Greenback
About Greenback
The first widespread paper currency in the United States, issued to finance the Civil War. Officially called United States Notes. Printed with green ink on the back, hence the name greenback. Initially not backed by gold or silver, causing inflation and public distrust. The contraction Act of 1866 aimed to withdraw greenbacks but faced populist opposition. Greenbacks remained in limited circulation until 1971 when all US currency became fiat money.
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