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Bank Notes and Shinplasters: A Journey Through Paper Money in America

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Bank Notes and Shinplasters: The Rage for Paper Money in the Early Republic (American Business, Politics, and Society)

by Joshua R. Greenberg

5 out of 5

Language	:	English
File size	:	7496 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
Word Wise	:	Enabled
Print length	:	244 pages

Paper money has a long and storied history in America, dating back to the earliest days of the colonies. The first paper money in America was issued in Massachusetts in 1690, and it was soon followed by other colonies. These early notes were often crudely printed and difficult to counterfeit, but they served an important purpose in facilitating trade.

During the American Revolution, the Continental Congress issued paper money to finance the war effort. This money was known as "Continentals," and it was widely accepted at first. However, as the war dragged on, the value of Continentals plummeted, and they eventually became worthless. The failure of Continentals led to a loss of faith in paper money, and it would be many years before paper money would be widely accepted again in America.

In the early 19th century, a new type of paper money began to circulate in America: shinplasters. Shinplasters were small, privately issued notes that were often used to pay for small purchases. Shinplasters were often printed with colorful designs and advertising, and they quickly became popular. However, shinplasters were also often counterfeited, and their value could fluctuate wildly. As a result, shinplasters eventually fell out of favor, and they were no longer issued after the Civil War.

The first national paper currency in America was issued by the Treasury Department in 1862. These notes were known as "greenbacks," and they were used to finance the Civil War. Greenbacks were initially unpopular, but they eventually gained acceptance, and they remained in circulation for many years.

In 1913, the Federal Reserve System was created, and it was given the authority to issue paper money. The Federal Reserve notes that we use today are the most widely accepted form of currency in America. Federal Reserve notes are printed on high-quality paper and are difficult to counterfeit. They are also backed by the full faith and credit of the United States government.

The history of bank notes and shinplasters in America is a fascinating journey through the evolution of currency and the nation itself. Paper money has played a vital role in the development of America, and it continues to be an important part of our economy today.

Bank Notes

Bank notes are paper money that is issued by a bank. Bank notes are typically used for large transactions, such as paying for a house or a car. Bank notes are also often used as a store of value, since they are relatively easy to store and transport.

Bank notes are typically printed on high-quality paper and are difficult to counterfeit. They also have a number of security features, such as watermarks and holograms. These security features help to protect bank notes from counterfeiting.

Bank notes are typically issued in denominations of $1, $5, $10, $20, $50, and $100. However, some banks also issue notes in higher denominations, such as $500 and $1,000.

Shinplasters

Shinplasters are small, privately issued notes that were often used to pay for small purchases. Shinplasters were popular in the early 19th century, but they eventually fell out of favor. Shinplasters are typically printed on low-quality paper and are easy to counterfeit. They also often have a very low value.

Shinplasters are typically issued in denominations of 1¢, 3¢, 5¢, 10¢, and 25¢. However, some shinplasters were also issued in higher denominations, such as 50¢ and $1.

Bank Notes and Shinplasters: The Rage for Paper Money in the Early Republic (American Business, Politics, and Society)

by Joshua R. Greenberg

5 out of 5