Content deleted Content added
m Reverted edits by 187.233.172.105 (talk) to last version by Brianetta |
|||
Line 6:
===Pre-Civil War period===
Before the Civil War, the only money issued by the United States was [[gold]] and [[silver]] coins, and only such coins ("specie") were [[legal tender]]; that is, payment in that form had to be accepted.
Paper currency in the form of [[banknote]]s was issued by privately owned banks; the notes being redeemable for specie 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.
| |||