Series Of 1862 $1 Legal Tender Note Fr#16c Series 235-284 PMG AU55

Product Description

An 1862 $1 Legal Tender Note Fr#16c Series 235 - 284 with signatures Chittenden/Spinner and Serial # 19990 graded About Uncirculated 55 by PMG. This note displays an original paper color with no major visible creases/folds and fair margins. Please view our photos for additional information and ask any questions prior to purchase.

United States Notes’, otherwise referred to as Legal Tender Notes or ‘Greenbacks’ were a type of paper currency issued from 1862 to 1971 under the First Legal Tender Act. The term ‘Greenback’ was derived from the ‘Demand Notes’ that preceded Legal Tender Notes prior to 1862. These notes became a form of ‘fiat’ money and were not backed by any type of commodity such as gold, silver or U.S. Treasury Bonds. Simply, the United States government decreed the note as legal tender and validated its worth. All early large sized notes bore: This Note is Legal Tender for All Debts Public and Private Except Duties On Imports And Interest On The Public Debt; And Is Redeemable In Payment Of All Loans Made To The United States. Over time this statement would be modified but would remain largely the same.