of the circulation of Greenbacks towards a revised limit of <span style="white-space: nowrap">$300,000,000</span>, and required the government to redeem them for gold, on demand, after January 1, 1879. As a result, the currency strengthened and by April 1876, the notes were on par with silver coins which then began to re-emerge into circulation.<sup id="cite_ref-100Greatest_21-0" class="reference"><a href="#cite_note-100Greatest-21">[20]</a></sup> On May 31, 1878, the contraction in the circulation was halted at <span style="white-space: nowrap">$346,681,016</span>—a level which would be maintained for almost 100 years afterwards.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22">[21]</a></sup> While <span style="white-space: nowrap">$346,681,016</span> was a significant figure at the time, it is now a very small fraction of the total currency in circulation in the United States. The year 1879 found Sherman, now Secretary of the Treasury, in possession of sufficient specie to redeem notes as requested, but as this brought the value of the greenbacks into parity with gold for the first time since the Specie Suspension of December 1861, the public voluntarily accepted the greenbacks as part of the circulating medium.<sup id="cite_ref-Cyclo_15-1" class="reference"><a href="#cite_note-Cyclo-15">[15]</a></sup>
</p><p>While the United States Notes had been used as a form of debt issuance during the Civil War, afterwards they were used as a way of moderately influencing the money supply by the federal government—such as through the actions of Boutwell and Richardson. During the <a href="/info/en/?search=Panic_of_1907" title="Panic of 1907">Panic of 1907</a>, President <a href="/info/en/?search=Theodore_Roosevelt" title="Theodore Roosevelt">Theodore Roosevelt</a> attempted to increase liquidity in the markets by authorizing the Treasury to issue more Greenbacks, but the <a href="/info/en/?search=Aldrich%E2%80%93Vreeland_Act" title="Aldrich–Vreeland Act">Aldrich–Vreeland Act</a> provided for the needed flexibility by the <a href="/info/en/?search=National_Bank_Note" title="National Bank Note">National Bank Note</a> supply instead. Eventually, the perceived need for an elastic currency was addressed with the <a href="/info/en/?search=Federal_Reserve_Note" title="Federal Reserve Note">Federal Reserve Notes</a> authorized by the <a href="/info/en/?search=Federal_Reserve_Act" title="Federal Reserve Act">Federal Reserve Act of 1913</a>, and attempts to alter the circulating quantity of United States Notes ended.
</p>
<h3><span class="mw-headline" id="End_of_the_United_States_Note">End of the United States Note</span><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="https://en.wikipedia.org/?title=United_States_Note&action=edit&section=5" title="Edit section: End of the United States Note"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></h3>
<p>Soon after <a href="/info/en/?search=Executive_Order_6102" title="Executive Order 6102">private ownership of gold was banned</a> in 1933 (a ban that would be lifted in 1974), all of the remaining types of circulating currency, <a href="/info/en/?search=National_Bank_Note" title="National Bank Note">National Bank Notes</a>, <a href="/info/en/?search=Silver_certificate_(United_States)" title="Silver certificate (United States)">silver certificates</a>, <a href="/info/en/?search=Federal_Reserve_Note" title="Federal Reserve Note">Federal Reserve Notes</a>, and United States Notes, were redeemable by individuals only for <a href="/info/en/?search=Silver" title="Silver">silver</a>. Eventually, even silver redemption stopped in June 1968, during a time in which all U.S. currency (both coins and paper currency) was changed to <a href="/info/en/?search=Fiat_money" title="Fiat money">fiat currency</a>. For the general public, there was then little to distinguish United States Notes from Federal Reserve Notes. As a result, the public circulation of United States Notes, in the form of <span style="white-space: nowrap">$2</span> and <span style="white-space: nowrap">$5</span> bills was discontinued in August 1966, and replaced with <span style="white-space: nowrap">$5</span> Federal Reserve Notes and, eventually, <span style="white-space: nowrap">$2</span> Federal Reserve Notes as well. United States Notes became rare in hand-to-hand commerce and also beginning in 1966, the Treasury converted the outstanding balance into new <span style="white-space: nowrap">$100</span> United States Notes, the majority of which sat unissued in bank vaults. Series 1966 and Series 1966A <span style="white-space: nowrap">$100</span> United States Notes were printed from 1966 to 1969, with distribution into public circulation officially ending January 21, 1971.<sup id="cite_ref-USTfaq_23-0" class="reference"><a href="#cite_note-USTfaq-23">[22]</a></sup>
</p><p>In September 1994, the Riegle Improvement Act released the Treasury from its long-standing obligation to keep United States Notes in circulation. Just prior to the Riegle act, the treasury considered releasing its large remaining stockpile of unissued <span style="white-space: nowrap">$100</span> United States Notes into general circulation, but with the recently redesigned series 1996 <span style="white-space: nowrap">$100</span> Federal Reserve Note, it was decided confusion would likely arise with the sudden appearance of two very different <span style="white-space: nowrap">$100</span> notes in circulation.<sup id="cite_ref-Riegle_24-0" class="reference"><a href="#cite_note-Riegle-24">[23]</a></sup> The Treasury announced in 1996 that the remaining stock of <span style="white-space: nowrap">$100</span> United States Notes had been destroyed.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25">[24]</a></sup>
</p>
<h2><span class="mw-headline" id="Comparison_to_Federal_Reserve_Notes">Comparison to Federal Reserve Notes</span><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="https://en.wikipedia.org/?title=United_States_Note&action=edit&section=6" title="Edit section: Comparison to Federal Reserve Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></h2>
<p>Both United States Notes and <a href="/info/en/?search=Federal_Reserve_Note" title="Federal Reserve Note">Federal Reserve Notes</a> have been legal tender since the <a href="/info/en/?search=Executive_Order_6102" title="Executive Order 6102">gold recall</a> of 1933. Both have been used in circulation as money in the same way. However, the issuing authority for them came from different statutes.<sup id="cite_ref-USTfaq_23-1" class="reference"><a href="#cite_note-USTfaq-23">[22]</a></sup> United States Notes are, depending on their issue, redeemable directly for precious metal – as after the specie resumption of 1879 which authorized federal officials to do so if requested. The difference between a United States Note and a Federal Reserve Note is that a United States Note represented a "bill of credit"<sup class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<i><a href="/info/en/?search=Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><span title="The text near this tag may need clarification or removal of jargon. (May 2020)">clarification needed</span></a></i>]</sup> and, since it was issued by the government itself and does not involve either lending or borrowing, was inserted by the Treasury directly into circulation free of interest. The twelve Federal Reserve Banks issue them into circulation pursuant to the Federal Reserve Act of 1913. A commercial bank belonging to the Federal Reserve System can obtain Federal Reserve Notes from the Federal Reserve Bank in its district whenever it wishes. It must pay for them in full, dollar for dollar, by drawing down its account with its district Federal Reserve Bank.<sup id="cite_ref-USTfaq_23-2" class="reference"><a href="#cite_note-USTfaq-23">[22]</a></sup>
</p>
<h2><span class="mw-headline" id="Characteristics">Characteristics</span><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="https://en.wikipedia.org/?title=United_States_Note&action=edit&section=7" title="Edit section: Characteristics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></h2>
<figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/info/en/?search=File:United_States_Note_change_from_large_to_small_size_with_plate_position.svg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/9/94/United_States_Note_change_from_large_to_small_size_with_plate_position.svg/220px-United_States_Note_change_from_large_to_small_size_with_plate_position.svg.png" decoding="async" width="220" height="360" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/9/94/United_States_Note_change_from_large_to_small_size_with_plate_position.svg/330px-United_States_Note_change_from_large_to_small_size_with_plate_position.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/94/United_States_Note_change_from_large_to_small_size_with_plate_position.svg/440px-United_States_Note_change_from_large_to_small_size_with_plate_position.svg.png 2x" data-file-width="1463" data-file-height="2394" /></a><figcaption>The size of the United States Note changed from large (gray) to small (green) with plate position letters and the slightly smaller modern <a href="/info/en/?search=Federal_Reserve_Note" title="Federal Reserve Note">Federal Reserve Note</a> (blue) super-imposed on bottom left 1928-size note</figcaption></figure>
<p>Like all U.S. currency, United States Notes were produced in a <a href="/info/en/?search=Large-sized_note" class="mw-redirect" title="Large-sized note">large sized</a> format until 1929, at which time the notes' sizes were reduced to the small-size format of the present day.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27">[nb 2]</a></sup> Per the Treasury Department Appropriation Bill of 1929, notes issued before October 1928 were <style data-mw-deduplicate="TemplateStyles:r1154941027">.mw-parser-output .frac{white-space:nowrap}.mw-parser-output .frac .num,.mw-parser-output .frac .den{font-size:80%;line-height:0;vertical-align:super}.mw-parser-output .frac .den{vertical-align:sub}.mw-parser-output .sr-only{border:0;clip:rect(0,0,0,0);clip-path:polygon(0px 0px,0px 0px,0px 0px);height:1px;margin:-1px;overflow:hidden;padding:0;position:absolute;width:1px}</style><span class="frac">7<span class="sr-only">+</span><span class="num">7</span>⁄<span class="den">16</span></span><span class="nowrap"> × </span><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1154941027"><span class="frac">3<span class="sr-only">+</span><span class="num">9</span>⁄<span class="den">64</span></span> inches and later issues were to be <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1154941027"><span class="frac">6<span class="sr-only">+</span><span class="num">5</span>⁄<span class="den">16</span></span><span class="nowrap"> × </span><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1154941027"><span class="frac">2<span class="sr-only">+</span><span class="num">11</span>⁄<span class="den">16</span></span> inches, which allowed the Treasury Department to produce 12 notes per <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1154941027"><span class="frac">16<span class="sr-only">+</span><span class="num">1</span>⁄<span class="den">4</span></span><span class="nowrap"> × </span><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1154941027"><span class="frac">13<span class="sr-only">+</span><span class="num">1</span>⁄<span class="den">4</span></span> inch sheet of paper that previously would yield 8 notes at the old size.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28">[26]</a></sup>
</p><p>The original large-sized Civil War issues were dated 1862 and 1863, and issued in denominations of <span style="white-space: nowrap">$1</span>, <span style="white-space: nowrap">$2</span>, <span style="white-space: nowrap">$5</span>, <span style="white-space: nowrap">$10</span>, <span style="white-space: nowrap">$20</span>, <span style="white-space: nowrap">$50</span>, <span style="white-space: nowrap">$100</span>, <span style="white-space: nowrap">$500</span> and <span style="white-space: nowrap">$1,000</span>.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29">[27]</a></sup> The United States Notes were dramatically redesigned for the Series of 1869, the so-called <i>Rainbow Notes</i>. The notes were again redesigned for the Series of 1874, 1875 and 1878. The Series of 1878 included, for the first and last time, notes of <span style="white-space: nowrap">$5,000</span> and <span style="white-space: nowrap">$10,000</span> denominations. The final across-the-board redesign of the large-sized notes was the Series of 1880. Individual denominations were redesigned in 1901, 1907, 1917 and 1923.
</p><p>On small-sized United States Notes, the <a href="/info/en/?search=Seal_of_the_United_States_Department_of_the_Treasury" class="mw-redirect" title="Seal of the United States Department of the Treasury">U.S. Treasury Seal</a> and the <a href="/info/en/?search=Serial_number" title="Serial number">serial numbers</a> are printed in red (contrasting with Federal Reserve Notes, where they appear in green). By the time the treasury adopted the small-size format in 1928, the <a href="/info/en/?search=Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Federal Reserve System</a> had existed for fifteen years and there had been a decline in the need for United States Notes; the notes were mainly issued in <span style="white-space: nowrap">$2</span> and <span style="white-space: nowrap">$5</span> denominations in the Series years of 1928, 1953, and 1963. There was a limited issue of <span style="white-space: nowrap">$1</span> notes in the <a href="/info/en/?search=Series_of_1928_(United_States_Currency)" title="Series of 1928 (United States Currency)">Series of 1928</a>, most of which were released in 1948 in <a href="/info/en/?search=Puerto_Rico" title="Puerto Rico">Puerto Rico</a>, and an issue of <span style="white-space: nowrap">$100</span> notes in the Series year of 1966, mainly to satisfy the legacy legal requirement of maintaining the mandated quantity in circulation after the <span style="white-space: nowrap">$2</span> and <span style="white-space: nowrap">$5</span> denominations had been discontinued in August 1966. The BEP also printed but did not issue <span style="white-space: nowrap">$10</span> notes in the 1928 Series. An example was displayed at the 1933 Worlds Fair in Chicago.
</p><p>Section 5119(b)(2) of Title 31, United States Code, was amended by the Riegle Community Development and Regulatory Improvement Act of 1994 (Public Law 103–325) to read as follows: "The Secretary shall not be required to reissue United States currency notes upon redemption." This does not change the legal tender status of United States Notes nor does it require a recall of those notes already in circulation. This provision means that United States Notes are to be canceled and destroyed but not reissued. This will eventually result in a decrease in the amount of these notes outstanding.<sup id="cite_ref-bep-riegle-Act_30-0" class="reference"><a href="#cite_note-bep-riegle-Act-30">[28]</a></sup>
</p>
<h3><span id="Large-size_United_States_Notes_.281862.E2.80.931923.29"></span><span class="mw-headline" id="Large-size_United_States_Notes_(1862–1923)">Large-size United States Notes (1862–1923)</span><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="https://en.wikipedia.org/?title=United_States_Note&action=edit&section=8" title="Edit section: Large-size United States Notes (1862–1923)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></h3>
<table class="wikitable sortable">
<caption>Complete type set of United States Notes (aka Legal Tender)
</caption>
<tbody><tr>
<th scope="col" style="width:35px;">Value
</th>
<th scope="col" style="width:45px;">Year
</th>
<th scope="col" style="width:45px;">Fr. #<sup id="cite_ref-31" class="reference"><a href="#cite_note-31">[29]</a></sup>
</th>
<th scope="col" style="width:225px;" class="unsortable">Image
</th>
<th scope="col" style="width:200px;">Portrait<sup id="cite_ref-32" class="reference"><a href="#cite_note-32">[nb 3]</a></sup>
</th></tr>
<tr>
<th scope="row"><span style="display:none">000001</span>$1
</th>
<td>1862–63
</td>
<td>Fr.16c
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$1-LT-1862-Fr-16c.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/7/78/US-%241-LT-1862-Fr-16c.jpg/225px-US-%241-LT-1862-Fr-16c.jpg" decoding="async" width="225" height="200" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/7/78/US-%241-LT-1862-Fr-16c.jpg/338px-US-%241-LT-1862-Fr-16c.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/78/US-%241-LT-1862-Fr-16c.jpg/450px-US-%241-LT-1862-Fr-16c.jpg 2x" data-file-width="4500" data-file-height="4001" /></a></span>
</td>
<td><span style="display:none">Chase</span><a href="/info/en/?search=Salmon_P._Chase" title="Salmon P. Chase">Salmon P. Chase</a><br />(Joseph P. Ourdan)<sup id="cite_ref-33" class="reference"><a href="#cite_note-33">[30]</a></sup>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000001</span>$1
</th>
<td>1869
</td>
<td>Fr.18
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$1-LT-1869-Fr-18.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/c/c4/US-%241-LT-1869-Fr-18.jpg/225px-US-%241-LT-1869-Fr-18.jpg" decoding="async" width="225" height="197" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/c/c4/US-%241-LT-1869-Fr-18.jpg/338px-US-%241-LT-1869-Fr-18.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c4/US-%241-LT-1869-Fr-18.jpg/450px-US-%241-LT-1869-Fr-18.jpg 2x" data-file-width="4500" data-file-height="3930" /></a></span>
</td>
<td><span style="display:none">Washington</span><a href="/info/en/?search=George_Washington" title="George Washington">George Washington</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000001</span>$1
</th>
<td>1878
</td>
<td>Fr.27
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$1-LT-1878-Fr-27.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/3/37/US-%241-LT-1878-Fr-27.jpg/225px-US-%241-LT-1878-Fr-27.jpg" decoding="async" width="225" height="195" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/3/37/US-%241-LT-1878-Fr-27.jpg/338px-US-%241-LT-1878-Fr-27.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/37/US-%241-LT-1878-Fr-27.jpg/450px-US-%241-LT-1878-Fr-27.jpg 2x" data-file-width="4500" data-file-height="3891" /></a></span>
</td>
<td><span style="display:none">Washington</span><a href="/info/en/?search=George_Washington" title="George Washington">George Washington</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000001</span>$1
</th>
<td>1880
</td>
<td>Fr.29
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$1-LT-1880-Fr-29.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/9/9b/US-%241-LT-1880-Fr-29.jpg/225px-US-%241-LT-1880-Fr-29.jpg" decoding="async" width="225" height="190" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/9/9b/US-%241-LT-1880-Fr-29.jpg/338px-US-%241-LT-1880-Fr-29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9b/US-%241-LT-1880-Fr-29.jpg/450px-US-%241-LT-1880-Fr-29.jpg 2x" data-file-width="4500" data-file-height="3792" /></a></span>
</td>
<td><span style="display:none">Washington</span><a href="/info/en/?search=George_Washington" title="George Washington">George Washington</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000002</span>$2
</th>
<td>1862–63
</td>
<td>Fr.41
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$2-LT-1862-Fr-41.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/3/31/US-%242-LT-1862-Fr-41.jpg/225px-US-%242-LT-1862-Fr-41.jpg" decoding="async" width="225" height="194" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/3/31/US-%242-LT-1862-Fr-41.jpg/338px-US-%242-LT-1862-Fr-41.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/31/US-%242-LT-1862-Fr-41.jpg/450px-US-%242-LT-1862-Fr-41.jpg 2x" data-file-width="4500" data-file-height="3888" /></a></span>
</td>
<td><span style="display:none">Hamilton</span><a href="/info/en/?search=Alexander_Hamilton" title="Alexander Hamilton">Alexander Hamilton</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000002</span>$2
</th>
<td>1869
</td>
<td>Fr.42
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$2-LT-1869-Fr-42.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/a/a5/US-%242-LT-1869-Fr-42.jpg/225px-US-%242-LT-1869-Fr-42.jpg" decoding="async" width="225" height="194" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/a/a5/US-%242-LT-1869-Fr-42.jpg/338px-US-%242-LT-1869-Fr-42.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a5/US-%242-LT-1869-Fr-42.jpg/450px-US-%242-LT-1869-Fr-42.jpg 2x" data-file-width="4500" data-file-height="3885" /></a></span>
</td>
<td><span style="display:none">Jefferson</span><a href="/info/en/?search=Thomas_Jefferson" title="Thomas Jefferson">Thomas Jefferson</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000002</span>$2
</th>
<td>1875
</td>
<td>Fr.47
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$2-LT-1875-Fr-47.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/9/93/US-%242-LT-1875-Fr-47.jpg/225px-US-%242-LT-1875-Fr-47.jpg" decoding="async" width="225" height="192" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/9/93/US-%242-LT-1875-Fr-47.jpg/338px-US-%242-LT-1875-Fr-47.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/93/US-%242-LT-1875-Fr-47.jpg/450px-US-%242-LT-1875-Fr-47.jpg 2x" data-file-width="4500" data-file-height="3841" /></a></span>
</td>
<td><span style="display:none">Jefferson</span><a href="/info/en/?search=Thomas_Jefferson" title="Thomas Jefferson">Thomas Jefferson</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000002</span>$2
</th>
<td>1880
</td>
<td>Fr.52
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$2-LT-1880-Fr-52.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/0/09/US-%242-LT-1880-Fr-52.jpg/225px-US-%242-LT-1880-Fr-52.jpg" decoding="async" width="225" height="190" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/0/09/US-%242-LT-1880-Fr-52.jpg/338px-US-%242-LT-1880-Fr-52.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/09/US-%242-LT-1880-Fr-52.jpg/450px-US-%242-LT-1880-Fr-52.jpg 2x" data-file-width="4500" data-file-height="3808" /></a></span>
</td>
<td><span style="display:none">Jefferson</span><a href="/info/en/?search=Thomas_Jefferson" title="Thomas Jefferson">Thomas Jefferson</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000005</span>$5
</th>
<td>1862–63
</td>
<td>Fr.61a
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$5-LT-1862-Fr-61a.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/1/1d/US-%245-LT-1862-Fr-61a.jpg/225px-US-%245-LT-1862-Fr-61a.jpg" decoding="async" width="225" height="200" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/1/1d/US-%245-LT-1862-Fr-61a.jpg/338px-US-%245-LT-1862-Fr-61a.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1d/US-%245-LT-1862-Fr-61a.jpg/450px-US-%245-LT-1862-Fr-61a.jpg 2x" data-file-width="4500" data-file-height="4005" /></a></span>
</td>
<td><span style="display:none">Hamilton</span><a href="/info/en/?search=Statue_of_Freedom" title="Statue of Freedom">Freedom</a><br />(Owen G. Hanks, eng; <a href="/info/en/?search=Thomas_Crawford_(sculptor)" title="Thomas Crawford (sculptor)">Thomas Crawford</a>, art)<sup id="cite_ref-34" class="reference"><a href="#cite_note-34">[31]</a></sup><br /><a href="/info/en/?search=Alexander_Hamilton" title="Alexander Hamilton">Alexander Hamilton</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000005</span>$5
</th>
<td>1869
</td>
<td>Fr.64
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$5-LT-1869-Fr.64.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/1/18/US-%245-LT-1869-Fr.64.jpg/225px-US-%245-LT-1869-Fr.64.jpg" decoding="async" width="225" height="197" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/1/18/US-%245-LT-1869-Fr.64.jpg/338px-US-%245-LT-1869-Fr.64.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/18/US-%245-LT-1869-Fr.64.jpg/450px-US-%245-LT-1869-Fr.64.jpg 2x" data-file-width="4500" data-file-height="3930" /></a></span>
</td>
<td><span style="display:none">Jackson</span><a href="/info/en/?search=Andrew_Jackson" title="Andrew Jackson">Andrew Jackson</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000005</span>$5
</th>
<td>1875
</td>
<td>Fr.68
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$5-LT-1875-Fr-68.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/5/57/US-%245-LT-1875-Fr-68.jpg/225px-US-%245-LT-1875-Fr-68.jpg" decoding="async" width="225" height="195" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/5/57/US-%245-LT-1875-Fr-68.jpg/338px-US-%245-LT-1875-Fr-68.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/57/US-%245-LT-1875-Fr-68.jpg/450px-US-%245-LT-1875-Fr-68.jpg 2x" data-file-width="4500" data-file-height="3892" /></a></span>
</td>
<td><span style="display:none">Jackson</span><a href="/info/en/?search=Andrew_Jackson" title="Andrew Jackson">Andrew Jackson</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000005</span>$5
</th>
<td>1880
</td>
<td>Fr.72
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$5-LT-1880-Fr-72.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/d/d6/US-%245-LT-1880-Fr-72.jpg/225px-US-%245-LT-1880-Fr-72.jpg" decoding="async" width="225" height="193" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/d/d6/US-%245-LT-1880-Fr-72.jpg/338px-US-%245-LT-1880-Fr-72.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d6/US-%245-LT-1880-Fr-72.jpg/450px-US-%245-LT-1880-Fr-72.jpg 2x" data-file-width="4500" data-file-height="3857" /></a></span>
</td>
<td><span style="display:none">Jackson</span><a href="/info/en/?search=Andrew_Jackson" title="Andrew Jackson">Andrew Jackson</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000010</span>$10
</th>
<td>1862–63
</td>
<td>Fr.95b
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$10-LT-1863-Fr-95b.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/8/8b/US-%2410-LT-1863-Fr-95b.jpg/225px-US-%2410-LT-1863-Fr-95b.jpg" decoding="async" width="225" height="194" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/8/8b/US-%2410-LT-1863-Fr-95b.jpg/338px-US-%2410-LT-1863-Fr-95b.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8b/US-%2410-LT-1863-Fr-95b.jpg/450px-US-%2410-LT-1863-Fr-95b.jpg 2x" data-file-width="4500" data-file-height="3880" /></a></span>
</td>
<td><span style="display:none">Lincoln</span><a href="/info/en/?search=Abraham_Lincoln" title="Abraham Lincoln">Abraham Lincoln</a><br />(Frederick Girsch);<sup id="cite_ref-35" class="reference"><a href="#cite_note-35">[32]</a></sup><br />Eagle; Art
</td></tr>
<tr>
<th scope="row"><span style="display:none">000010</span>$10
</th>
<td>1869
</td>
<td>Fr.96
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$10-LT-1869-Fr-96.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/b/b5/US-%2410-LT-1869-Fr-96.jpg/225px-US-%2410-LT-1869-Fr-96.jpg" decoding="async" width="225" height="194" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/b/b5/US-%2410-LT-1869-Fr-96.jpg/338px-US-%2410-LT-1869-Fr-96.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b5/US-%2410-LT-1869-Fr-96.jpg/450px-US-%2410-LT-1869-Fr-96.jpg 2x" data-file-width="4500" data-file-height="3882" /></a></span>
</td>
<td><span style="display:none">Webster</span><a href="/info/en/?search=Daniel_Webster" title="Daniel Webster">Daniel Webster</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000010</span>$10
</th>
<td>1875
</td>
<td>Fr.98
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$10-LT-1875-Fr-98.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/0/01/US-%2410-LT-1875-Fr-98.jpg/225px-US-%2410-LT-1875-Fr-98.jpg" decoding="async" width="225" height="194" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/0/01/US-%2410-LT-1875-Fr-98.jpg/338px-US-%2410-LT-1875-Fr-98.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/01/US-%2410-LT-1875-Fr-98.jpg/450px-US-%2410-LT-1875-Fr-98.jpg 2x" data-file-width="4500" data-file-height="3885" /></a></span>
</td>
<td><span style="display:none">Webster</span><a href="/info/en/?search=Daniel_Webster" title="Daniel Webster">Daniel Webster</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000010</span>$10
</th>
<td>1880
</td>
<td>Fr.102
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$10-LT-1880-Fr-102.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/f/f0/US-%2410-LT-1880-Fr-102.jpg/225px-US-%2410-LT-1880-Fr-102.jpg" decoding="async" width="225" height="190" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/f/f0/US-%2410-LT-1880-Fr-102.jpg/338px-US-%2410-LT-1880-Fr-102.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f0/US-%2410-LT-1880-Fr-102.jpg/450px-US-%2410-LT-1880-Fr-102.jpg 2x" data-file-width="4500" data-file-height="3798" /></a></span>
</td>
<td><span style="display:none">Webster</span><a href="/info/en/?search=Daniel_Webster" title="Daniel Webster">Daniel Webster</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000010</span>$10
</th>
<td>1901
</td>
<td>Fr.114
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$10-LT-1901-Fr.114.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/d/d4/US-%2410-LT-1901-Fr.114.jpg/225px-US-%2410-LT-1901-Fr.114.jpg" decoding="async" width="225" height="195" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/d/d4/US-%2410-LT-1901-Fr.114.jpg/338px-US-%2410-LT-1901-Fr.114.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d4/US-%2410-LT-1901-Fr.114.jpg/450px-US-%2410-LT-1901-Fr.114.jpg 2x" data-file-width="6132" data-file-height="5309" /></a></span>
</td>
<td><span style="display:none">Lewis</span><a href="/info/en/?search=Meriwether_Lewis" title="Meriwether Lewis">Lewis</a> & <a href="/info/en/?search=William_Clark_(explorer)" class="mw-redirect" title="William Clark (explorer)">Clark</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000010</span>$10
</th>
<td>1923
</td>
<td>Fr.123
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$10-LT-1923-Fr-123.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/e/eb/US-%2410-LT-1923-Fr-123.jpg/225px-US-%2410-LT-1923-Fr-123.jpg" decoding="async" width="225" height="194" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/e/eb/US-%2410-LT-1923-Fr-123.jpg/338px-US-%2410-LT-1923-Fr-123.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/eb/US-%2410-LT-1923-Fr-123.jpg/450px-US-%2410-LT-1923-Fr-123.jpg 2x" data-file-width="4500" data-file-height="3871" /></a></span>
</td>
<td><span style="display:none">Jackson</span><a href="/info/en/?search=Andrew_Jackson" title="Andrew Jackson">Andrew Jackson</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000020</span>$20
</th>
<td>1862–63
</td>
<td>Fr.126b
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$20-LT-1863-Fr-126b.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/1/1b/US-%2420-LT-1863-Fr-126b.jpg/225px-US-%2420-LT-1863-Fr-126b.jpg" decoding="async" width="225" height="194" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/1/1b/US-%2420-LT-1863-Fr-126b.jpg/338px-US-%2420-LT-1863-Fr-126b.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1b/US-%2420-LT-1863-Fr-126b.jpg/450px-US-%2420-LT-1863-Fr-126b.jpg 2x" data-file-width="4500" data-file-height="3883" /></a></span>
</td>
<td><span style="display:none">Liberty</span>Liberty
</td></tr>
<tr>
<th scope="row"><span style="display:none">000020</span>$20
</th>
<td>1869
</td>
<td>Fr.127
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$20-LT-1869-Fr-127.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/6/6c/US-%2420-LT-1869-Fr-127.jpg/225px-US-%2420-LT-1869-Fr-127.jpg" decoding="async" width="225" height="195" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/6/6c/US-%2420-LT-1869-Fr-127.jpg/338px-US-%2420-LT-1869-Fr-127.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6c/US-%2420-LT-1869-Fr-127.jpg/450px-US-%2420-LT-1869-Fr-127.jpg 2x" data-file-width="4500" data-file-height="3896" /></a></span>
</td>
<td><span style="display:none">Hamilton</span><a href="/info/en/?search=Alexander_Hamilton" title="Alexander Hamilton">Alexander Hamilton</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000020</span>$20
</th>
<td>1875
</td>
<td>Fr.128
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$20-LT-1875-Fr-128.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/8/8a/US-%2420-LT-1875-Fr-128.jpg/225px-US-%2420-LT-1875-Fr-128.jpg" decoding="async" width="225" height="195" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/8/8a/US-%2420-LT-1875-Fr-128.jpg/338px-US-%2420-LT-1875-Fr-128.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8a/US-%2420-LT-1875-Fr-128.jpg/450px-US-%2420-LT-1875-Fr-128.jpg 2x" data-file-width="4500" data-file-height="3901" /></a></span>
</td>
<td><span style="display:none">Hamilton</span><a href="/info/en/?search=Alexander_Hamilton" title="Alexander Hamilton">Alexander Hamilton</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000020</span>$20
</th>
<td>1880
</td>
<td>Fr.145
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$20-LT-1880-Fr-145.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/f/fa/US-%2420-LT-1880-Fr-145.jpg/225px-US-%2420-LT-1880-Fr-145.jpg" decoding="async" width="225" height="194" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/f/fa/US-%2420-LT-1880-Fr-145.jpg/338px-US-%2420-LT-1880-Fr-145.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/US-%2420-LT-1880-Fr-145.jpg/450px-US-%2420-LT-1880-Fr-145.jpg 2x" data-file-width="4500" data-file-height="3889" /></a></span>
</td>
<td><span style="display:none">Hamilton</span><a href="/info/en/?search=Alexander_Hamilton" title="Alexander Hamilton">Alexander Hamilton</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000050</span>$50
</th>
<td>1862–63
</td>
<td>Fr.148a
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$50-LT-1862-Fr-148a.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/3/39/US-%2450-LT-1862-Fr-148a.jpg/225px-US-%2450-LT-1862-Fr-148a.jpg" decoding="async" width="225" height="195" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/3/39/US-%2450-LT-1862-Fr-148a.jpg/338px-US-%2450-LT-1862-Fr-148a.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/39/US-%2450-LT-1862-Fr-148a.jpg/450px-US-%2450-LT-1862-Fr-148a.jpg 2x" data-file-width="4500" data-file-height="3897" /></a></span>
</td>
<td><span style="display:none">Hamilton</span><a href="/info/en/?search=Alexander_Hamilton" title="Alexander Hamilton">Alexander Hamilton</a><br />(Joseph P. Ourdan)<sup id="cite_ref-36" class="reference"><a href="#cite_note-36">[33]</a></sup>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000050</span>$50
</th>
<td>1869
</td>
<td>Fr.151
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$50-LT-1869-Fr-151.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/7/74/US-%2450-LT-1869-Fr-151.jpg/225px-US-%2450-LT-1869-Fr-151.jpg" decoding="async" width="225" height="195" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/7/74/US-%2450-LT-1869-Fr-151.jpg/338px-US-%2450-LT-1869-Fr-151.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/74/US-%2450-LT-1869-Fr-151.jpg/450px-US-%2450-LT-1869-Fr-151.jpg 2x" data-file-width="4500" data-file-height="3908" /></a></span>
</td>
<td><span style="display:none">Clay</span><a href="/info/en/?search=Henry_Clay" title="Henry Clay">Henry Clay</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000050</span>$50
</th>
<td>1874
</td>
<td>Fr.152
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$50-LT-1874-Fr-152.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/8/8e/US-%2450-LT-1874-Fr-152.jpg/225px-US-%2450-LT-1874-Fr-152.jpg" decoding="async" width="225" height="193" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/8/8e/US-%2450-LT-1874-Fr-152.jpg/338px-US-%2450-LT-1874-Fr-152.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8e/US-%2450-LT-1874-Fr-152.jpg/450px-US-%2450-LT-1874-Fr-152.jpg 2x" data-file-width="4500" data-file-height="3859" /></a></span>
</td>
<td><span style="display:none">Franklin</span><a href="/info/en/?search=Benjamin_Franklin" title="Benjamin Franklin">Benjamin Franklin</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000050</span>$50
</th>
<td>1880
</td>
<td>Fr.164
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$50-LT-1880-Fr.164.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/c/cb/US-%2450-LT-1880-Fr.164.jpg/225px-US-%2450-LT-1880-Fr.164.jpg" decoding="async" width="225" height="196" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/c/cb/US-%2450-LT-1880-Fr.164.jpg/338px-US-%2450-LT-1880-Fr.164.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/US-%2450-LT-1880-Fr.164.jpg/450px-US-%2450-LT-1880-Fr.164.jpg 2x" data-file-width="4500" data-file-height="3921" /></a></span>
</td>
<td><span style="display:none">Franklin</span><a href="/info/en/?search=Benjamin_Franklin" title="Benjamin Franklin">Benjamin Franklin</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000100</span>$100
</th>
<td>1862–63
</td>
<td>Fr.167
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$100-LT-1863-Fr-167.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/e/e7/US-%24100-LT-1863-Fr-167.jpg/225px-US-%24100-LT-1863-Fr-167.jpg" decoding="async" width="225" height="191" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/e/e7/US-%24100-LT-1863-Fr-167.jpg/338px-US-%24100-LT-1863-Fr-167.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e7/US-%24100-LT-1863-Fr-167.jpg/450px-US-%24100-LT-1863-Fr-167.jpg 2x" data-file-width="4500" data-file-height="3810" /></a></span>
</td>
<td><span style="display:none">Spread Eagle</span>Vignette spread eagle<br />(Joseph P. Ourdan)<sup id="cite_ref-37" class="reference"><a href="#cite_note-37">[34]</a></sup>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000100</span>$100
</th>
<td>1869
</td>
<td>Fr.168
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$100-LT-1869-Fr-168.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/d/da/US-%24100-LT-1869-Fr-168.jpg/225px-US-%24100-LT-1869-Fr-168.jpg" decoding="async" width="225" height="197" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/d/da/US-%24100-LT-1869-Fr-168.jpg/338px-US-%24100-LT-1869-Fr-168.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/da/US-%24100-LT-1869-Fr-168.jpg/450px-US-%24100-LT-1869-Fr-168.jpg 2x" data-file-width="4500" data-file-height="3946" /></a></span>
</td>
<td><span style="display:none">Lincoln</span><a href="/info/en/?search=Abraham_Lincoln" title="Abraham Lincoln">Abraham Lincoln</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000100</span>$100
</th>
<td>1878
</td>
<td>Fr.171
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$100-LT-1878-Fr-171.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/0/05/US-%24100-LT-1878-Fr-171.jpg/225px-US-%24100-LT-1878-Fr-171.jpg" decoding="async" width="225" height="194" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/0/05/US-%24100-LT-1878-Fr-171.jpg/338px-US-%24100-LT-1878-Fr-171.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/05/US-%24100-LT-1878-Fr-171.jpg/450px-US-%24100-LT-1878-Fr-171.jpg 2x" data-file-width="4500" data-file-height="3880" /></a></span>
</td>
<td><span style="display:none">Lincoln</span><a href="/info/en/?search=Abraham_Lincoln" title="Abraham Lincoln">Abraham Lincoln</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000100</span>$100
</th>
<td>1880
</td>
<td>Fr.181
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$100-LT-1880-Fr-181.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/f/f4/US-%24100-LT-1880-Fr-181.jpg/225px-US-%24100-LT-1880-Fr-181.jpg" decoding="async" width="225" height="193" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/f/f4/US-%24100-LT-1880-Fr-181.jpg/338px-US-%24100-LT-1880-Fr-181.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f4/US-%24100-LT-1880-Fr-181.jpg/450px-US-%24100-LT-1880-Fr-181.jpg 2x" data-file-width="4428" data-file-height="3800" /></a></span>
</td>
<td><span style="display:none">Lincoln</span><a href="/info/en/?search=Abraham_Lincoln" title="Abraham Lincoln">Abraham Lincoln</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000500</span>$500
</th>
<td>1862–63
</td>
<td>Fr.183c
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$500-LT-1863-Fr-183c.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/5/5d/US-%24500-LT-1863-Fr-183c.jpg/225px-US-%24500-LT-1863-Fr-183c.jpg" decoding="async" width="225" height="198" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/5/5d/US-%24500-LT-1863-Fr-183c.jpg/338px-US-%24500-LT-1863-Fr-183c.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5d/US-%24500-LT-1863-Fr-183c.jpg/450px-US-%24500-LT-1863-Fr-183c.jpg 2x" data-file-width="3500" data-file-height="3078" /></a></span>
</td>
<td><span style="display:none">Gallatin</span><a href="/info/en/?search=Albert_Gallatin" title="Albert Gallatin">Albert Gallatin</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000500</span>$500
</th>
<td>1869
</td>
<td>Fr.184
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$500-LT-1869-Fr-184.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/b/b3/US-%24500-LT-1869-Fr-184.jpg/225px-US-%24500-LT-1869-Fr-184.jpg" decoding="async" width="225" height="194" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/b/b3/US-%24500-LT-1869-Fr-184.jpg/338px-US-%24500-LT-1869-Fr-184.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b3/US-%24500-LT-1869-Fr-184.jpg/450px-US-%24500-LT-1869-Fr-184.jpg 2x" data-file-width="3500" data-file-height="3017" /></a></span>
</td>
<td><span style="display:none">Adams</span><a href="/info/en/?search=John_Quincy_Adams" title="John Quincy Adams">John Quincy Adams</a><br />(Charles Burt)<sup id="cite_ref-38" class="reference"><a href="#cite_note-38">[35]</a></sup>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000500</span>$500
</th>
<td>1875
</td>
<td>Fr.185b
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$500-LT-1875-Fr-185b.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/7/71/US-%24500-LT-1875-Fr-185b.jpg/225px-US-%24500-LT-1875-Fr-185b.jpg" decoding="async" width="225" height="197" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/7/71/US-%24500-LT-1875-Fr-185b.jpg/338px-US-%24500-LT-1875-Fr-185b.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/71/US-%24500-LT-1875-Fr-185b.jpg/450px-US-%24500-LT-1875-Fr-185b.jpg 2x" data-file-width="3500" data-file-height="3057" /></a></span>
</td>
<td><span style="display:none">Mansfield</span><a href="/info/en/?search=Joseph_K._Mansfield" title="Joseph K. Mansfield">Joseph K. Mansfield</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">000500</span>$500
</th>
<td>1880
</td>
<td>Fr.185l
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$500-LT-1880-Fr-185l.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/0/0b/US-%24500-LT-1880-Fr-185l.jpg/225px-US-%24500-LT-1880-Fr-185l.jpg" decoding="async" width="225" height="195" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/0/0b/US-%24500-LT-1880-Fr-185l.jpg/338px-US-%24500-LT-1880-Fr-185l.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0b/US-%24500-LT-1880-Fr-185l.jpg/450px-US-%24500-LT-1880-Fr-185l.jpg 2x" data-file-width="4500" data-file-height="3908" /></a></span>
</td>
<td><span style="display:none">Mansfield</span><a href="/info/en/?search=Joseph_K._Mansfield" title="Joseph K. Mansfield">Joseph K. Mansfield</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">001000</span>$1,000
</th>
<td>1862–63
</td>
<td>Fr.186e
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$1000-LT-1863-Fr-186e.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/7/72/US-%241000-LT-1863-Fr-186e.jpg/225px-US-%241000-LT-1863-Fr-186e.jpg" decoding="async" width="225" height="197" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/7/72/US-%241000-LT-1863-Fr-186e.jpg/338px-US-%241000-LT-1863-Fr-186e.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/72/US-%241000-LT-1863-Fr-186e.jpg/450px-US-%241000-LT-1863-Fr-186e.jpg 2x" data-file-width="3500" data-file-height="3067" /></a></span>
</td>
<td><span style="display:none">Morris</span><a href="/info/en/?search=Robert_Morris_(financier)" title="Robert Morris (financier)">Robert Morris</a><br />(Charles Schlecht)
</td></tr>
<tr>
<th scope="row"><span style="display:none">001000</span>$1,000
</th>
<td>1869
</td>
<td>Fr.186f
</td>
<td>
</td>
<td><span style="display:none">Clinton</span><a href="/info/en/?search=DeWitt_Clinton" title="DeWitt Clinton">DeWitt Clinton</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">001000</span>$1,000
</th>
<td>1878
</td>
<td>Fr.187a
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$1000-LT-1878-Fr-187a.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/2/2f/US-%241000-LT-1878-Fr-187a.jpg/225px-US-%241000-LT-1878-Fr-187a.jpg" decoding="async" width="225" height="194" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/2/2f/US-%241000-LT-1878-Fr-187a.jpg/338px-US-%241000-LT-1878-Fr-187a.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2f/US-%241000-LT-1878-Fr-187a.jpg/450px-US-%241000-LT-1878-Fr-187a.jpg 2x" data-file-width="3500" data-file-height="3013" /></a></span>
</td>
<td><span style="display:none">Clinton</span><a href="/info/en/?search=DeWitt_Clinton" title="DeWitt Clinton">DeWitt Clinton</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">001000</span>$1,000
</th>
<td>1880
</td>
<td>Fr.187k
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$1000-LT-1880-Fr-187k.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/c/c7/US-%241000-LT-1880-Fr-187k.jpg/225px-US-%241000-LT-1880-Fr-187k.jpg" decoding="async" width="225" height="194" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/c/c7/US-%241000-LT-1880-Fr-187k.jpg/338px-US-%241000-LT-1880-Fr-187k.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c7/US-%241000-LT-1880-Fr-187k.jpg/450px-US-%241000-LT-1880-Fr-187k.jpg 2x" data-file-width="3500" data-file-height="3014" /></a></span>
</td>
<td><span style="display:none">Clinton</span><a href="/info/en/?search=DeWitt_Clinton" title="DeWitt Clinton">DeWitt Clinton</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">005000</span>$5,000
</th>
<td>1878
</td>
<td>Fr.188
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$5000-LT-1878-Fr.188-PROOF.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/f/f0/US-%245000-LT-1878-Fr.188-PROOF.jpg/225px-US-%245000-LT-1878-Fr.188-PROOF.jpg" decoding="async" width="225" height="202" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/f/f0/US-%245000-LT-1878-Fr.188-PROOF.jpg/338px-US-%245000-LT-1878-Fr.188-PROOF.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f0/US-%245000-LT-1878-Fr.188-PROOF.jpg/450px-US-%245000-LT-1878-Fr.188-PROOF.jpg 2x" data-file-width="4500" data-file-height="4039" /></a></span>
</td>
<td><span style="display:none">Madison</span><a href="/info/en/?search=James_Madison" title="James Madison">James Madison</a>
</td></tr>
<tr>
<th scope="row"><span style="display:none">010000</span>$10,000
</th>
<td>1878
</td>
<td>Fr.189
</td>
<td><span typeof="mw:File"><a href="/info/en/?search=File:US-$10000-LT-1878-Fr.189-PROOF.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/b/b1/US-%2410000-LT-1878-Fr.189-PROOF.jpg/225px-US-%2410000-LT-1878-Fr.189-PROOF.jpg" decoding="async" width="225" height="200" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/b/b1/US-%2410000-LT-1878-Fr.189-PROOF.jpg/338px-US-%2410000-LT-1878-Fr.189-PROOF.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b1/US-%2410000-LT-1878-Fr.189-PROOF.jpg/450px-US-%2410000-LT-1878-Fr.189-PROOF.jpg 2x" data-file-width="4500" data-file-height="4000" /></a></span>
</td>
<td><span style="display:none">Jackson</span><a href="/info/en/?search=Andrew_Jackson" title="Andrew Jackson">Andrew Jackson</a>
</td></tr></tbody></table>
<h3><span class="mw-headline" id="Series_1928_United_States_Notes">Series 1928 United States Notes</span><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="https://en.wikipedia.org/?title=United_States_Note&action=edit&section=9" title="Edit section: Series 1928 United States Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></h3>
<table class="wikitable" style="font-size: 90%">
<tbody><tr>
<th colspan="12">United States Notes – First small-size issue, Series 1928 (Smithsonian Institution)
</th></tr>
<tr>
<th colspan="1">Image</th>
<th rowspan="2">Value</th>
<th rowspan="2">Dimensions</th>
<th rowspan="2">Main Color</th>
<th colspan="2">
</th></tr>
<tr>
<th>Obverse/Reverse</th>
<th>Obverse</th>
<th>Reverse
</th></tr>
<tr>
<td align="center"><span typeof="mw:File"><a href="/info/en/?search=File:US-$1-LT-1928-Fr.1500.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/3/3a/US-%241-LT-1928-Fr.1500.jpg/150px-US-%241-LT-1928-Fr.1500.jpg" decoding="async" width="150" height="137" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/3/3a/US-%241-LT-1928-Fr.1500.jpg/225px-US-%241-LT-1928-Fr.1500.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/3a/US-%241-LT-1928-Fr.1500.jpg/300px-US-%241-LT-1928-Fr.1500.jpg 2x" data-file-width="3000" data-file-height="2732" /></a></span>
</td>
<td><a href="/info/en/?search=United_States_one-dollar_bill" title="United States one-dollar bill">$1</a> United States Note
</td>
<td><span class="nowrap"><span data-sort-value="6999155955999999999♠"></span>6.140 in × 2.610 in</span> (<span class="nowrap"><span data-sort-value="6999155955999999999♠"></span>155.956 mm × 66.294 mm</span>)
</td>
<td>Green; Black
</td>
<td><a href="/info/en/?search=George_Washington" title="George Washington">George Washington</a>
</td>
<td>Stylized "One Dollar"
</td></tr>
<tr>
<td align="center"><span typeof="mw:File"><a href="/info/en/?search=File:US-$2-LT-1928-Fr.1501.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/a/a8/US-%242-LT-1928-Fr.1501.jpg/150px-US-%242-LT-1928-Fr.1501.jpg" decoding="async" width="150" height="133" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/a/a8/US-%242-LT-1928-Fr.1501.jpg/225px-US-%242-LT-1928-Fr.1501.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a8/US-%242-LT-1928-Fr.1501.jpg/300px-US-%242-LT-1928-Fr.1501.jpg 2x" data-file-width="3000" data-file-height="2668" /></a></span>
</td>
<td><a href="/info/en/?search=United_States_two-dollar_bill" title="United States two-dollar bill">$2</a> United States Note
</td>
<td><span class="nowrap"><span data-sort-value="6999155955999999999♠"></span>6.140 in × 2.610 in</span> (<span class="nowrap"><span data-sort-value="6999155955999999999♠"></span>155.956 mm × 66.294 mm</span>)
</td>
<td>Green; Black
</td>
<td><a href="/info/en/?search=Thomas_Jefferson" title="Thomas Jefferson">Thomas Jefferson</a>
</td>
<td><a href="/info/en/?search=Monticello" title="Monticello">Monticello</a>
</td></tr>
<tr>
<td align="center"><span typeof="mw:File"><a href="/info/en/?search=File:US-$5-LT-1928-Fr.1525.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/b/bc/US-%245-LT-1928-Fr.1525.jpg/150px-US-%245-LT-1928-Fr.1525.jpg" decoding="async" width="150" height="135" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/b/bc/US-%245-LT-1928-Fr.1525.jpg/225px-US-%245-LT-1928-Fr.1525.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bc/US-%245-LT-1928-Fr.1525.jpg/300px-US-%245-LT-1928-Fr.1525.jpg 2x" data-file-width="3000" data-file-height="2696" /></a></span>
</td>
<td><a href="/info/en/?search=United_States_five-dollar_bill" title="United States five-dollar bill">$5</a> United States Note
</td>
<td><span class="nowrap"><span data-sort-value="6999155955999999999♠"></span>6.140 in × 2.610 in</span> (<span class="nowrap"><span data-sort-value="6999155955999999999♠"></span>155.956 mm × 66.294 mm</span>)
</td>
<td>Green; Black
</td>
<td><a href="/info/en/?search=Abraham_Lincoln" title="Abraham Lincoln">Abraham Lincoln</a>
</td>
<td><a href="/info/en/?search=Lincoln_Memorial" title="Lincoln Memorial">Lincoln Memorial</a>
</td></tr></tbody></table>
<h3><span class="mw-headline" id="Series_1953_United_States_Notes">Series 1953 United States Notes</span><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="https://en.wikipedia.org/?title=United_States_Note&action=edit&section=10" title="Edit section: Series 1953 United States Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></h3>
<table class="wikitable" style="font-size: 90%">
<tbody><tr>
<th colspan="12">United States Notes – Small-size issue, Series 1953
</th></tr>
<tr>
<th colspan="1">Image</th>
<th rowspan="2">Value</th>
<th rowspan="2">Dimensions</th>
<th rowspan="2">Main Color</th>
<th colspan="2">
</th></tr>
<tr>
<th>Obverse/Reverse</th>
<th>Obverse</th>
<th>Reverse
</th></tr>
<tr>
<td align="center"><span typeof="mw:File"><a href="/info/en/?search=File:Series_1953_US_two-dollar_bill_obverse.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/3/3e/Series_1953_US_two-dollar_bill_obverse.jpg/150px-Series_1953_US_two-dollar_bill_obverse.jpg" decoding="async" width="150" height="63" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/3/3e/Series_1953_US_two-dollar_bill_obverse.jpg/225px-Series_1953_US_two-dollar_bill_obverse.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/3e/Series_1953_US_two-dollar_bill_obverse.jpg/300px-Series_1953_US_two-dollar_bill_obverse.jpg 2x" data-file-width="2462" data-file-height="1035" /></a></span>
</td>
<td><a href="/info/en/?search=United_States_two-dollar_bill" title="United States two-dollar bill">$2</a> United States Note
</td>
<td><span class="nowrap"><span data-sort-value="6999155955999999999♠"></span>6.140 in × 2.610 in</span> (<span class="nowrap"><span data-sort-value="6999155955999999999♠"></span>155.956 mm × 66.294 mm</span>)
</td>
<td>Green; Black
</td>
<td><a href="/info/en/?search=Thomas_Jefferson" title="Thomas Jefferson">Thomas Jefferson</a>
</td>
<td><a href="/info/en/?search=Monticello" title="Monticello">Monticello</a>
</td></tr>
<tr>
<td align="center">
</td>
<td><a href="/info/en/?search=United_States_five-dollar_bill" title="United States five-dollar bill">$5</a> United States Note
</td>
<td><span class="nowrap"><span data-sort-value="6999155955999999999♠"></span>6.140 in × 2.610 in</span> (<span class="nowrap"><span data-sort-value="6999155955999999999♠"></span>155.956 mm × 66.294 mm</span>)
</td>
<td>Green; Black
</td>
<td><a href="/info/en/?search=Abraham_Lincoln" title="Abraham Lincoln">Abraham Lincoln</a>
</td>
<td><a href="/info/en/?search=Lincoln_Memorial" title="Lincoln Memorial">Lincoln Memorial</a>
</td></tr></tbody></table>
<h3><span class="mw-headline" id="Series_1963_United_States_Notes">Series 1963 United States Notes</span><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="https://en.wikipedia.org/?title=United_States_Note&action=edit&section=11" title="Edit section: Series 1963 United States Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></h3>
<table class="wikitable" style="font-size: 90%">
<tbody><tr>
<th colspan="12">United States Notes – Small-size issue, Series 1963
</th></tr>
<tr>
<th colspan="1">Image</th>
<th rowspan="2">Value</th>
<th rowspan="2">Dimensions</th>
<th rowspan="2">Main Color</th>
<th colspan="2">
</th></tr>
<tr>
<th>Obverse/Reverse</th>
<th>Obverse</th>
<th>Reverse
</th></tr>
<tr>
<td align="center">
</td>
<td><a href="/info/en/?search=United_States_two-dollar_bill" title="United States two-dollar bill">$2</a> United States Note
</td>
<td><span class="nowrap"><span data-sort-value="6999155955999999999♠"></span>6.140 in × 2.610 in</span> (<span class="nowrap"><span data-sort-value="6999155955999999999♠"></span>155.956 mm × 66.294 mm</span>)
</td>
<td>Green; Black
</td>
<td><a href="/info/en/?search=Thomas_Jefferson" title="Thomas Jefferson">Thomas Jefferson</a>
</td>
<td><a href="/info/en/?search=Monticello" title="Monticello">Monticello</a>
</td></tr>
<tr>
<td align="center"><span typeof="mw:File/Frameless"><a href="/info/en/?search=File:US_$5_1963_USN.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/9/94/US_%245_1963_USN.jpg/156px-US_%245_1963_USN.jpg" decoding="async" width="156" height="66" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/9/94/US_%245_1963_USN.jpg/234px-US_%245_1963_USN.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/94/US_%245_1963_USN.jpg/312px-US_%245_1963_USN.jpg 2x" data-file-width="800" data-file-height="336" /></a></span>
</td>
<td><a href="/info/en/?search=United_States_five-dollar_bill" title="United States five-dollar bill">$5</a> United States Note
</td>
<td><span class="nowrap"><span data-sort-value="6999155955999999999♠"></span>6.140 in × 2.610 in</span> (<span class="nowrap"><span data-sort-value="6999155955999999999♠"></span>155.956 mm × 66.294 mm</span>)
</td>
<td>Green; Black
</td>
<td><a href="/info/en/?search=Abraham_Lincoln" title="Abraham Lincoln">Abraham Lincoln</a>
</td>
<td><a href="/info/en/?search=Lincoln_Memorial" title="Lincoln Memorial">Lincoln Memorial</a>
</td></tr></tbody></table>
<h3><span class="mw-headline" id="Series_1966_United_States_Notes">Series 1966 United States Notes</span><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="https://en.wikipedia.org/?title=United_States_Note&action=edit&section=12" title="Edit section: Series 1966 United States Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></h3>
<table class="wikitable" style="font-size: 90%">
<tbody><tr>
<th colspan="12">United States Notes – Small-size issue, Series 1966
</th></tr>
<tr>
<th colspan="1">Image</th>
<th rowspan="2">Value</th>
<th rowspan="2">Dimensions</th>
<th rowspan="2">Main Color</th>
<th colspan="2">
</th></tr>
<tr>
<th>Obverse/Reverse</th>
<th>Obverse</th>
<th>Reverse
</th></tr>
<tr>
<td align="center"><span typeof="mw:File"><a href="/info/en/?search=File:US_$100_United_States_Note_1966.jpg" class="mw-file-description"><img src="https://upload.wikimedia.org/wikipedia/commons/thumb/2/24/US_%24100_United_States_Note_1966.jpg/150px-US_%24100_United_States_Note_1966.jpg" decoding="async" width="150" height="65" class="mw-file-element" srcset="https://upload.wikimedia.org/wikipedia/commons/thumb/2/24/US_%24100_United_States_Note_1966.jpg/225px-US_%24100_United_States_Note_1966.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/24/US_%24100_United_States_Note_1966.jpg/300px-US_%24100_United_States_Note_1966.jpg 2x" data-file-width="640" data-file-height="276" /></a></span>
</td>
<td><a href="/info/en/?search=United_States_one_hundred-dollar_bill" class="mw-redirect" title="United States one hundred-dollar bill">$100</a> United States Note
</td>
<td><span class="nowrap"><span data-sort-value="6999155955999999999♠"></span>6.140 in × 2.610 in</span> (<span class="nowrap"><span data-sort-value="6999155955999999999♠"></span>155.956 mm × 66.294 mm</span>)
</td>
<td>Green; Black
</td>
<td><a href="/info/en/?search=Benjamin_Franklin" title="Benjamin Franklin">Benjamin Franklin</a>
</td>
<td><a href="/info/en/?search=Independence_Hall" title="Independence Hall">Independence Hall</a>
</td></tr></tbody></table>
<h2><span class="mw-headline" id="Public_debt_of_the_United_States">Public debt of the United States</span><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="https://en.wikipedia.org/?title=United_States_Note&action=edit&section=13" title="Edit section: Public debt of the United States"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></h2>
<p>As of December 2012<sup class="plainlinks noexcerpt noprint asof-tag update" style="display:none;"><a class="external text" href="https://en.wikipedia.org/?title=United_States_Note&action=edit">[update]</a></sup>, the U.S. Treasury calculates that <span style="white-space: nowrap">$239</span> million in United States notes are in circulation and, in accordance with <a href="/info/en/?search=United_States_debt_ceiling" title="United States debt ceiling">debt ceiling legislation</a>, excludes this amount from the <a href="/info/en/?search=United_States_public_debt" class="mw-redirect" title="United States public debt">statutory debt limit</a> of the United States. The <span style="white-space: nowrap">$239</span> million excludes <span style="white-space: nowrap">$25</span> million in United States Notes issued prior to July 1, 1929, determined pursuant to Act of June 30, 1961, 31 U.S.C. 5119, to have been destroyed or irretrievably lost.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39">[36]</a></sup>
</p>
<h2><span class="mw-headline" id="Politics_and_controversy">Politics and controversy</span><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="https://en.wikipedia.org/?title=United_States_Note&action=edit&section=14" title="Edit section: Politics and controversy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></h2>
<p>The United States Notes were introduced as <a href="/info/en/?search=Fiat_money" title="Fiat money">fiat money</a> rather than the precious metal medium of exchange that the United States had traditionally used. Their introduction was thus contentious.
</p><p>The <a href="/info/en/?search=United_States_Congress" title="United States Congress">United States Congress</a> had enacted the <i>Legal Tender Acts</i> during the <a href="/info/en/?search=U.S._Civil_War" class="mw-redirect" title="U.S. Civil War">U.S. Civil War</a> when southern Democrats were <a href="/info/en/?search=United_States_House_of_Representatives_elections,_1860" class="mw-redirect" title="United States House of Representatives elections, 1860">absent</a> from the Congress, and thus their <a href="/info/en/?search=Jacksonian_democracy" title="Jacksonian democracy">Jacksonian</a> <a href="/info/en/?search=Hard_money_(policy)" title="Hard money (policy)">hard money</a> views were underrepresented. After the war, the <a href="/info/en/?search=Supreme_Court_of_the_United_States" title="Supreme Court of the United States">Supreme Court</a> ruled on the <i><a href="/info/en/?search=Legal_Tender_Cases" title="Legal Tender Cases">Legal Tender Cases</a></i> to determine the constitutionality of the use of greenbacks. The 1870 case <i><a href="/info/en/?search=Hepburn_v._Griswold" title="Hepburn v. Griswold">Hepburn v. Griswold</a></i> found unconstitutional the use of greenbacks when applied to debts established prior to the First <i>Legal Tender Act</i> as the five <a href="/info/en/?search=Democratic_Party_(United_States)" title="Democratic Party (United States)">Democrats</a> on the Court, <a href="/info/en/?search=Samuel_Nelson" title="Samuel Nelson">Nelson</a>, <a href="/info/en/?search=Robert_Cooper_Grier" title="Robert Cooper Grier">Grier</a>, <a href="/info/en/?search=Nathan_Clifford" title="Nathan Clifford">Clifford</a>, <a href="/info/en/?search=Stephen_Johnson_Field" title="Stephen Johnson Field">Field</a>, and <a href="/info/en/?search=Salmon_P._Chase" title="Salmon P. Chase">Chase</a>, ruled against the Civil War legislation in a 5–3 decision. Secretary Chase had become <a href="/info/en/?search=Chief_Justice_of_the_United_States" title="Chief Justice of the United States">Chief Justice of the United States</a> and a Democrat, and spearheaded the decision invalidating his own actions during the war. However, Grier retired from the Court, and <a href="/info/en/?search=Ulysses_S._Grant" title="Ulysses S. Grant">President Grant</a> appointed two new <a href="/info/en/?search=Republican_Party_(United_States)" title="Republican Party (United States)">Republicans</a>, <a href="/info/en/?search=William_Strong_(Pennsylvania_judge)" title="William Strong (Pennsylvania judge)">Strong</a> and <a href="/info/en/?search=Joseph_P._Bradley" title="Joseph P. Bradley">Bradley</a>, who joined the three sitting Republicans, <a href="/info/en/?search=Noah_Haynes_Swayne" title="Noah Haynes Swayne">Swayne</a>, <a href="/info/en/?search=Samuel_Freeman_Miller" title="Samuel Freeman Miller">Miller</a>, and <a href="/info/en/?search=David_Davis_(Supreme_Court_justice)" title="David Davis (Supreme Court justice)">Davis</a>, to reverse Hepburn, 5–4, in the 1871 cases <i><a href="/info/en/?search=Knox_v._Lee" title="Knox v. Lee">Knox v. Lee</a></i> and <i><a href="/info/en/?search=Parker_v._Davis" class="mw-redirect" title="Parker v. Davis">Parker v. Davis</a></i>. In 1884, the Court, controlled 8–1 by Republicans, granted the federal government very broad power to issue Legal Tender paper through the case <i><a href="/info/en/?search=Juilliard_v._Greenman" title="Juilliard v. Greenman">Juilliard v. Greenman</a></i>, with only the lone remaining Democrat, Field, dissenting.<sup id="cite_ref-Timberlake_20-1" class="reference"><a href="#cite_note-Timberlake-20">[19]</a></sup>
</p><p>The states in the far west stayed loyal to the Union, but also had hard money sympathies. During the specie suspension from 1862 to 1878, western states used the gold dollar as a unit of account whenever possible and accepted greenbacks at a discount wherever they could.<sup id="cite_ref-Greenbacks_3-3" class="reference"><a href="#cite_note-Greenbacks-3">[3]</a></sup> The preferred forms of paper money were <a href="/info/en/?search=Gold_certificate_(United_States)" title="Gold certificate (United States)">gold certificates</a> and <a href="/info/en/?search=National_Gold_Bank_Note" title="National Gold Bank Note">National Gold Bank Notes</a>, the latter having been created specifically to address the desire for hard money in <a href="/info/en/?search=California" title="California">California</a>.
</p><p>During the 1870s and 1880s, the <a href="/info/en/?search=Greenback_Party" title="Greenback Party">Greenback Party</a> existed for the primary purpose of advocating an increased circulation of United States Notes as a way of creating inflation according to the <a href="/info/en/?search=Quantity_theory_of_money" title="Quantity theory of money">quantity theory of money</a>. However, as the 1870s unfolded, the market price of silver decreased with respect to gold, and inflationists found a new cause in the <a href="/info/en/?search=Free_Silver_movement" class="mw-redirect" title="Free Silver movement">Free Silver movement</a>. Opposition to the resumption of specie convertibility of the Greenbacks during 1879 was accordingly muted.
</p>
<h2><span class="mw-headline" id="See_also">See also</span><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="https://en.wikipedia.org/?title=United_States_Note&action=edit&section=15" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></h2>
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<h2><span class="mw-headline" id="Footnotes">Footnotes</span><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="https://en.wikipedia.org/?title=United_States_Note&action=edit&section=16" title="Edit section: Footnotes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></h2>
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<div class="mw-references-wrap"><ol class="references">
<li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text">While the three Legal Tender Acts had authorized <span style="white-space: nowrap">$450,000,000</span> of notes, the Second Legal Tender Act, in taking the total from <span style="white-space: nowrap">$150,000,000</span> to <span style="white-space: nowrap">$300,000,000</span> had reserved <span style="white-space: nowrap">$50,000,000</span> of the increase for the purpose of redeeming balances in a temporary deposit program. The Act of June 30, 1864, reiterated this limitation, and as the temporary loan program had ceased to exist, only <span style="white-space: nowrap">$400,000,000</span> of the <span style="white-space: nowrap">$450,000,000</span> ceiling were available.</span>
</li>
<li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text"> Large size notes represent the earlier types or series of U.S. banknotes. Their "average" dimension is <span class="nowrap"><span data-sort-value="6999187325000000000♠"></span>7.375 <a href="/info/en/?search=Inch" title="Inch">in</a> × 3.125 <a href="/info/en/?search=Inch" title="Inch">in</a></span> (<span class="nowrap"><span data-sort-value="6999187000000000000♠"></span>187 <a href="/info/en/?search=Millimetre" title="Millimetre">mm</a> × 79 <a href="/info/en/?search=Millimetre" title="Millimetre">mm</a></span>). Small size notes (described as such due to their size relative to the earlier large size notes) are an "average" <span class="nowrap"><span data-sort-value="6999155575000000000♠"></span>6.125 in × 2.625 in</span> (<span class="nowrap"><span data-sort-value="6999156000000000000♠"></span>156 mm × 67 mm</span>), the size of modern U.S. currency. "Each measurement is <span class="nowrap"><span data-sort-value="6997203200000000000♠"></span>±0.08 in</span> (<span class="nowrap"><span data-sort-value="6997200000000000000♠"></span>2 mm</span>) to account for margins and cutting".<sup id="cite_ref-26" class="reference"><a href="#cite_note-26">[25]</a></sup></span>
</li>
<li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text">Names in parentheses are either the engravers or artists responsible for the concept and/or initial design.</span>
</li>
</ol></div></div>
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<h2><span class="mw-headline" id="Notes">Notes</span><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="https://en.wikipedia.org/?title=United_States_Note&action=edit&section=17" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></h2>
<link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1217336898"><div class="reflist reflist-columns references-column-width" style="column-width: 30em;">
<ol class="references">
<li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text">Friedberg, Arthur L. and Ira S., 2006, <i>Paper Money of the United States, 18th Edition</i>, Clifton, NJ, The Coin & Currency Institute, Inc. <style data-mw-deduplicate="TemplateStyles:r1215172403">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("https://upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a{background-size:contain}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("https://upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a{background-size:contain}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("https://upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a{background-size:contain}.mw-parser-output .cs1-ws-icon a{background:url("https://upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:#d33}.mw-parser-output .cs1-visible-error{color:#d33}.mw-parser-output .cs1-maint{display:none;color:#2C882D;margin-left:0.3em}.mw-parser-output .cs1-format{font-size:95%}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911F}html.skin-theme-clientpref-night .mw-parser-output .cs1-visible-error,html.skin-theme-clientpref-night .mw-parser-output .cs1-hidden-error{color:#f8a397}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-visible-error,html.skin-theme-clientpref-os .mw-parser-output .cs1-hidden-error{color:#f8a397}html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911F}}</style><a href="/info/en/?search=ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/info/en/?search=Special:BookSources/0-87184-518-0" title="Special:BookSources/0-87184-518-0">0-87184-518-0</a></span>
</li>
<li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><a class="external text" href="https://memory.loc.gov/cgi-bin/ampage?collId=llsl&fileName=012/llsl012.db&recNum=290">United States Congress. Act of July, 17 1861 Chapter V. Washington D.C.: 1861</a></span>
</li>
<li id="cite_note-Greenbacks-3"><span class="mw-cite-backlink">^ <a href="#cite_ref-Greenbacks_3-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Greenbacks_3-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Greenbacks_3-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-Greenbacks_3-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text">Mitchell, Wesley Clair, "A History of the Greenbacks With Special Reference To the Economic Consequences of Their Issue 1862–65", University of Chicago, Chicago, 1903.</span>
</li>
<li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text">Chittenden, L.E., <i>Recollections of President Lincoln and His Administration</i>, Harper & Brothers, New York, 1891.</span>
</li>
<li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text">D.S. & Heidler, J.T. (2000). <a class="external text" href="https://books.google.com/books?id=SdrYv7S60fgC&pg=PA1167">Heidler, <i>Encyclopedia of the American Civil War: a political, social, and military history</i> (p. 1168)</a>. New York, NY: W.W. Norton</span>
</li>
<li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text">McPherson, J.M. <a class="external text" href="https://books.google.com/books?id=GXfGuNAvm7AC&pg=PA445">(1988). <i>Battle cry of freedom: the Civil War era</i> (p.445)</a>. New York, NY: Oxford University Press</span>
</li>
<li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><a class="external text" href="https://books.google.com/books?id=dqWy8Qe4pqgC&pg=PA29">Spaulding, E.G. (1869). <i>History of the legal tender paper money issued during the great rebellion</i></a> (p.29). Buffalo, NY: Express Printing.</span>
</li>
<li id="cite_note-FirstLegal-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-FirstLegal_8-0">^</a></b></span> <span class="reference-text">ch. 33, 12 <a href="/info/en/?search=United_States_Statutes_at_Large" title="United States Statutes at Large">Stat.</a> <a class="external text" href="https://legislink.org/us/stat-12-345">345</a></span>
</li>
<li id="cite_note-SecondLegal-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-SecondLegal_9-0">^</a></b></span> <span class="reference-text">ch. 142, 12 <a href="/info/en/?search=United_States_Statutes_at_Large" title="United States Statutes at Large">Stat.</a> <a class="external text" href="https://legislink.org/us/stat-12-532">532</a></span>
</li>
<li id="cite_note-JointRex-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-JointRex_10-0">^</a></b></span> <span class="reference-text"><a class="external text" href="https://memory.loc.gov/cgi-bin/ampage?collId=llsl&fileName=012/llsl012.db&recNum=853">United States Congress. Resolution of January 17, 1863, No. 9. Washington D.C.: 1863</a></span>
</li>
<li id="cite_note-ThirdLegal-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-ThirdLegal_11-0">^</a></b></span> <span class="reference-text">ch. 73, 12 <a href="/info/en/?search=United_States_Statutes_at_Large" title="United States Statutes at Large">Stat.</a> <a class="external text" href="https://legislink.org/us/stat-12-709">709</a></span>
</li>
<li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text">Backus, Charles K., "The Contraction of the Currency", The Honest Money League of the Northwest, Chicago, 1878.</span>
</li>
<li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1215172403"><cite class="citation web cs1"><a class="external text" href="https://www.frbsf.org/education/publications/doctor-econ/2004/april/money-supply-currency-counterfeit/">"How much currency is circulating in the economy, and how much of it is counterfeit? Is currency included in the money supply statistics?"</a>. <i>Federal Reserve Bank of San Francisco</i><span class="reference-accessdate">. Retrieved <span class="nowrap">January 16,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Federal+Reserve+Bank+of+San+Francisco&rft.atitle=How+much+currency+is+circulating+in+the+economy%2C+and+how+much+of+it+is+counterfeit%3F+Is+currency+included+in+the+money+supply+statistics%3F&rft_id=https%3A%2F%2Fwww.frbsf.org%2Feducation%2Fpublications%2Fdoctor-econ%2F2004%2Fapril%2Fmoney-supply-currency-counterfeit%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+States+Note" class="Z3988"></span></span>
</li>
<li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text">Carey, Henry Charles (March 1865) <a class="external text" href="https://quod.lib.umich.edu/cgi/t/text/text-idx?sid=932372736069d66b3b26927f407796bf&c=moa&idno=AEU5158.0001.001&view=toc">The Way to Outdo England Without Fighting Her</a></span>
</li>
<li id="cite_note-Cyclo-15"><span class="mw-cite-backlink">^ <a href="#cite_ref-Cyclo_15-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Cyclo_15-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">"United States Notes", <a href="/info/en/?search=John_Joseph_Lalor" title="John Joseph Lalor">John Joseph Lalor</a>, <i>Cyclopaedia of Political Science, Political Economy, and of the Political History of the United States</i>, Rand McNally & Co, Chicago, 1881.</span>
</li>
<li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text"><a class="external text" href="https://memory.loc.gov/cgi-bin/ampage?collId=llsl&fileName=014/llsl014.db&recNum=62">United States Congress. Act of April 12, 1866 Chapter XXXIII. Washington D.C.: 1866</a></span>
</li>
<li id="cite_note-Studenski-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-Studenski_17-0">^</a></b></span> <span class="reference-text">Studenski, Paul; Krooss, Hermand Edward (1952). <i>Financial History of the United States</i>, New York, NY: McGraw-Hill. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1215172403"><a href="/info/en/?search=ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/info/en/?search=Special:BookSources/1-58798-175-0" title="Special:BookSources/1-58798-175-0">1-58798-175-0</a>.</span>
</li>
<li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><a class="external text" href="https://www.u-s-history.com/pages/h171.html">The Greenback Question.</a> Retrieved May 30, 2009.</span>
</li>
<li id="cite_note-Timberlake-20"><span class="mw-cite-backlink">^ <a href="#cite_ref-Timberlake_20-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Timberlake_20-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Timberlake, Richard H.(1993). <i>Monetary Policy in the United States: An Intellectual and Institutional History</i>, Chicago: University of Chicago Press. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1215172403"><a href="/info/en/?search=ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/info/en/?search=Special:BookSources/978-0-226-80384-5" title="Special:BookSources/978-0-226-80384-5">978-0-226-80384-5</a>.</span>
</li>
<li id="cite_note-100Greatest-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-100Greatest_21-0">^</a></b></span> <span class="reference-text">Bowers, Q. David; David Sundman (2006). <i>100 GREATEST AMERICAN CURRENCY NOTES</i>, Atlanta, Georgia: Whitman Publishing. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1215172403"><a href="/info/en/?search=ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/info/en/?search=Special:BookSources/0-7948-2006-9" title="Special:BookSources/0-7948-2006-9">0-7948-2006-9</a>.</span>
</li>
<li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text"><a class="external text" href="https://query.nytimes.com/gst/abstract.html?res=9F0CE0DE1639E433A25757C2A9639C946297D6CF">The National Balance Sheet; It Includes <span style="white-space: nowrap">$71,000,000</span> of Debits Which Might Well Be Dropped"</a> <i><a href="/info/en/?search=New_York_Times" class="mw-redirect" title="New York Times">New York Times</a></i> May 24, 1903, Sunday</span>
</li>
<li id="cite_note-USTfaq-23"><span class="mw-cite-backlink">^ <a href="#cite_ref-USTfaq_23-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-USTfaq_23-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-USTfaq_23-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><a class="external text" href="https://www.treasury.gov/resource-center/faqs/Currency/Pages/legal-tender.aspx">U.S. Treasury – FAQ: Legal Tender Status</a></span>
</li>
<li id="cite_note-Riegle-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-Riegle_24-0">^</a></b></span> <span class="reference-text"><a class="external text" href="https://www.congress.gov/bill/103rd-congress/house-bill/3474/text">Riegle Community Development and Regulatory Improvement Act of 1994, see Sec. 602(f)(4)</a></span>
</li>
<li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text">Hessler, Gene and Chambliss, Carlson (2006). <i>The Comprehensive Catalog of U.S. Paper Money</i>, 7th edition, Port Clinton, Ohio: BNR Press <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1215172403"><a href="/info/en/?search=ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/info/en/?search=Special:BookSources/0-931960-66-5" title="Special:BookSources/0-931960-66-5">0-931960-66-5</a>.</span>
</li>
<li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text">Friedberg, p. 7.</span>
</li>
<li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1215172403"><cite class="citation book cs1"><a class="external text" href="https://books.google.com/books?id=qqQuAAAAMAAJ&pg=PA105"><i>Treasury Department Appropriation Bill, 1929</i></a>. U.S. Government Printing Office. 1928. p. 105.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Treasury+Department+Appropriation+Bill%2C+1929&rft.pages=105&rft.pub=U.S.+Government+Printing+Office&rft.date=1928&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DqqQuAAAAMAAJ%26pg%3DPA105&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+States+Note" class="Z3988"></span></span>
</li>
<li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text">
<link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1215172403"><cite class="citation web cs1"><a class="external text" href="https://www.uspapermoney.info/general/chron_l.html">"Chronology of Large-Size Notes"</a>. <i>www.uspapermoney.info</i><span class="reference-accessdate">. Retrieved <span class="nowrap">June 6,</span> 2009</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.uspapermoney.info&rft.atitle=Chronology+of+Large-Size+Notes&rft_id=http%3A%2F%2Fwww.uspapermoney.info%2Fgeneral%2Fchron_l.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+States+Note" class="Z3988"></span></span>
</li>
<li id="cite_note-bep-riegle-Act-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-bep-riegle-Act_30-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1215172403"><cite class="citation web cs1"><a class="external text" href="https://www.bep.treas.gov/historicallegislation.html">"Historical Legislation - Riegle Improvement Act"</a>. <i>www.bep.treas.gov</i>. <a href="/info/en/?search=Bureau_of_Engraving_and_Printing" title="Bureau of Engraving and Printing">Bureau of Engraving and Printing</a>, U.S. Department of the Treasury<span class="reference-accessdate">. Retrieved <span class="nowrap">February 9,</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.bep.treas.gov&rft.atitle=Historical+Legislation+-+Riegle+Improvement+Act&rft_id=http%3A%2F%2Fwww.bep.treas.gov%2Fhistoricallegislation.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+States+Note" class="Z3988"></span></span>
</li>
<li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text">Friedberg numbering system, <a class="external free" href="http://www.panix.com/~clay/currency/catalog-numbers.html">http://www.panix.com/~clay/currency/catalog-numbers.html</a></span>
</li>
<li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text">Hessler, 2004, p. 24.</span>
</li>
<li id="cite_note-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-34">^</a></b></span> <span class="reference-text">Hessler, 2004, p. 20.</span>
</li>
<li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text">Hessler, 2004, p. 22.</span>
</li>
<li id="cite_note-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-36">^</a></b></span> <span class="reference-text">Hessler, 2004, p. 27.</span>
</li>
<li id="cite_note-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-37">^</a></b></span> <span class="reference-text">Hessler, 2004, p. 28.</span>
</li>
<li id="cite_note-38"><span class="mw-cite-backlink"><b><a href="#cite_ref-38">^</a></b></span> <span class="reference-text">Hessler, 2004, p. 36.</span>
</li>
<li id="cite_note-39"><span class="mw-cite-backlink"><b><a href="#cite_ref-39">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1215172403"><cite class="citation web cs1"><a class="external text" href="https://www.treasurydirect.gov/govt/reports/pd/mspd/2012/opdm122012.pdf">"Monthly Statement of the Public Debt of the United States"</a> <span class="cs1-format">(PDF)</span>. United States Treasury Department. December 31, 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">January 8,</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Monthly+Statement+of+the+Public+Debt+of+the+United+States&rft.pub=United+States+Treasury+Department&rft.date=2012-12-31&rft_id=http%3A%2F%2Fwww.treasurydirect.gov%2Fgovt%2Freports%2Fpd%2Fmspd%2F2012%2Fopdm122012.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+States+Note" class="Z3988"></span></span>
</li>
</ol></div>
<h2><span class="mw-headline" id="References">References</span><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="https://en.wikipedia.org/?title=United_States_Note&action=edit&section=18" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></h2>
<ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1215172403"><cite id="CITEREFFriedbergFriedberg2013" class="citation book cs1">Friedberg, Arthur L.; Friedberg, Ira S. (2013). <a class="external text" href="https://books.google.com/books?id=eMFWoWl2UYkC"><i>Paper Money of the United States: A Complete Illustrated Guide With Valuations</i></a> (20th ed.). Coin & Currency Institute. <a href="/info/en/?search=ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/info/en/?search=Special:BookSources/978-0-87184-520-7" title="Special:BookSources/978-0-87184-520-7"><bdi>978-0-87184-520-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Paper+Money+of+the+United+States%3A+A+Complete+Illustrated+Guide+With+Valuations&rft.edition=20th&rft.pub=Coin+%26+Currency+Institute&rft.date=2013&rft.isbn=978-0-87184-520-7&rft.aulast=Friedberg&rft.aufirst=Arthur+L.&rft.au=Friedberg%2C+Ira+S.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DeMFWoWl2UYkC&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+States+Note" class="Z3988"></span></li>
<li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1215172403"><cite id="CITEREFHessler1993" class="citation book cs1">Hessler, Gene (1993). <i>The Engraver's Line – An Encyclopedia of Paper Money & Postage Stamp Art</i>. BNR Press. <a href="/info/en/?search=ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/info/en/?search=Special:BookSources/0-931960-36-3" title="Special:BookSources/0-931960-36-3"><bdi>0-931960-36-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Engraver%27s+Line+%E2%80%93+An+Encyclopedia+of+Paper+Money+%26+Postage+Stamp+Art&rft.pub=BNR+Press&rft.date=1993&rft.isbn=0-931960-36-3&rft.aulast=Hessler&rft.aufirst=Gene&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+States+Note" class="Z3988"></span></li>
<li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1215172403"><cite id="CITEREFHessler2004" class="citation book cs1">Hessler, Gene (2004). <i>U.S. Essay, Proof and Specimen Notes</i> (2 ed.). BNR Press. <a href="/info/en/?search=ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/info/en/?search=Special:BookSources/0-931960-62-2" title="Special:BookSources/0-931960-62-2"><bdi>0-931960-62-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=U.S.+Essay%2C+Proof+and+Specimen+Notes&rft.edition=2&rft.pub=BNR+Press&rft.date=2004&rft.isbn=0-931960-62-2&rft.aulast=Hessler&rft.aufirst=Gene&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+States+Note" class="Z3988"></span></li></ul>
<h2><span class="mw-headline" id="Further_reading">Further reading</span><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="https://en.wikipedia.org/?title=United_States_Note&action=edit&section=19" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></h2>
<ul><li>Wesley Clair Mitchell, <a class="external text" href="https://archive.org/details/ahistorygreenba00mitcgoog"><i>A History of the Greenbacks: With Special Reference to the Economic Consequences of Their Issue, 1862–65.</i></a> Chicago: University of Chicago Press, 1903.</li>
<li><a href="/info/en/?search=Irwin_Unger" title="Irwin Unger">Irwin Unger</a>, <i><a href="/info/en/?search=The_Greenback_Era:_A_Social_and_Political_History_of_American_Finance,_1865%E2%80%931879" class="mw-redirect" title="The Greenback Era: A Social and Political History of American Finance, 1865–1879">The Greenback Era: A Social and Political History of American Finance, 1865–1879</a>.</i> (1965)</li>
<li>Henry George, <a class="external text" href="https://www.cooperativeindividualism.org/george-henry_on-greenbacks-silver-and-free-banking-1889.html">"On Greenbacks, Free Silver, and Free Banking,"</a> <i>The Standard</i>, December 14, 1889.</li></ul>
<h2><span class="mw-headline" id="External_links">External links</span><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="https://en.wikipedia.org/?title=United_States_Note&action=edit&section=20" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></h2>
<ul><li><a class="external text" href="https://www.treasury.gov/resource-center/faqs/Currency/Pages/legal-tender.aspx">U.S. Treasury Dept. information about United States Notes</a></li>
<li><a class="external text" href="https://www.friesian.com/notes.htm">Six Kinds of United States Paper Currency</a></li></ul>
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scope="row" class="navbox-group" style="width:1%">Topics</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em">
<ul><li><a href="/info/en/?search=Coins_of_the_United_States_dollar" title="Coins of the United States dollar">United States coinage</a></li>
<li><a href="/info/en/?search=United_States_dollar" title="United States dollar">United States dollar</a></li>
<li><a href="/info/en/?search=History_of_the_United_States_dollar" title="History of the United States dollar">History of the United States dollar</a></li>
<li><a href="/info/en/?search=Canceled_denominations_of_United_States_currency" title="Canceled denominations of United States currency">Canceled denominations of United States currency</a></li></ul>
</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Coins</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em">
<ul><li><a href="/info/en/?search=1792_half_disme" title="1792 half disme">Half disme</a> (1792)</li>
<li><a href="/info/en/?search=Half_cent_(United_States_coin)" title="Half cent (United States coin)">Half cent</a> (1793–1857)</li>
<li><a href="/info/en/?search=Large_cent" title="Large cent">Large cent</a> (1793–1857)</li>
<li><a href="/info/en/?search=Two-cent_piece_(United_States)" title="Two-cent piece (United States)">Two-cent piece</a> (1864–1873)</li>
<li><a href="/info/en/?search=Three-cent_nickel" title="Three-cent nickel">Three-cent nickel</a> (1865–1889)</li>
<li><a href="/info/en/?search=Three-cent_silver" title="Three-cent silver">Three-cent silver</a> (1851–1873)</li>
<li><a href="/info/en/?search=Half_dime" title="Half dime">Half dime</a> (1792–1873)</li>
<li><a href="/info/en/?search=Twenty-cent_piece_(United_States_coin)" title="Twenty-cent piece (United States coin)">Twenty-cent piece</a> (1875–1878)</li></ul>
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<ul><li><a href="/info/en/?search=Gold_dollar" title="Gold dollar">Gold dollar</a> (1849–1889)</li>
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<li><a href="/info/en/?search=Three-dollar_piece" title="Three-dollar piece">Three-dollar piece</a> (1854–1889)</li>
<li><a href="/info/en/?search=Half_eagle" title="Half eagle">Half eagle</a> (1795–1929)</li>
<li><a href="/info/en/?search=Eagle_(United_States_coin)" title="Eagle (United States coin)">Eagle</a> (1795–1933)</li>
<li><a href="/info/en/?search=Double_eagle" title="Double eagle">Double eagle</a> (1850–1933; 2009)</li></ul>
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<ul><li><a href="/info/en/?search=Fractional_currency" title="Fractional currency">Fractional currency</a></li>
<li><a href="/info/en/?search=Large_denominations_of_United_States_currency" title="Large denominations of United States currency">Large denominations of currency</a></li></ul>
</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Discontinued currency types</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">
<ul><li><a href="/info/en/?search=Early_American_currency" title="Early American currency">Early American currency</a></li>
<li><a href="/info/en/?search=Continental_currency_banknotes" title="Continental currency banknotes">Continental currency</a></li>
<li><a href="/info/en/?search=Compound_interest_treasury_note" title="Compound interest treasury note">Compound interest treasury note</a></li>
<li><a href="/info/en/?search=Demand_Note" title="Demand Note">Demand Note</a></li>
<li><a href="/info/en/?search=Federal_Reserve_Bank_Note" title="Federal Reserve Bank Note">Federal Reserve Bank Note</a></li>
<li><a href="/info/en/?search=Gold_certificate_(United_States)" title="Gold certificate (United States)">Gold certificate</a></li>
<li><a href="/info/en/?search=Hawaii_overprint_note" title="Hawaii overprint note">Hawaii overprint note</a></li>
<li><a href="/info/en/?search=Interest_bearing_note" title="Interest bearing note">Interest bearing note</a></li>
<li><a href="/info/en/?search=National_Bank_Note" title="National Bank Note">National Bank Note</a></li>
<li><a href="/info/en/?search=National_Gold_Bank_Note" title="National Gold Bank Note">National Gold Bank Note</a></li>
<li><a href="/info/en/?search=Refunding_Certificate" title="Refunding Certificate">Refunding Certificate</a></li>
<li><a href="/info/en/?search=Silver_certificate_(United_States)" title="Silver certificate (United States)">Silver certificate</a></li>
<li><a href="/info/en/?search=Treasury_Note_(1890%E2%80%931891)" title="Treasury Note (1890–1891)">Treasury or Coin Note</a></li>
<li><a href="/info/en/?search=Treasury_Note_(19th_century)" title="Treasury Note (19th century)">Treasury Note (19th century)</a></li>
<li><a class="mw-selflink selflink">United States Note</a></li>
<li><a href="/info/en/?search=United_States_postal_notes" title="United States postal notes">United States postal notes</a></li></ul>
</div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em">
<ul><li><a href="/info/en/?search=Brasher_Doubloon" title="Brasher Doubloon">Brasher Doubloon</a> (1787)</li></ul>
</div></td></tr></tbody></table></div>
<div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1061467846"></div><div role="navigation" class="navbox" aria-labelledby="Monetary_policy_and_central_banking_in_the_United_States_(pre–1913)" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1063604349"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/info/en/?search=Template:Money_and_central_banking_within_the_contemporary_United_States_(pre%E2%80%931913)" title="Template:Money and central banking within the contemporary United States (pre–1913)"><abbr title="View this template" style=";;background:none transparent;border:none;box-shadow:none;padding:0;">v</abbr></a></li><li class="nv-talk"><a href="https://en.wikipedia.org/?title=Template_talk:Money_and_central_banking_within_the_contemporary_United_States_(pre%E2%80%931913)&action=edit&redlink=1" class="new" title="Template talk:Money and central banking within the contemporary United States (pre–1913) (page does not exist)"><abbr title="Discuss this template" style=";;background:none transparent;border:none;box-shadow:none;padding:0;">t</abbr></a></li><li class="nv-edit"><a href="/info/en/?search=Special:EditPage/Template:Money_and_central_banking_within_the_contemporary_United_States_(pre%E2%80%931913)" title="Special:EditPage/Template:Money and central banking within the contemporary United States (pre–1913)"><abbr title="Edit this template" style=";;background:none transparent;border:none;box-shadow:none;padding:0;">e</abbr></a></li></ul></div><div id="Monetary_policy_and_central_banking_in_the_United_States_(pre–1913)" style="font-size:114%;margin:0 4em"><a href="/info/en/?search=History_of_monetary_policy_in_the_United_States" title="History of monetary policy in the United States">Monetary policy</a> and <a href="/info/en/?search=History_of_central_banking_in_the_United_States" title="History of central banking in the United States">central banking in the United States</a> (<a href="/info/en/?search=Federal_Reserve_Act" title="Federal Reserve Act">pre–1913</a>)</div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div>
<ul><li><a href="/info/en/?search=Monetary_policy_of_the_United_States" title="Monetary policy of the United States">Monetary policy of the United States</a></li></ul>
</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/info/en/?search=Commercial_Revolution" class="mw-redirect" title="Commercial Revolution">Commercial Revolution</a><br />(1607–1760)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">
<ul><li><a href="/info/en/?search=Bills_of_credit" title="Bills of credit">Bills of credit</a> (c. 1690–1750)</li>
<li><a href="/info/en/?search=Tobacco_Inspection_Act" title="Tobacco Inspection Act">Tobacco Inspection Act</a> (1730)</li>
<li><a href="/info/en/?search=Maryland_Tobacco_Inspection_Act_of_1747" title="Maryland Tobacco Inspection Act of 1747">Maryland Tobacco Inspection Act of 1747</a></li>
<li><a href="/info/en/?search=Currency_Act" title="Currency Act">Currency Acts</a> (1751; 1764)</li></ul>
</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/info/en/?search=Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a><br />(1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">
<ul><li><a href="/info/en/?search=Second_Continental_Congress" title="Second Continental Congress">Second Continental Congress</a> (1776–1780)</li>
<li><a href="/info/en/?search=Banknotes_of_the_United_States_dollar" title="Banknotes of the United States dollar">U.S. dollar banknotes</a> (1775–)</li>
<li><a href="/info/en/?search=Continental_currency_banknotes" title="Continental currency banknotes">Continental currency banknotes</a> (1775–1779)</li>
<li><a href="/info/en/?search=Bank_of_Pennsylvania" title="Bank of Pennsylvania">Bank of Pennsylvania</a> (1780–1781)</li>
<li><a href="/info/en/?search=Superintendent_of_Finance_of_the_United_States" title="Superintendent of Finance of the United States">U.S. Finance Superintendent</a> (1781–1785)</li>
<li><a href="/info/en/?search=Bank_of_North_America" title="Bank of North America">Bank of North America</a> (1781–1791)</li>
<li><a href="/info/en/?search=Article_One_of_the_United_States_Constitution" title="Article One of the United States Constitution">Article I of the U.S. Constitution</a>
<ul><li>1787–1788; <a href="/info/en/?search=Article_One_of_the_United_States_Constitution#Section_8:_Powers_of_Congress" title="Article One of the United States Constitution">Section VIII</a></li>
<li><a href="/info/en/?search=Article_One_of_the_United_States_Constitution#Section_10:_Limits_on_the_States" title="Article One of the United States Constitution">Section X</a></li></ul></li>
<li><a href="/info/en/?search=United_States_Department_of_the_Treasury" title="United States Department of the Treasury">U.S. Treasury Department</a>
<ul><li>1789–1913; <a href="/info/en/?search=United_States_Secretary_of_the_Treasury" title="United States Secretary of the Treasury">U.S. Treasury Secretary</a></li></ul></li>
<li><a href="/info/en/?search=United_States_Treasury_security" title="United States Treasury security">U.S. Treasury security</a> (1789–present)</li>
<li><a href="/info/en/?search=First_Bank_of_the_United_States" title="First Bank of the United States">First Bank of the United States</a> (1791–1811)</li>
<li><a href="/info/en/?search=Coinage_Act_of_1792" title="Coinage Act of 1792">Coinage Act of 1792</a></li>
<li><a href="/info/en/?search=United_States_Mint" title="United States Mint">United States Mint</a> (1792–1873)</li>
<li><a href="/info/en/?search=Coins_of_the_United_States_dollar" title="Coins of the United States dollar">U.S. dollar coins</a> (1792–)</li>
<li><a href="/info/en/?search=Half_dime" title="Half dime">Half dime</a> (1792–1873)</li>
<li><a href="/info/en/?search=1792_half_disme" title="1792 half disme">1792 half disme</a></li>
<li><a href="/info/en/?search=Half_cent_(United_States_coin)" title="Half cent (United States coin)">Half cent</a> (1793–1857)</li>
<li><a href="/info/en/?search=Large_cent" title="Large cent">Large cent</a> (1793–1857)</li>
<li><a href="/info/en/?search=Treasury_Note_(19th_century)" title="Treasury Note (19th century)">Treasury Note</a> (1812–1913)</li>
<li><a href="/info/en/?search=Banking_in_the_Jacksonian_Era" title="Banking in the Jacksonian Era">Banking in the Jacksonian Era</a>
<ul><li><a href="/info/en/?search=Second_Bank_of_the_United_States" title="Second Bank of the United States">Second Bank of the United States</a>, 1816–1836</li>
<li><a href="/info/en/?search=Suffolk_Bank" title="Suffolk Bank">Suffolk Bank</a>, 1818–1858</li>
<li><i><a href="/info/en/?search=McCulloch_v._Maryland" title="McCulloch v. Maryland">McCulloch v. Maryland</a></i>, 1819</li>
<li><a href="/info/en/?search=Safety_Fund_System" title="Safety Fund System">New York Safety Fund System</a>, 1829–1842</li>
<li><a href="/info/en/?search=Bank_War" title="Bank War">Bank War</a>, 1832–1836</li>
<li><a href="/info/en/?search=Coinage_Act_of_1834" title="Coinage Act of 1834">Coinage Act of 1834</a></li></ul></li></ul>
</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/info/en/?search=History_of_the_United_States_(1849%E2%80%931865)" title="History of the United States (1849–1865)">Civil War Era</a><br />(1840–1870)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">
<ul><li><a href="/info/en/?search=Free_banking" title="Free banking">Free banking</a> (1836–1865)</li>
<li><a href="/info/en/?search=Wildcat_banking" title="Wildcat banking">Wildcat banking</a> (1836–1865)</li>
<li><a href="/info/en/?search=The_Forstall_System" title="The Forstall System">Forstall System</a> (1842–1865)</li>
<li><a href="/info/en/?search=Independent_Treasury" title="Independent Treasury">Independent U.S. Treasury</a> (1846–1913)</li>
<li><a href="/info/en/?search=Coinage_Act_of_1849" title="Coinage Act of 1849">Coinage Act of 1849</a></li>
<li><a href="/info/en/?search=Three-cent_silver" title="Three-cent silver">Three-cent silver</a> (1851–1873)</li>
<li><a href="/info/en/?search=Coinage_Act_of_1853" title="Coinage Act of 1853">Coinage Act of 1853</a></li>
<li><a href="/info/en/?search=The_Clearing_House" title="The Clearing House">New York Clearing House Association</a> (1853–1863)</li>
<li><a href="/info/en/?search=Coinage_Act_of_1857" title="Coinage Act of 1857">Coinage Act of 1857</a></li>
<li><a href="/info/en/?search=Demand_Note" title="Demand Note">Demand Note</a> (1861–1862)</li>
<li><a href="/info/en/?search=Legal_Tender_Cases" title="Legal Tender Cases">Legal Tender Act of 1862</a></li>
<li><a class="mw-selflink selflink">United States Note</a> (1862–1971)</li>
<li><a href="/info/en/?search=Fractional_currency" title="Fractional currency">Fractional currency</a> (1862–1876)</li>
<li><a href="/info/en/?search=National_Bank_Act" title="National Bank Act">National Bank Acts</a> (1863; 1864)</li>
<li><a href="/info/en/?search=Interest_bearing_note" title="Interest bearing note">Interest bearing note</a> (1863–1865)</li>
<li><a href="/info/en/?search=History_of_central_banking_in_the_United_States" title="History of central banking in the United States">National banks system</a> (1863–1913)</li>
<li><a href="/info/en/?search=National_Bank_Note" title="National Bank Note">National Bank Note</a> (1863–c. 1930)</li>
<li><a href="/info/en/?search=Gold_certificate_(United_States)" title="Gold certificate (United States)">Gold certificate</a> (1863–1933)</li>
<li><a href="/info/en/?search=Compound_interest_treasury_note" title="Compound interest treasury note">Compound interest treasury note</a> (1863–1864)</li>
<li><a href="/info/en/?search=Coinage_Act_of_1864" title="Coinage Act of 1864">Coinage Act of 1864</a></li>
<li><a href="/info/en/?search=Two-cent_piece_(United_States)" title="Two-cent piece (United States)">Two-cent piece</a> (1864–1873)</li>
<li><a href="/info/en/?search=Three-cent_nickel" title="Three-cent nickel">Three-cent nickel</a> (1865–1889)</li>
<li><a href="/info/en/?search=Contraction_Act_of_1866" title="Contraction Act of 1866">Contraction Act of 1866</a></li>
<li><a href="/info/en/?search=Public_Credit_Act_of_1869" title="Public Credit Act of 1869">Public Credit Act of 1869</a></li></ul>
</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/info/en/?search=Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a><br />(1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">
<ul><li><i><a href="/info/en/?search=Legal_Tender_Cases" title="Legal Tender Cases">Legal Tender Cases</a></i></li>
<li><i><a href="/info/en/?search=Hepburn_v._Griswold" title="Hepburn v. Griswold">Hepburn v. Griswold</a></i> (1870)</li>
<li><a href="/info/en/?search=Currency_Act_of_1870" title="Currency Act of 1870">Currency Act of 1870</a></li>
<li><a href="/info/en/?search=National_Gold_Bank_Note" title="National Gold Bank Note">National Gold Bank Note</a> (1870–1875)</li>
<li><i><a href="/info/en/?search=Knox_v._Lee" title="Knox v. Lee">Knox v. Lee</a></i> (1871)</li>
<li><a href="/info/en/?search=Coinage_Act_of_1873" title="Coinage Act of 1873">Coinage Act of 1873</a></li>
<li><a href="/info/en/?search=Free_silver" title="Free silver">Free silver</a></li>
<li><a href="/info/en/?search=Specie_Payment_Resumption_Act" title="Specie Payment Resumption Act">Specie Payment Resumption Act</a> (1875)</li>
<li><a href="/info/en/?search=Twenty-cent_piece_(United_States_coin)" title="Twenty-cent piece (United States coin)">Twenty-cent piece</a> (1875–1878)</li>
<li><a href="/info/en/?search=Bland%E2%80%93Allison_Act" title="Bland–Allison Act">Bland–Allison Act</a> (1878)</li>
<li><a href="/info/en/?search=Silver_certificate_(United_States)" title="Silver certificate (United States)">Silver certificate</a> (1878–1964)</li>
<li><a href="/info/en/?search=Refunding_Certificate" title="Refunding Certificate">Refunding Certificate</a> (1879–1907)</li>
<li><i><a href="/info/en/?search=Juilliard_v._Greenman" title="Juilliard v. Greenman">Juilliard v. Greenman</a></i> (1884)</li>
<li><a href="/info/en/?search=Sherman_Silver_Purchase_Act" title="Sherman Silver Purchase Act">Sherman Silver Purchase Act</a> (1890)</li>
<li><a href="/info/en/?search=Treasury_Note_(1890%E2%80%931891)" title="Treasury Note (1890–1891)">Treasury Note</a> (1890–1891)</li>
<li><a href="/info/en/?search=Gold_Standard_Act" title="Gold Standard Act">Gold Standard Act</a> (1900)</li>
<li><a href="/info/en/?search=Aldrich%E2%80%93Vreeland_Act" title="Aldrich–Vreeland Act">Aldrich–Vreeland Act</a> (1908)</li>
<li><a href="/info/en/?search=National_Monetary_Commission" title="National Monetary Commission">National Monetary Commission</a> (1909–1912)</li>
<li><a href="/info/en/?search=Federal_Reserve_Act" title="Federal Reserve Act">Federal Reserve Act</a> (1913)</li></ul>
</div></td></tr></tbody></table></div></div>' |