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Summary
NATIONAL BANK NOTES. YEARS 1863-1938. Before the advent of the single currency approved by the government, private banks printed their own money. The value and the general acceptance of the exchange depended largely on the bank and were significantly different for different banks. At the end of the Civil War in 1863, the U.S. reformed the banking system and established a new system of National Bank. Banks belonging to this system had to take out and put on their notes a record of guarantee of the government of the United States. These banks were under the supervision of the Comptroller of the Currency, and thus be able to print new banknotes. National Bank Notes were issued in the years 1863-1938.
A United States Note, known as a Legal Tender Note, is a type of paper money that was issued from 1862 to 1971. They were known popularly as "greenbacks" in their heyday, a name inherited from the earlier greenbacks, the Demand Notes, that they replaced in 1862. They were originally issued directly into circulation by the U.S. Treasury to pay expenses incurred by the Union during the American Civil War. Prior to the American Civil War, state banks also issued their own banknotes and chartered private banks to issue banknotes as well. Federal Reserve Bank Notes, issued 1915–1934, differ from Federal Reserve Notes in that they are backed by one of the twelve Federal Reserve Banks, rather than by all collectively. The authority of the Federal Reserve Banks to issue notes comes from the Federal Reserve Act of 1913. Legally, they are liabilities of the Federal Reserve Banks and obligations of the United States government. Although not issued by the Treasury Department, Federal Reserve Notes carry the (engraved) signature of the Treasurer of the United States and the United States Secretary of the Treasury. The Emergency Banking Act of 1933 removed the gold obligation and authorized the Treasury to satisfy these redemption demands with current notes of equal face value (effectively making change). Under the Bretton Woods system, although citizens could not possess gold, the federal government continued to maintain a stable international gold price. This system ended with the Nixon Shock of 1971. Present-day Federal Reserve Notes are not backed by convertibility to any specific commodity, but only by the collateral assets that Federal Reserve Banks post in order to obtain them.
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