It emerged in 1862 with then-Secretary of the Treasury Salmon Chase pictured on the face side. Likely, the world’s most recognizable paper currency is the U.S. While some bills were discontinued, nearly all featured expired presidents, and a few appear on more than one denomination. They became known as “greenbacks” because of their color and the absence of any substantial government backing.Īt various times since then, paper currency’s categories, units, design and size have been altered. An assortment of types with varying values were produced.
The genesis of today’s bills began in 1861 when the federal government funded the Civil War by issuing paper currency instead of minting coins. In 1926, before that legislation, Calvin Coolidge was the first and only commander in chief to be shown on a coin struck during his lifetime - it was for the sesquicentennial of American Independence half-dollar. Initially by tradition, but more recently codified into federal law, commanders in chief must be dead for a least two years before they can appear on circulating cash.
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