Title: Greenback (1860s money) - Wikipedia
Headings: Greenback (1860s money)
Greenback (1860s money)
Contents
History
Before Civil War
Civil War
Demand Notes
United States Notes
Complete set of 1862–63 greenbacks
See also
Notes
References
Sources
Further reading

Content: With that in mind, Lincoln appointed Salmon P. Chase as Secretary of the Treasury. His position made authorized to act alone on all matters about the country's finances. Chase, like almost everyone at the time, underestimated the duration and the cost of the war. Within a few months, the costs of the war would clearly run far beyond the government's limited income from tariffs and excises. The Lincoln administration sought loans from major banks, mostly in New York City. The banks demanded very high-interest rates of 24 to 36 percent. Lincoln refused to borrow on such terms and called for other solutions. Demand Notes
The United States Demand Note was authorized by Congress on 17 July 1861 and issued on 10 August 1861. The first measure to finance the war occurred in July 1861, when Congress authorized $50,000,000 in Demand Notes. They bore no interest but could be redeemed for specie "on demand."