Title: Definition of Greenbacks
Headings: Definition of Greenbacks
Definition of Greenbacks
The Civil War created paper money with a name that stuck
The Civil War Prompted the Need for Money
The Early Greenbacks Appeared in 1862
The Confederate Government Also Issued Paper Money
Greenbacks Were Successful

Content: But after considerable debate, the Legal Tender Act made it through congress and became law. The Early Greenbacks Appeared in 1862
The new paper money, printed in 1862, was (to the surprise of many) not met with widespread disapproval. On the contrary, the new bills were seen as being more reliable than the previous paper money in circulation, which had typically been issued by local banks. Historians have noted that the acceptance of the greenbacks signaled a change in thinking. Instead of the value of money being linked to the financial health of individual banks, it was now linked to the concept of faith in the nation itself. So in a sense, having a common currency was something of a patriotic boost during the Civil War. The new one-dollar bill featured an engraving of the secretary of the treasury, Salmon Chase. An engraving of Alexander Hamilton appeared on denominations of two, five, and 50 dollars. President Abraham Lincoln's image appeared on the ten-dollar bill. The use of green ink was dictated by practical considerations.