N006

US Note

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Identifier:

N006-US-$1 Note

Type:

Note

Date:

1862

Dimensions:

19.1 cm L
8.2 cm W

Description:

Early experiments with paper money in the US economy were unsuccessful; people trusted gold and silver more than a piece of paper. During the Civil War, however, this changed. There was a shortage of coins and to keep the economy up, the federal government began producing $5, $10, and $20 notes in 1861. These notes were given the nickname "Greenbacks", referring to the green printing on the reverse side of these notes. This name is still popularly used today to refer to United States currency. The first $1 bill, like the one pictured here, was issued in 1862 as a Legal Tender Note and featured a portrait of Salmon P. Chase, the Treasury Secretary under President Abraham Lincoln. A year later the National Banking Act of 1863 was passed, which created a national banking system and a uniform national currency.
Civil War

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