Series Of 1880 $20 Legal Tender United States Note Fr#147 PMG VF25 Tears

Product Description

A Series of 1880 $20 Legal Tender United States Note Fr#147 with signatures Elliot/White and Serial # A4023900A graded Very Fine 25 with an annotation for 'Tears' by PMG. This note displays an original white to off white paper color, visible creases/folds, at least one visible tear on the obverse top margin that extends into the '2'of the serial number, minor ink smear on the reverse that is not annotated and fairly even 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.