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The first money issue by the United States was in the form so-called "Continental Dollars." This was paper money issued during the War of Independence by the Continental Congress. It was not backed by gold or silver, only the credibility of the Congress, and quickly became worthless.
After independence was achieved, the United states issued money in the form of gold and silver coins. Privately owned banks issued paper currency in the form of banknotes. The notes were redeemable for gold or silver coins at the bank's office. They were not legal tender. Such notes had value only if the bank could be counted on to redeem them. If a bank failed, its notes became worthless. A given bank's notes had less and less value with greater distance from the bank as the recipient was taking a bigger risk on a lesser known or unknown bank's ability to redeem the notes.
During the Civil War the US began issuing "Demand Notes" which were not legal tender but could be redeemed in gold "on demand." These were printed on both sides, with the back printed in green, so they came to be called "green backs."
What else can I help you with?
What was the first money printed by a colony called?
The first US money was when the revolutionary war was happening. after the war it was not used....... i was there when it happened
Who first settled there?
American or people who owed money, settled in the English colonies?
What is the first American flag is sometimes called?
i dont no
Why are the Olmec called the Mother Civilization of Mesoamerica?
They were the first Native American Tribe/ Civilization to live in Mesoamerica
Bushnell developed what secret weapon for American colonies during the American Revolution?
He invented the first submarine ever used in combat in 1775. It was called the Turtle.
What is the first American pie called?
The first American Pie was called "American Pie".
What was the first American locomotive called?
First American locomotive called - Camelback Locomotive 1853www
Is Germany's money called the same as American money?
No, Germany uses the Euro.
What is money called in Antarctica?
The names for money depend on the language of the scientific base where currency is being used. For example, in the American stations, money is called -- in English: money.
What was Americans first government called?
The first American government was called a confederation.
What is the first Philippine money called?
Piso
Who is the first African American American?
i am reading a book that is true, it is called Eligah. Eligah is the first African american born free!
What is the American money called?
There is no single currency in America. You need to specify a country.
Who is Dave in money supermarket.com?
An American actor called Michael Van Schoick
How much did the akosombo dam cost at first?
overall it costed 130 million pounds but at first it was funded by the american company called valco. Ghana had to pay back all of this money plus interest. Ghana is still paying back some of that money today.
How reputable is American institute of cancer research?
I have been called by American Institute for Cancer Research to collect money from my neighbors for them. Does money actually go for research? Is it legitimate?
Which currency is popularly called green back?
American money is called greenbacks because most of the bills are green.
