1.
United States Note
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A United States Note, also known as a Legal Tender Note, is a type of paper money that was issued from 1862 to 1971 in the U. S. Having been current for more than 100 years, they were issued for longer than any form of U. S. paper money. They were known popularly as greenbacks, a name inherited from the earlier greenbacks, the Demand Notes, often termed Legal Tender Notes, they were named United States Notes by the First Legal Tender Act, which authorized them as a form of fiat currency. They were originally issued directly into circulation by the U. S. Treasury to pay expenses incurred by the Union during the American Civil War, during the next century, the legislation governing these notes was modified many times and numerous versions were issued by the Treasury. S. Treasury Seals and serial numbers in place of green ones, existing United States Notes remain valid currency in the United States, however, as no United States Notes have been issued since January 1971, they are increasingly rare in circulation. The Act of July 17,1861 authorized United States Secretary of the Treasury Salmon P. Chase to raise money via the issuance of $50,000,000 in Treasury Notes payable on demand. These Demand Notes were paid to creditors directly and used to meet the payroll of soldiers in the field. While issued within the framework of Treasury Note Debt, the Demand Notes were intended to circulate as currency and were of the same size as banknotes. During December 1861, economic conditions deteriorated and a suspension of specie payment caused the government to cease redeeming the Demand Notes as coins, the beginning of 1862 found the Unions expenses increasing, and the government was having trouble funding the escalating war. Demand Notes—which were used, among other things, to pay Union soldiers—were unredeemable, congressman and Buffalo banker Elbridge G. Spaulding prepared a bill, based on the Free Banking Law of New York, that eventually became the National Banking Act of 1863. This caused tremendous controversy in Congress, as hitherto the Constitution had been interpreted as not granting the government the power to issue a paper currency. Spaulding justified the action as a means of carrying into execution the powers granted in the Constitution to raise and support armies. Initially, the emission was limited to $150,000,000 total face value between the new Legal Tender Notes and the existing Demand Notes, the Act also intended for the new notes to be used to replace the Demand Notes as soon as practical. The Demand Notes had been issued in denominations of $5, $10, and $20, in addition, notes of entirely new design were introduced in denominations of $50, $100, $500 and $1000. The Demand Notes printed promise of payment On Demand was removed, Legal tender status guaranteed that creditors would have to accept the notes despite the fact that they were not backed by gold, bank deposits, or government reserves, and had no interest. The Act did provide that the notes be receivable by the government for short term deposits at 5% interest, the rationale for these terms was that the Union government would preserve its credit-worthiness by supporting the value of its bonds by paying their interest in gold. Lastly, by making the bonds available for purchase at par in United States Notes, the limitations of the legal tender status were quite controversial. This controversy would continue until the removal of the exceptions during 1933, the largest amount of greenbacks outstanding at any one time was calculated as $447,300,203.10
2.
Federal Reserve Note
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Federal Reserve Notes, also United States banknotes or U. S. banknotes, are the banknotes currently used in the United States of America. Denominated in United States dollars, Federal Reserve Notes are printed by the United States Bureau of Engraving and Printing on paper made by Crane & Co. of Dalton, Federal Reserve Notes are the only type of U. S. banknote currently produced. The notes are then put into circulation by the Federal Reserve Banks, at which point they become liabilities of the Federal Reserve Banks, Federal Reserve Notes are legal tender, with the words this note is legal tender for all debts, public and private printed on each note. They have replaced United States Notes, which were issued by the Treasury Department. Federal Reserve Notes are backed by the assets of the Federal Reserve Banks and these assets are generally Treasury securities which have been purchased by the Federal Reserve through its Federal Open Market Committee in a process called debt monetizing. This monetized debt can increase the supply, either with the issuance of new Federal Reserve Notes or with the creation of debt money. This increase in the base leads to a larger increase in the money supply through fractional-reserve banking as deposits are lent. Prior to centralized banking, each bank issued its own notes. The first institution with responsibilities of a bank in the U. S. was the First Bank of the United States. Its charter was not renewed in 1811, in 1816, the Second Bank of the United States was chartered, its charter was not renewed in 1836, after President Andrew Jackson campaigned heavily for its disestablishment. From 1837 to 1862, in the Free Banking Era there was no central bank. From 1862 to 1913, a system of banks was instituted by the 1863 National Banking Act. The first printed notes were Series 1914, in 1928, cost-cutting measures were taken to reduce the note to the size it is today. The authority of the Federal Reserve Banks to issue notes comes from the Federal Reserve Act of 1913, legally, they are liabilities of the Federal Reserve Banks and obligations of the United States government. Although not issued by the Treasury Department, Federal Reserve Notes carry the signature of the Treasurer of the United States, at the time of the Federal Reserves creation, the law provided for notes to be redeemed to the Treasury in gold or lawful money. The Emergency Banking Act of 1933 removed the gold obligation and authorized the Treasury to satisfy these redemption demands with current notes of equal face value, under the Bretton Woods system, although citizens could not possess gold, the federal government continued to maintain a stable international gold price. This system ended with the Nixon Shock of 1971, present-day Federal Reserve Notes are not backed by convertibility to any specific commodity, but only by the collateral assets that Federal Reserve Banks post in order to obtain them. Series 1914 FRN were the first of two large-size issues, denominations were $5, $10, $20, $50, and $100 printed first with a red seal and then continued with a blue seal
3.
Green
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Green is the color between blue and yellow on the spectrum of visible light. It is evoked by light with a predominant wavelength of roughly 495–570 nm, the modern English word green comes from the Middle English and Anglo-Saxon word grene, from the same Germanic root as the words grass and grow. It is the color of living grass and leaves and as a result is the color most associated with springtime, growth, by far the largest contributor to green in nature is chlorophyll, the chemical by which plants photosynthesize and convert sunlight into chemical energy. Many creatures have adapted to their environments by taking on a green hue themselves as camouflage. Several minerals have a color, including the emerald, which is colored green by its chromium content. In surveys made in Europe and the United States, green is the color most commonly associated with nature, life, health, youth, spring, hope and envy. In Europe and the U. S. green is associated with death, sickness, or the devil. In the Middle Ages and Renaissance, when the color of clothing showed the social status, green was worn by merchants, bankers. The Mona Lisa by Leonardo da Vinci wears green, showing she is not from a noble family, Green is also the traditional color of safety and permission, a green light means go ahead, a green card permits permanent residence in the United States. It is the most important color in Islam and it was the color of the banner of Muhammad, and is found in the flags of nearly all Islamic countries, and represents the lush vegetation of Paradise. It is also associated with the culture of Gaelic Ireland. Because of its association with nature, it is the color of the environmental movement, political groups advocating environmental protection and social justice describe themselves as part of the Green movement, some naming themselves Green parties. This has led to campaigns in advertising, as companies have sold green, or environmentally friendly. The word green comes from the Middle English and Old English word grene, which, like the German word grün, has the same root as the words grass and grow. It is from a Common Germanic *gronja-, which is reflected in Old Norse grænn, Old High German gruoni, ultimately from a PIE root *ghre- to grow. The first recorded use of the word as a term in Old English dates to ca. Latin with viridis also has a genuine and widely used term for green, related to virere to grow and ver spring, it gave rise to words in several Romance languages, French vert, Italian verde. Likewise the Slavic languages with zelenъ, Ancient Greek also had a term for yellowish, pale green – χλωρός, chloros, cognate with χλοερός verdant and χλόη the green of new growth
4.
Obverse and reverse
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In this usage, obverse means the front face of the object and reverse means the back face. The obverse of a coin is commonly called heads, because it depicts the head of a prominent person. In fields of scholarship outside numismatics, the front is more commonly used than obverse. For prints and drawings with material on both sides the one judged as more significant will be the recto, a convention now exists typically to display the obverse to the left and the reverse to the right in photographs and museum displays, but this is not invariably observed. Following this principle, in the most famous of ancient Greek coins, the tetradrachm of Athens, the obverse is the head of Athena, similar versions of these two images, both symbols of the state, were used on the Athenian coins for more than two centuries. The opposite side may have varied from time to time and this change happened in the coinage of Alexander the Great, which continued to be minted long after his death. The various Hellenistic rulers who were his successors followed his tradition and this script alone style then was used on nearly all Islamic coinage until the modern period. The type of Justinian II was revived after the end of Iconoclasm, without images, therefore, it is not always easy to tell which side will be regarded as the obverse without some knowledge. After 695, Islamic coins avoided all images of persons and usually, the side expressing the Six Kalimas is usually defined as the obverse. The form of currency follows its function, which is to serve as an accepted medium of exchange of value. Traditionally, most states have been monarchies where the person of the monarch, if not provided for on the obverse, the reverse side usually contains information relating to a coins role as medium of exchange. Additional space typically reflects the countrys culture or government, or evokes some aspect of the states territory. Regarding the euro, some regarding the obverse and reverse of the euro coins exists. This rule does not apply to the coins as they dont have a common side. A number of the used for obverse national sides of euro coins were taken from the reverse of the old pre-euro coins of some individual countries. Several countries continue to use portraits of the monarch and the Republic of Ireland continues to use the State Arms. The Chrysanthemum Crest was no longer used after the war, and so, the side on which the date continues to be regarded as the reverse. Following ancient tradition, the obverse of coins of the United Kingdom almost always feature the head of the monarch
5.
Union (American Civil War)
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The Union was opposed by 11 southern slave states that formed the Confederate States, or the Confederacy. All of the Unions states provided soldiers for the U. S. Army, the Border states played a major role as a supply base for the Union invasion of the Confederacy. The Northeast provided the resources for a mechanized war producing large quantities of munitions and supplies. The Midwest provided soldiers, food, horses, financial support, Army hospitals were set up across the Union. Most states had Republican governors who energetically supported the war effort, the Democratic Party strongly supported the war in 1861 but in 1862 was split between the War Democrats and the anti-war element led by the Copperheads. The Democrats made major gains in 1862 in state elections. They lost ground in 1863, especially in Ohio, in 1864 the Republicans campaigned under the National Union Party banner, which attracted many War Democrats and soldiers and scored a landslide victory for Lincoln and his entire ticket. The war years were quite prosperous except where serious fighting and guerrilla warfare took place along the southern border, prosperity was stimulated by heavy government spending and the creation of an entirely new national banking system. The Union states invested a great deal of money and effort in organizing psychological and social support for soldiers wives, widows, orphans, and for the soldiers themselves. Most soldiers were volunteers, although after 1862 many volunteered to escape the draft, Draft resistance was notable in some larger cities, especially New York City with its massive anti-draft riots of 1863 and in some remote districts such as the coal mining areas of Pennsylvania. In the context of the American Civil War, the Union is sometimes referred to as the North, both then and now, as opposed to the Confederacy, which was the South. The Union never recognized the legitimacy of the Confederacys secession and maintained at all times that it remained entirely a part of the United States of America, in foreign affairs the Union was the only side recognized by all other nations, none of which officially recognized the Confederate government. The term Union occurs in the first governing document of the United States, the subsequent Constitution of 1787 was issued and ratified in the name not of the states, but of We the People of the United States, in Order to form a more perfect Union. Union, for the United States of America, is repeated in such clauses as the Admission to the Union clause in Article IV. Even before the war started, the preserve the Union was commonplace. Using the term Union to apply to the non-secessionist side carried a connotation of legitimacy as the continuation of the political entity. In comparison to the Confederacy, the Union had a large industrialized and urbanized area, additionally, the Union states had a manpower advantage of 5 to 2 at the start of the war. Year by year, the Confederacy shrank and lost control of increasing quantities of resources, meanwhile, the Union turned its growing potential advantage into a much stronger military force
6.
American Civil War
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The American Civil War was an internal conflict fought in the United States from 1861 to 1865. The Union faced secessionists in eleven Southern states grouped together as the Confederate States of America, the Union won the war, which remains the bloodiest in U. S. history. Among the 34 U. S. states in February 1861, War broke out in April 1861 when Confederates attacked the U. S. fortress of Fort Sumter. The Confederacy grew to eleven states, it claimed two more states, the Indian Territory, and the southern portions of the western territories of Arizona. The Confederacy was never recognized by the United States government nor by any foreign country. The states that remained loyal, including border states where slavery was legal, were known as the Union or the North, the war ended with the surrender of all the Confederate armies and the dissolution of the Confederate government in the spring of 1865. The war had its origin in the issue of slavery. The Confederacy collapsed and 4 million slaves were freed, but before his inauguration, seven slave states with cotton-based economies formed the Confederacy. The first six to declare secession had the highest proportions of slaves in their populations, the first seven with state legislatures to resolve for secession included split majorities for unionists Douglas and Bell in Georgia with 51% and Louisiana with 55%. Alabama had voted 46% for those unionists, Mississippi with 40%, Florida with 38%, Texas with 25%, of these, only Texas held a referendum on secession. Eight remaining slave states continued to reject calls for secession, outgoing Democratic President James Buchanan and the incoming Republicans rejected secession as illegal. Lincolns March 4,1861 inaugural address declared that his administration would not initiate a civil war, speaking directly to the Southern States, he reaffirmed, I have no purpose, directly or indirectly to interfere with the institution of slavery in the United States where it exists. I believe I have no right to do so, and I have no inclination to do so. After Confederate forces seized numerous federal forts within territory claimed by the Confederacy, efforts at compromise failed, the Confederates assumed that European countries were so dependent on King Cotton that they would intervene, but none did, and none recognized the new Confederate States of America. Hostilities began on April 12,1861, when Confederate forces fired upon Fort Sumter, while in the Western Theater the Union made significant permanent gains, in the Eastern Theater, the battle was inconclusive in 1861–62. The autumn 1862 Confederate campaigns into Maryland and Kentucky failed, dissuading British intervention, Lincoln issued the Emancipation Proclamation, which made ending slavery a war goal. To the west, by summer 1862 the Union destroyed the Confederate river navy, then much of their western armies, the 1863 Union siege of Vicksburg split the Confederacy in two at the Mississippi River. In 1863, Robert E. Lees Confederate incursion north ended at the Battle of Gettysburg, Western successes led to Ulysses S. Grants command of all Union armies in 1864
7.
Demand Note
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A Demand Note is a type of United States paper money that was issued between August 1861 and April 1862 during the American Civil War in denominations of 5,10, and 20 US$. The U. S. government placed the Demand Notes into circulation by using them to pay expenses incurred during the Civil War including the salaries of its workers and military personnel. S. currency today. As a result, most Demand Notes were redeemed, though the few remaining Demand Notes are the oldest valid currency in the United States today, the Demand Notes were a transitional issue connecting these Treasury Notes to modern paper money. The Continental Congress had issued Continental dollars between 1775 and 1779 to help finance the American Revolution, while the constitution did not explicitly grant the power to issue paper currency, it did grant the power to borrow money. Treasury Notes, as a form of debt, were an innovation to help bridge federal financing gaps when the government encountered difficulty selling a sufficient amount of long term bonds, Treasury Notes were first employed during the War of 1812 and were issued irregularly up through the civil war. Characteristically the issues were not extensive and the fiction was always maintained that Treasury Notes did not serve as money when, in fact. These notes usually bore interest, their value varied with market conditions, however, only $3,392,994 were issued, and these were rapidly exchanged for bonds. In witness to the limited circulation achieved by these notes, only two issued uncancelled examples of the Small Treasury Notes are known today vs. almost 1000 examples of the Demand Notes. One response from Congress was the Act of July 17,1861, of this sum, up to $50,000,000 was authorized as non-interest bearing Treasury Notes, payable upon demand, in denominations less than fifty dollars and not less than ten dollars. These were called Demand Notes to distinguish them from the interest-bearing Treasury Notes in existence at the time, the notes were to be redeemable through the assistant treasurers offices at Philadelphia, Boston, and New York. These signature provisions would later be altered several times and this act also stipulated that prior to December 31,1862, an individual Demand Note could be re-issued into circulation after it was presented for redemption. Just before they were to be released, the Act of August 5,1861 and it allowed for Demand Notes to be issued in denominations of not less than $5 and be redeemable through the assistant treasurers office at St. Louis or the bullion depository in Cincinnati. This act also stated that the Treasurer of the United States, under this act, Demand Notes did not need to carry the seal of the U. S. Treasury. Because the Bureau of Engraving and Printing did not exist at the time, both companies were prominent printers of banknotes for private and state-chartered banks throughout the country. Most likely, the American Bank Note Company engraved the plates for $5. All of the Demand Notes were printed by the American Bank Note Company, as designed, they were of the same size, and in appearance closely resembled banknotes. Secretary of the Treasury Chase began distributing the notes to meet Union obligations in August 1861, initially, various merchants, banks and especially the railroad industry accepted the notes at a discounted rate or did not accept them at all. Louis, and at the Depository of Cincinnati and they must be always equivalent to gold, and often and for many purposes more convenient and valuable
8.
Gold
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Gold is a chemical element with symbol Au and atomic number 79. In its purest form, it is a bright, slightly yellow, dense, soft, malleable. Chemically, gold is a metal and a group 11 element. It is one of the least reactive chemical elements and is solid under standard conditions, Gold often occurs in free elemental form, as nuggets or grains, in rocks, in veins, and in alluvial deposits. It occurs in a solid solution series with the element silver and also naturally alloyed with copper. Less commonly, it occurs in minerals as gold compounds, often with tellurium, golds atomic number of 79 makes it one of the higher numbered, naturally occurring elements. It is thought to have produced in supernova nucleosynthesis, from the collision of neutron stars. Because the Earth was molten when it was formed, almost all of the present in the early Earth probably sank into the planetary core. Gold is resistant to most acids, though it does dissolve in aqua regia, a mixture of acid and hydrochloric acid. Gold also dissolves in solutions of cyanide, which are used in mining and electroplating. Gold dissolves in mercury, forming amalgam alloys, but this is not a chemical reaction, as a precious metal, gold has been used for coinage, jewelry, and other arts throughout recorded history. A total of 186,700 tonnes of gold is in existence above ground, the world consumption of new gold produced is about 50% in jewelry, 40% in investments, and 10% in industry. Gold is also used in infrared shielding, colored-glass production, gold leafing, certain gold salts are still used as anti-inflammatories in medicine. As of 2014, the worlds largest gold producer by far was China with 450 tonnes, Gold is cognate with similar words in many Germanic languages, deriving via Proto-Germanic *gulþą from Proto-Indo-European *ǵʰelh₃-. The symbol Au is from the Latin, aurum, the Latin word for gold, the Proto-Indo-European ancestor of aurum was *h₂é-h₂us-o-, meaning glow. This word is derived from the root as *h₂éu̯sōs, the ancestor of the Latin word Aurora. This etymological relationship is presumably behind the frequent claim in scientific publications that aurum meant shining dawn, Gold is the most malleable of all metals, a single gram can be beaten into a sheet of 1 square meter, and an avoirdupois ounce into 300 square feet. Gold leaf can be thin enough to become semi-transparent
9.
Silver
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Silver is a metallic element with symbol Ag and atomic number 47. The symbol Ag stems from Latin argentum, derived from the Greek ὰργὀς, a soft, white, lustrous transition metal, it exhibits the highest electrical conductivity, thermal conductivity, and reflectivity of any metal. The metal is found in the Earths crust in the pure, free form, as an alloy with gold and other metals. Most silver is produced as a byproduct of copper, gold, lead, Silver is more abundant than gold, but it is much less abundant as a native metal. Its purity is measured on a per mille basis, a 94%-pure alloy is described as 0.940 fine. As one of the seven metals of antiquity, silver has had a role in most human cultures. Silver has long valued as a precious metal. Silver metal is used in many premodern monetary systems in bullion coins, Silver is used in numerous applications other than currency, such as solar panels, water filtration, jewelry, ornaments, high-value tableware and utensils, and as an investment medium. Silver is used industrially in electrical contacts and conductors, in specialized mirrors, window coatings, Silver compounds are used in photographic film and X-rays. Dilute silver nitrate solutions and other compounds are used as disinfectants and microbiocides, added to bandages and wound-dressings, catheters. Silver is similar in its physical and chemical properties to its two neighbours in group 11 of the periodic table, copper and gold. This distinctive electron configuration, with an electron in the highest occupied s subshell over a filled d subshell. Silver is a soft, ductile and malleable transition metal. Silver crystallizes in a cubic lattice with bulk coordination number 12. Unlike metals with incomplete d-shells, metallic bonds in silver are lacking a covalent character and are relatively weak and this observation explains the low hardness and high ductility of single crystals of silver. Silver has a brilliant white metallic luster that can take a polish. Protected silver has greater optical reflectivity than aluminium at all wavelengths longer than ~450 nm, at wavelengths shorter than 450 nm, silvers reflectivity is inferior to that of aluminium and drops to zero near 310 nm. The electrical conductivity of silver is the greatest of all metals, greater even than copper, during World War II in the US,13540 tons of silver were used in electromagnets for enriching uranium, mainly because of the wartime shortage of copper
