Union Issued Currency
Before the Civil War started in early 1861, the Federal
Government rarely issued paper currency. The few notes they issued
were large denomination ($50 and up) notes that paid interest like saving
bonds, usually at 4% to 7%. These were sold to the banks in exchange for
coins. The general public rarely saw these notes. On August 10,
1861, after a long debate in Congress, Demand Notes were authorized
with $60 million being issued in $5, $10, and $20 denominations. They were
hand signed and had a bright green reverse. Since most bank notes
were blank on the back, the public accepted the "greenback" name,
which is still current today. They were called Demand Notes because
the notes are printed with the phrase, "The United States on Demand,
Promise to pay the bearer (X) Dollars." To most persons, that meant
gold coin. The government did exchange the notes for coin for a while but
stopped in late 1861. State governments, banks, and local stores
during this time often issued their own currency as well.
Go here to see images of Union Currency.
Dwinell, Olive Cushing. The story of our money : or, Our currency and credit--its sources, creators, control, and regulation of volume and value as set forth in quotations from great American historic figures and state papers, writings, letters, historians, Congressional records, Supreme court decisions and authorities / by Olive Cushing Dwinell. Boston : Meador publishing company, [1946] 208 p. ; 21 cm.
Language: English
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Hepburn, A. Barton 1846-1922. A history of currency in the United States with new chapters on the monetary and financial developments in the United States from 1914 to 1922 and a preface by Mrs. Hepburn on the author's relation to the establishment of the Federal reserve system, (Rev. ed.) New York : The Macmillan company, 1924. xxiv p., 573 p. ; 23 cm.
Language: English
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Krause, Chester L.. Standard catalog of U.S. paper money / by Chester L. Krause and Robert F. Lemke ; pricing editor, Robert E. Wilhite ; special consultants, Frederick J. Bart ... [et al.] 5th ed. Iola, WI : Krause Publications, c1986. 186 p. : ill. ; 28 cm.
Language: English
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Muhleman, Maurice Louis, 1852-1913. The money of the United States : Its character and legal status from 1793 to 1893 and its volume from 1873 to 1893 ... / by Maurice L. Muhleman. New York : The Safety valve, 1894. 72 p. : tables ; 19 cm.
Language: English
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Nussbaum, Arthur, 1877-1964. A history of the dollar. New York : Columbia University Press, 1957. 308 p. ; 21 cm.
Language: English
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Reinfeld, Fred, 1910-1964. The story of Civil War money. New York : Sterling Pub. Co., [1959] 93 p. : ill. ; 26 cm.
Language: English
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Journal Articles
--. "Money, Money, Money: Gallery." Civil War Times Illustrated 1982 21(8): 36-39.
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Hammond, Bray. "The North's Empty Purse." American Historical Review 1961 67(1): 1-18.
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Federal Reserve Bank of San Francisco
Contains historical context of the Civil War as well as several images of currency. Also covers several other eras of currency history.
Museum of American Financial History This links to their Civil War history
page. In-depth coverage of the period leading up to the Civil War, as well monetary, political, and societal history during
the war.
Major Henrick's Money Page Links
to the Union currency page of a personal homepage. He has several images of currency, as well as some interesting facts.