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: 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." They were not legal tender before March 1862 but, like Treasury Notes, could be used to pay customs duties. Unlike state and some private banknotes, Demand Notes were printed on both sides. The reverse side was printed in green ink and so the Demand Notes were dubbed "greenbacks." Initially, they were discounted relative to gold, but being fully redeemable in gold, they were soon at par. In December 1861, the government had to suspend redemption, and the Demand Notes declined.