1.
Dollars
–
Dollar is the name of more than twenty currencies, including those of the United States, Canada, Australia, Taiwan, Hong Kong, Singapore, New Zealand, Liberia, Jamaica and Namibia. Generally, one dollar is divided into one hundred cents, on 15 January 1520, the Czech Kingdom of Bohemia began minting coins from silver mined locally in Joachimsthal and marked on reverse with the Czech lion. The coins were called joachimsthaler, which became shortened in common usage to thaler or taler, the German name Joachimsthal literally means Joachims valley or Joachims dale. A later Dutch coin also depicting a lion was called the leeuwendaler or leeuwendaalder, the Dutch Republic produced these coins to accommodate its booming international trade. The leeuwendaler circulated throughout the Middle East and was imitated in several German and Italian cities and this coin was also popular in the Dutch East Indies and in the Dutch New Netherland Colony. It was in throughout the Thirteen Colonies during the 17th. The currencies of Romania and Bulgaria are, to this day, the modern American-English pronunciation of dollar is still remarkably close to the 17th century Dutch pronunciation of daler. Some well-worn examples circulating in the Colonies were known as dog dollars, Spanish pesos – having the same weight and shape – came to be known as Spanish dollars. By the time of the American Revolution, Spanish dollars gained significance because they backed paper money authorized by the individual colonies, common in the Thirteen Colonies, Spanish dollars were even legal tender in one colony, Virginia. On April 2,1792, U. S. Secretary of the Treasury Alexander Hamilton reported to Congress the precise amount of found in Spanish dollar coins in common use in the states. As a result, the United States dollar was defined as a unit of silver weighing 371 4/16th grains. It was specified that the money of account of the United States should be expressed in those same dollars or parts thereof, in an act passed in January 1837, the dollars alloy was set at 15%. Subsequent coins would contain the amount of pure silver as previously. On February 21,1853, the quantity of silver in the coins was reduced. However, the dollars constitutional meaning has remained unchanged through the years, silver was mostly removed from U. S. coinage by 1965 and the dollar became a free-floating fiat currency without a commodity backing defined in terms of real gold or silver. The US Mint continues to make silver $1-denomination coins, but these are not intended for general circulation, there are many quotes in the plays of William Shakespeare referring to dollars as money. This might be supported by a reference to the sum of ten dollars in Macbeth. In 1804, a British five-shilling piece, or crown, was sometimes called dollar and it was an overstruck Spanish eight real coin, the original of which was known as a Spanish dollar
Dollars
–
A
United States two-dollar bill. Rarely seen in circulation, but still in production and legal tender.
Dollars
–
Countries that use the USA dollar
Dollars
–
A
New Zealand one-dollar coin
Dollars
–
500 old
Zimbabwean dollar bill of the first Zimbabwean dollar
2.
Cotton
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Cotton is a soft, fluffy staple fiber that grows in a boll, or protective case, around the seeds of the cotton plants of the genus Gossypium in the mallow family Malvaceae. The fiber is almost pure cellulose, under natural conditions, the cotton bolls will tend to increase the dispersal of the seeds. The plant is a native to tropical and subtropical regions around the world, including the Americas, Africa. The greatest diversity of wild species is found in Mexico, followed by Australia. Cotton was independently domesticated in the Old and New Worlds, the fiber is most often spun into yarn or thread and used to make a soft, breathable textile. Current estimates for world production are about 25 million tonnes or 110 million bales annually, China is the worlds largest producer of cotton, but most of this is used domestically. The United States has been the largest exporter for many years, in the United States, cotton is usually measured in bales, which measure approximately 0.48 cubic meters and weigh 226.8 kilograms. Cotton cultivation in the region is dated to the Indus Valley Civilization, the Indus cotton industry was well-developed and some methods used in cotton spinning and fabrication continued to be used until the industrialization of India. Between 2000 and 1000 BC cotton became widespread across much of India, for example, it has been found at the site of Hallus in Karnataka dating from around 1000 BC. Cotton fabrics discovered in a cave near Tehuacán, Mexico have been dated to around 5800 BC, the domestication of Gossypium hirsutum in Mexico is dated between 3400 and 2300 BC. Cotton was grown upriver, made into nets, and traded with fishing villages along the coast for supplies of fish. The Spanish who came to Mexico and Peru in the early 16th century found the people growing cotton and this may be a reference to tree cotton, Gossypium arboreum, which is a native of the Indian subcontinent. According to the Columbia Encyclopedia, Cotton has been spun, woven and it clothed the people of ancient India, Egypt, and China. Hundreds of years before the Christian era, cotton textiles were woven in India with matchless skill, in Iran, the history of cotton dates back to the Achaemenid era, however, there are few sources about the planting of cotton in pre-Islamic Iran. The planting of cotton was common in Merv, Ray and Pars of Iran, in Persian poets poems, especially Ferdowsis Shahname, there are references to cotton. Marco Polo refers to the products of Persia, including cotton. John Chardin, a French traveler of the 17th century who visited the Safavid Persia, during the Han dynasty, cotton was grown by Chinese peoples in the southern Chinese province of Yunnan. Mohamed Ali Pasha accepted the proposition and granted himself the monopoly on the sale and export of cotton in Egypt, and later dictated cotton should be grown in preference to other crops
Cotton
–
Cotton
Cotton
–
Manually decontaminating cotton before processing at an Indian spinning mill (2010)
Cotton
–
Cotton field
Cotton
–
Cotton plant
3.
Linen
–
Linen /ˈlɪnᵻn/ is a textile made from the fibers of the flax plant. Linen is laborious to manufacture, but the fiber is very absorbent, many products are made of linen, aprons, bags, towels, napkins, bed linens, tablecloths, runners, chair covers, and mens and womens wear. The word linen is of West Germanic origin and cognate to the Latin name for the plant, linum. This word history has given rise to a number of terms in English, most notably line. Textiles in a linen weave texture, even made of cotton, hemp. Such fabrics generally also have their own names, for example fine cotton yarn in a linen-style weave is called Madapolam. The collective term linens is still used generically to describe a class of woven or knitted bed, bath, table. The inner layer of fine composite cloth garments was traditionally made of linen, Linen textiles appear to be some of the oldest in the world, their history goes back many thousands of years. Fragments of straw, seeds, fibers, yarns, and various types of dating to about 8000 BC have been found in Swiss lake dwellings. Dyed flax fibers found in a cave in Georgia suggest the use of woven linen fabrics from wild flax may date back even earlier to 36,000 BP. Linen was sometimes used as currency in ancient Egypt, egyptian mummies were wrapped in linen as a symbol of light and purity, and as a display of wealth. Some of these fabrics, woven from hand-spun yarns, were fine for their day. In 1923 the German city Bielefeld issued banknotes printed on linen, today, linen is usually an expensive textile produced in relatively small quantities. It has a long staple relative to cotton and other natural fibers, the word linen is derived from the Latin for the flax plant, which is linum, and the earlier Greek λίνον. The discovery of dyed flax fibers in a cave in Georgia dated to thirty-six thousand years ago suggests that ancient people used wild flax fibers to create linen-like fabrics from an early date, in ancient Mesopotamia, flax was domesticated and linen was first produced. It was used mainly by the class of the society. The Sumerian poem of the courtship of Inanna and Dumuzi, translated by Samuel Noah Kramer and Diane Wolkstein and published in 1983, mentions flax and linen. It opens with briefly listing the steps of preparing linen from flax, in a form of questions, in ancient Egypt, linen was used for mummification and for burial shrouds
Linen
–
A linen
handkerchief with
drawn thread work around the edges
Linen
–
Linen cloth recovered from
Qumran Cave 1 near the
Dead Sea
Linen
–
Diocletian 's 4th century maximum prices edict showing prices for 3 grades of linen across the
Roman Empire
Linen
–
Details of the flax plant, from which linen fibers are derived
4.
Federal Reserve Note
–
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
Federal Reserve Note
–
1914 $10 FRN,
Federal Reserve Bank of Chicago.
Federal Reserve Note
–
1928 $100 FRN,
Federal Reserve Bank of Chicago.
Federal Reserve Note
–
1934 $10,000 FRN, depicting
Salmon P. Chase.
Federal Reserve Note
–
Privately issued note, 1853
5.
Thomas Jefferson
–
Thomas Jefferson was an American Founding Father who was the principal author of the Declaration of Independence and later served as the third President of the United States from 1801 to 1809. Previously, he was elected the second Vice President of the United States, Jefferson was primarily of English ancestry, born and educated in colonial Virginia. He graduated from the College of William & Mary and briefly practiced law and he became the United States Minister to France in May 1785, and subsequently the nations first Secretary of State in 1790–1793 under President George Washington. Jefferson and James Madison organized the Democratic-Republican Party to oppose the Federalist Party during the formation of the First Party System, as President, Jefferson pursued the nations shipping and trade interests against Barbary pirates and aggressive British trade policies. He also organized the Louisiana Purchase, almost doubling the countrys territory, as a result of peace negotiations with France, his administration reduced military forces. Jeffersons second term was beset with difficulties at home, including the trial of former Vice President Aaron Burr, American foreign trade was diminished when Jefferson implemented the Embargo Act of 1807, responding to British threats to U. S. shipping. In 1803, Jefferson began a process of Indian tribe removal to the newly organized Louisiana Territory. Jefferson mastered many disciplines, which ranged from surveying and mathematics to horticulture and he was a proven architect in the classical tradition. Jeffersons keen interest in religion and philosophy earned him the presidency of the American Philosophical Society and he shunned organized religion, but was influenced by both Christianity and deism. He was well versed in linguistics and spoke several languages and he founded the University of Virginia after retiring from public office. He was a letter writer and corresponded with many prominent and important people throughout his adult life. His only full-length book is Notes on the State of Virginia, Jefferson owned several plantations which were worked by hundreds of slaves. Most historians now believe that, after the death of his wife in 1782, he had a relationship with his slave Sally Hemings and fathered at least one of her children. Various modern scholars are more critical of Jeffersons private life, pointing out the discrepancy between his ownership of slaves and his political principles, for example. Presidential scholars, however, consistently rank Jefferson among the greatest presidents, Thomas Jefferson was born on April 13,1743, at the family home in Shadwell in the Colony of Virginia, the third of ten children. He was of English and possibly Welsh descent and was born a British subject and his father Peter Jefferson was a planter and surveyor who died when Jefferson was fourteen, his mother was Jane Randolph. Peter Jefferson moved his family to Tuckahoe Plantation in 1745 upon the death of a friend who had named him guardian of his children, the Jeffersons returned to Shadwell in 1752, where Peter died in 1757, his estate was divided between his sons Thomas and Randolph. Thomas inherited approximately 5,000 acres of land, including Monticello and he assumed full authority over his property at age 21
Thomas Jefferson
–
Thomas Jefferson
Thomas Jefferson
–
Wren Building (rear), College of William & Mary where Jefferson studied
Thomas Jefferson
–
House of Burgesses in Williamsburg, Virginia, where Jefferson served 1769–1775
Thomas Jefferson
–
Jefferson's home, Monticello
6.
Denomination (currency)
–
Denomination is a proper description of a currency amount, usually for coins or banknotes. Denominations may also be used other means of payment like gift cards. For example, five euros is the denomination of a five euro note, in a currency, there is usually a main unit, and a subunit that is a fraction of the main unit. In some countries, there are levels of subunits. In the former Ottoman Empire,1 lira =100 kuruş =4000 para =12000 akçe, today, only a few places have more than one subunit, notably Chinese speaking regions, the mainland China, the Hong Kong, and Republic of Chinas. In addition, the Jordanian dinar is divided into 10 dirham,100 qirsh/piastres, many countries where Western European languages are spoken currently have their main units divided into 100 subunits. Some currencies that previously had no longer do, because inflation has rendered the subunit useless. A prominent example is the Japanese yen, which was divided into 100 sen or 1000 rin. Both subunits were demonetized at the end of 1953, occasionally, a super unit is used as a multiple of the main unit. Examples include Korean won =5 yang in 1893, Iranian toman 10 rials, in the Ottoman Empire, lira and kuruş were super units at some point before becoming the main unit. A decimal currency is a currency where the ratio between the unit and the subunit is an integral power of 10. Non-decimal currencies are now rare but had advantages in daily life transactions. For example,1 South German Gulden =60 Kreuzer,60 can be divided into 2,3,4,5,6,10,12,15,20 or 30 parts that are still integers, making pricing easy. This advantage and the lack of widespread accurate weighing apparatus coupled with tradition were the reasons why non-decimal currencies were used, in theory, two countries currently use non-decimal currency, Mauritania and Madagascar. In practice, however, the value of the unit in each case is so low that the sub-unit is not of any practical use and is rarely seen in circulation. The last major countries to use non-decimal currencies in practice were the United Kingdom, Ireland, Malta, the average number of coins needed to make change. It is common to name a unit with a unit of weight, such as pound, lira, in most cases, these currencies were originally defined as that amount of some precious metal. Another choice of name is some form of derivative of the political entity, the Afghan afghani and European euro fall into this category
Denomination (currency)
–
Banknotes of 5000 denomination in different currencies including Franc, Yen, Lire, and Dollar
7.
President of the United States
–
The President of the United States is the head of state and head of government of the United States. The president directs the executive branch of the government and is the commander-in-chief of the United States Armed Forces. The president is considered to be one of the worlds most powerful political figures, the role includes being the commander-in-chief of the worlds most expensive military with the second largest nuclear arsenal and leading the nation with the largest economy by nominal GDP. The office of President holds significant hard and soft power both in the United States and abroad, Constitution vests the executive power of the United States in the president. The president is empowered to grant federal pardons and reprieves. The president is responsible for dictating the legislative agenda of the party to which the president is a member. The president also directs the foreign and domestic policy of the United States, since the office of President was established in 1789, its power has grown substantially, as has the power of the federal government as a whole. However, nine vice presidents have assumed the presidency without having elected to the office. The Twenty-second Amendment prohibits anyone from being elected president for a third term, in all,44 individuals have served 45 presidencies spanning 57 full four-year terms. On January 20,2017, Donald Trump was sworn in as the 45th, in 1776, the Thirteen Colonies, acting through the Second Continental Congress, declared political independence from Great Britain during the American Revolution. The new states, though independent of each other as nation states, desiring to avoid anything that remotely resembled a monarchy, Congress negotiated the Articles of Confederation to establish a weak alliance between the states. Out from under any monarchy, the states assigned some formerly royal prerogatives to Congress, only after all the states agreed to a resolution settling competing western land claims did the Articles take effect on March 1,1781, when Maryland became the final state to ratify them. In 1783, the Treaty of Paris secured independence for each of the former colonies, with peace at hand, the states each turned toward their own internal affairs. Prospects for the convention appeared bleak until James Madison and Edmund Randolph succeeded in securing George Washingtons attendance to Philadelphia as a delegate for Virginia. It was through the negotiations at Philadelphia that the presidency framed in the U. S. The first power the Constitution confers upon the president is the veto, the Presentment Clause requires any bill passed by Congress to be presented to the president before it can become law. Once the legislation has been presented, the president has three options, Sign the legislation, the bill becomes law. Veto the legislation and return it to Congress, expressing any objections, in this instance, the president neither signs nor vetoes the legislation
President of the United States
–
Incumbent
Barack Obama since January 20, 2009 (2009-01-20)
President of the United States
–
Presidential Seal
President of the United States
–
Obama signing legislation at the
Resolute desk
President of the United States
–
Abraham Lincoln, the 16th President of the United States, successfully preserved the
Union during the
American Civil War
8.
Obverse and reverse
–
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
Obverse and reverse
–
Roman imperial coin with the head of Tranquillina on the obverse, struck c. 241 when her marriage to Gordian III is depicted on the reverse in smaller scale; the coin exhibits the obverse "head" or front and reverse "tail" or back convention that still dominates much coinage today
Obverse and reverse
–
Roman imperial coin of Marcus Claudius Tacitus, who ruled briefly from 275-276, follows the convention of obverse and reverse coin traditions
Obverse and reverse
–
Obverse of the tetradrachm of
Alexander the Great, intended to be seen as a deity, wearing the attributes of the hero,
Heracles - 325 BC
Obverse and reverse
–
Solidus of
Justinian II after 705, Christ (left) is on the obverse, the emperor on the reverse
9.
John Trumbull
–
John Trumbull was an American artist during the period of the American Revolutionary War and was notable for his historical paintings. His Declaration of Independence was used on the reverse of the two-dollar bill, Trumbull was born in Lebanon, Connecticut, in 1756, to Jonathan Trumbull and his wife Faith Trumbull. His father served as Governor of Connecticut from 1769 to 1784, both sides of his family were descended from early Puritan settlers in the state. The young Trumbull entered the 1771 junior class at Harvard College at age fifteen, due to a childhood accident, Trumbull lost use of one eye, which may have influenced his detailed painting style. As a soldier in the American Revolutionary War, Trumbull rendered a service at Boston by sketching plans of the British works. He witnessed the Battle of Bunker Hill and he was appointed second personal aide to General George Washington, and in June 1776, deputy adjutant-general to General Horatio Gates. He resigned from the army in 1777 after a dispute over the dating of his officer commission, in 1780 he traveled to London, where he studied under Benjamin West. At Wests suggestion, Trumbull painted small pictures of the War of Independence and he painted about 250 in his lifetime. On September 23,1780, British agent Major John André was captured by Continental troops in North America, after news reached Great Britain, outrage flared and Trumbull was arrested, as having been an officer in the Continental Army of similar rank to André. He was imprisoned for seven months in Londons Tothill Fields Bridewell, after being released, Trumbull returned to the United States. In 1784, following the British recognition of the United States independence, while working in his studio, Trumbull painted Battle of Bunker Hill and Death of General Montgomery in the Attack on Quebec. Both works are now in the Yale University Art Gallery, in 1785 Trumbull went to Paris, where he made portrait sketches of French officers for the Surrender of Lord Cornwallis. With the assistance of Thomas Jefferson, serving there as the US minister, while in Paris, Trumbull is credited with having introduced Jefferson to the Italian painter Maria Cosway, they became lifelong intimate friends. Trumbulls painting became widely known due to an engraving of it by Asher Brown Durand. All now hang in rotunda of the United States Capitol, congress reportedly authorized only funds sufficient to purchase these four paintings. Trumbulls The Sortie Made by the Garrison of Gibraltar,1789, in 1831 Trumbull sold a series of 28 paintings and 60 miniature portraits to Yale University for an annuity of $1,000. This is by far the largest single collection of his works, the collection was originally housed in a neoclassical art gallery designed by Trumbull on Yales Old Campus, along with portraits by other artists. His portraits include full lengths of General Washington and George Clinton, New York also bought his full-length paintings of Alexander Hamilton and John Jay
John Trumbull
–
John Trumbull, painted by
Gilbert Stuart, 1818
John Trumbull
–
Trumbull's self-portrait painted in 1777.
John Trumbull
–
The Death of
Montgomery in the
Attack on Quebec (1775)
John Trumbull
–
George Washington Before the Battle of Trenton, oil on canvas, c. 1792.
Yale University Art Gallery
10.
United States Note
–
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
United States Note
–
Large-sized Series of 1880 United States Notes; the $20 note displays Alexander Hamilton and a red scalloped seal, and the $10 Daniel Webster and a large red spiked seal.
United States Note
–
Comparison of a $5 Demand Note (upper image) and an 1862 issue $5 United States Note (lower image). Note the removal of the words "On Demand" and of the phrase "Receivable in Payment of All Public Dues". Also note the Treasury Seal added to the United States Note.
United States Note
–
A political cartoon from the 1864 election depicting
Secretary Fessenden of the Lincoln administration running "Chase's Mill" at left to flood the country with Greenbacks
United States Note
–
Series of 1901 $10 Legal Tender depicting military explorers
Meriwether Lewis,
William Clark, and an
American bison.
11.
National Bank Note
–
National Bank Notes were United States currency banknotes issued by National banks chartered by the United States Government. The notes were backed by United States bonds the bank deposited with the United States Treasury. In addition, banks were required to maintain a redemption fund amounting to five percent of any outstanding note balance, prior to the American Civil War, state banks issued their own banknotes and chartered private banks to issue banknotes as well. During the Civil War, in 1863, the National Banking Act established a system of National Banks which were empowered to issue National Bank Notes subject to federal oversight. The chartering of banks and administrative control over the issuance of National Bank Notes were the responsibility of the Office of the Comptroller of the Currency. A2 percent tax on bank notes was authorized in 1864 to speed conversion to the new system, only to be increased the next year to 10 percent. From 1863 to 1935, National Bank Notes were issued by banks throughout the country, Banks with a federal charter would deposit bonds in the US Treasury. The banks then could issue banknotes worth up to 90 percent of the value of the bonds, the federal government would back the value of the notes—the issuance of which created a demand for the government bonds needed to back them. The program was a form of monetization of the Federal debt, bonds eligible as collateral for posting to the Treasury were said to have the circulation privilege and the interest they bore provided seigniorage to the National Banks. Each National Bank Note bore the issuing banks charter number as well as the serial number assigned to the note by that bank. Low serial-numbered notes were withdrawn as souvenirs by the bank officers who signed them. Except for the last few years of issue, all of the National Bank Notes were large-sized, through much of their earlier history of issue, national banknotes used designs in which the issuing banks name was prominently displayed, rather than The United States Of America. One design used for years featured a portrait on the obverse, near the left edge. The historical figures seen on these notes usually were different from those on the same denominations of paper currency today, large-size notes bore two serial numbers. The Treasury serial number indicated the number of notes of that series. The bank serial number indicated the number of notes of that series, large size notes also bore four signatures. Two signatures were those of the Register of the Treasury and Treasurer of the United States and were printed as part of the notes design, the other two signatures were those of the banks cashier and president, and were individually signed by those officers prior to issuing the note. Notes were sent to the bank by the Treasury and typically signed as uncut sheets, Notes were often cut apart with scissors, so that the top and bottom edges of notes can be uneven and cut into the borders of the design
National Bank Note
–
$10 National Bank Note, Series 1882. The vignette at left shows
Benjamin Franklin conducting the famous
Kite experiment. The 5359 in dark red ink is the issuing bank's national charter number, also shown in the note's border engraving.
National Bank Note
–
$1 Original Series
National Bank Note
–
The numeral 1 in the cartouche is the note's serial number assigned by the issuing bank.
National Bank Note
–
$2 Series 1875
12.
Silver certificate (United States)
–
Silver certificates are a type of representative money issued between 1878 and 1964 in the United States as part of its circulation of paper currency. They were produced in response to silver agitation by citizens who were angered by the Fourth Coinage Act, the certificates were initially redeemable for their face value of silver dollar coins and later in raw silver bullion. Since 1968 they have been only in Federal Reserve Notes and are thus obsolete. Large-size silver certificates were issued initially in denominations from $10 to $1,000 and in 1886 the $1, $2, in 1928, all United States bank notes were re-designed and the size reduced. The small-size silver certificate was issued in denominations of $1, $5. The complete type set below is part of the National Numismatic Collection at the Smithsonians National Museum of American History, the Coinage Act of 1873 intentionally omitted language authorizing the coinage of “standard” silver dollars and ended the bimetallic standard that had been created by Alexander Hamilton. By 1875 business interests invested in silver wanted the bimetallic standard restored, people began to refer to the passage of the Act as the Crime of 73. Further public agitation for silver use was driven by fear that there was not enough money in the community. Members of Congress claimed ignorance that the 1873 law would lead to the demonetization of silver, some blamed the passage of the Act on a number of external factors including a conspiracy involving foreign investors and government conspirators. In response, the Bland–Allison Act, as it came to be known, was passed by Congress on 28 February 1878, the first silver certificates were issued in denominations of $10 through $1,000. Reception by financial institutions was cautious, while more convenient and less bulky than dollar coins, the silver certificate was not accepted for all transactions. Congress used the National Banking Act of 12 July 1882 to clarify the legal status of silver certificates by clearly authorizing them to be included in the lawful reserves of national banks. A general appropriations act of 4 August 1886 authorized the issue of $1, $2, the introduction of low-denomination currency greatly increased circulation. Over the 12-year lifespan of the Bland–Allison Act, the United States government would receive a seigniorage amounting to roughly $68 million, Treasury Secretary Franklin MacVeagh appointed a committee to investigate possible advantages to issuing smaller sized United States banknotes. Due in part to the outbreak of World War I and the end of his appointed term, any recommendations may have stalled. On 20 August 1925, Treasury Secretary Andrew W. Mellon appointed a committee and in May 1927 accepted their recommendations for the size reduction. On 10 July 1929 the new currency was issued. This required that the Treasury maintain stocks of dollars to back
Silver certificate (United States)
–
$5 Series 1899 silver certificate depicting
Running Antelope of the Sioux.
Silver certificate (United States)
–
The $1 silver certificate from the
Hawaii overprint series.
13.
Treasury (Coin) Note
–
It was issued in two series, an 1890 series with $1, $2, $5, $10, $20, $100 and $1000 denominations, and an 1891 series that added the $50 denomination. A $500 note was designed but never issued, a distinguishing feature of the Series 1890 notes is the extremely ornate designs on the reverse side of the notes. Consequently, the designs were simplified on the Series 1891 Treasury Notes issued the following year. The Treasury Note was issued by the government to individuals selling silver bullion to the Treasury, unlike other redemption notes like silver and gold certificates, Treasury Notes stipulated only that they were redeemable in coin. This allowed the Treasury to fulfill the obligation in silver coin, gold coin. This flexibility allowed the Treasury some control over releasing gold or silver when the value of the two metals fluctuated. The portrait of General George Meade on the $1000 Note was engraved by renowned artist, the 100 Greatest American Currency Notes, a 2006 book by Q. David Bowers and David Sundman, put the $1,000 Treasury Note, nicknamed the Grand Watermelon, the same note had set a record in December 2006 when it was sold for $2,255,000 in a private sale. The note was previously auctioned in 1944 for $1,230, the other variety of $1,000 Treasury Notes, Series 1891 Open Backs, represented by just two notes, has also been involved in the recent string of record-breaking sales. While one of two notes is owned by the Smithsonian Institution, the only Series 1891 $1,000 note available to collectors had set the world record in March 2006. It again set the record in April 2013, when it was sold at auction by Heritage Auctions for $2,585,000 at the Central States Numismatic convention, in Chicago. The Treasury Notes pictured below are from the 1890 and 1891 series, images are from the National Numismatic Collection at the National Museum of American History
Treasury (Coin) Note
–
Series 1890 $1,000 Treasury Note, nicknamed "The Grand Watermelon" due to the shape and color of the zeros on the reverse.
Treasury (Coin) Note
–
1 $1
14.
Federal Reserve Bank Note
–
They had the same value as other kinds of notes of similar face value. Federal Reserve Bank Notes differ from Federal Reserve Notes in that they are backed by one of the twelve Federal Reserve Banks, rather than by all collectively. They were backed in a way to National Bank Notes, using U. S. bonds. Federal Reserve Bank Notes are no longer issued, the only U. S. banknotes still in production since 1971 are the Federal Reserve Notes, additional denominations of $1, $2, and $50 were issued in 1918. Small size Federal Reserve Bank Notes were printed as an issue in 1933 using the same paper stock as National Bank Notes. They were printed in denominations of $5 through $100, a National Bank Note has a line for the national banks presidents signature. The small size Federal Reserve Bank Note printed a bar over the label for this line since Federal Reserve Banks had governors, not presidents. The wording also was changed to add, Or by like deposit of other securities after the phrase, the twelve Federal Reserve Districts also appear on the bills as black alphabetically sequenced letters, from A to L, a system essentially followed today on the $1 and $2 bills. This emergency issue was prompted by the hoarding of cash because of the many bank failures happening at the time. This also limited the ability of the National Banks to issue notes of their own, small size Federal Reserve Bank Notes were discontinued in 1934 and no longer available from banks since 1945. As small size notes, they have brown seals and serial numbers, but while they look very similar, and both say National Currency across the top of the obverse, the issuers were not the same and they are considered to be distinctly different types of bills
Federal Reserve Bank Note
–
$1
15.
Urban legend
–
These legends can be used for entertainment purposes, as well as for semi-serious explanations for random events such as disappearances and strange objects. Despite its name, an urban legend does not necessarily originate in an urban area, rather, the term is used to differentiate modern legend from traditional folklore of pre-industrial times. For this reason, sociologists and folklorists prefer the contemporary legend. Because people frequently allege that such tales happened to a friend of a friend, Urban legends are spread by any media, including newspapers, e-mail and social media. In America in 1938 a radio dramatization of The War of the Worlds supposedly caused mass panic, in 2005, a widespread legend claimed that a large percentage of people have a biological father who is not their assumed father. Some urban legends have passed through the years only minor changes to suit regional variations. More recent legends tend to reflect modern circumstances, like the story of people ambushed and anesthetized, who awaken minus one kidney, the term urban legend, as used by folklorists, has appeared in print since at least 1968. Jan Harold Brunvand, professor of English at the University of Utah, many urban legends are framed as complete stories with plot and characters. The compelling appeal of an urban legend is its elements of mystery, horror. Often they serve as cautionary tales, some urban legends are morality tales that depict someone, usually a child, acting in a disagreeable manner, only to wind up in trouble, hurt, or dead. As Jan Brunvand points out antecedent legends including some of the motifs, themes, the teller of an urban legend may claim it happened to a friend, which serves to personalize, authenticate and enhance the power of the narrative while distancing the teller. Many urban legends depict horrific crimes, contaminated foods, or other situations which would affect many people. Anyone believing such stories might feel compelled to warn loved ones, not seldom, news organizations, school officials and even police departments have issued warnings concerning the latest threat. A fax received at the Nassau County, Florida fire department was forwarded to police, even the Minister of Defence for Canada was taken in by the same legend, he forwarded an urgent security warning to all Ontario Members of Parliament. Many urban legends are essentially extended jokes, told as if they were true events, persistent urban legends often maintain a degree of plausibility, for instance a serial killer deliberately hiding in the back seat of a car. One such example since the 1970s has been the rumor that the Procter & Gamble Company was associated with Satan-worshippers because of details within its nineteenth-century trademark. The legend interrupted the companys business to the point that it stopped using the trademark, the coinage leads in turn to the terms FOAFlore and FOAFtale. Here the authors make a connection between urban legends and popular folklore, such as Grimms Fairy Tales where similar themes and motifs arise
Urban legend
–
The "
Bunny Man Bridge", a
legend tripping destination.
16.
United States Declaration of Independence
–
Instead they formed a new nation—the United States of America. John Adams was a leader in pushing for independence, which was passed on July 2 with no opposing vote cast, a committee of five had already drafted the formal declaration, to be ready when Congress voted on independence. The term Declaration of Independence is not used in the document itself, John Adams persuaded the committee to select Thomas Jefferson to compose the original draft of the document, which Congress would edit to produce the final version. The next day, John Adams wrote to his wife Abigail, The Second Day of July 1776, will be the most memorable Epocha, but Independence Day is actually celebrated on July 4, the date that the Declaration of Independence was approved. After ratifying the text on July 4, Congress issued the Declaration of Independence in several forms and it was initially published as the printed Dunlap broadside that was widely distributed and read to the public. The source copy used for printing has been lost. Jeffersons original draft, complete with changes made by John Adams and Benjamin Franklin, the best known version of the Declaration, a signed copy that is popularly regarded as the official document, is displayed at the National Archives in Washington, D. C. This engrossed copy was ordered by Congress on July 19, the sources and interpretation of the Declaration have been the subject of much scholarly inquiry. Having served its purpose in announcing independence, references to the text of the Declaration were few in the following years. Abraham Lincoln made it the centerpiece of his rhetoric, and his policies and this has been called one of the best-known sentences in the English language, containing the most potent and consequential words in American history. The passage came to represent a standard to which the United States should strive. Believe me, dear Sir, there is not in the British empire a man who more cordially loves a union with Great Britain than I do. But, by the God that made me, I will cease to exist before I yield to a connection on such terms as the British Parliament propose, and in this, I think I speak the sentiments of America. By the time that the Declaration of Independence was adopted in July 1776, relations had been deteriorating between the colonies and the mother country since 1763. Parliament enacted a series of measures to increase revenue from the colonies, such as the Stamp Act of 1765, Parliament believed that these acts were a legitimate means of having the colonies pay their fair share of the costs to keep them in the British Empire. Many colonists, however, had developed a different conception of the empire, the colonies were not directly represented in Parliament, and colonists argued that Parliament had no right to levy taxes upon them. This tax dispute was part of a divergence between British and American interpretations of the British Constitution and the extent of Parliaments authority in the colonies. In the colonies, however, the idea had developed that the British Constitution recognized certain fundamental rights that no government could violate, after the Townshend Acts, some essayists even began to question whether Parliament had any legitimate jurisdiction in the colonies at all
United States Declaration of Independence
–
1823 facsimile of the engrossed copy
United States Declaration of Independence
–
Thomas Jefferson, the principal author of the Declaration
United States Declaration of Independence
–
The Assembly Room in Philadelphia's
Independence Hall, where the Second Continental Congress adopted the Declaration of Independence
United States Declaration of Independence
–
This idealized depiction of (left to right) Franklin, Adams, and Jefferson working on the Declaration (
Jean Leon Gerome Ferris, 1900) was widely reprinted.
17.
Monticello
–
Monticello was the primary plantation of Thomas Jefferson, the third President of the United States, who began designing and building Monticello at age 26 after inheriting land from his father. The current Nickel features a depiction of Monticello on the reverse, situated on the summit of an 850-foot -high peak in the Southwest Mountains south of the Rivanna Gap, the name Monticello derives from the Italian for little mount. Cabins for field slaves were farther from the mansion, at Jeffersons direction, he was buried on the grounds, in an area now designated as the Monticello Cemetery. The cemetery is owned by the Monticello Association, a society of his descendants through Martha Wayles Skelton Jefferson, after Jeffersons death, his daughter Martha Jefferson Randolph sold the property. In 1834 it was bought by Uriah P. Levy, a commodore in the U. S. Navy and his nephew Jefferson Monroe Levy took over the property in 1879, he also invested considerable money to restore and preserve it. In 1923, Monroe Levy sold it to the Thomas Jefferson Foundation and it has been designated a National Historic Landmark. In 1987 Monticello and the nearby University of Virginia, also designed by Jefferson, were designated a UNESCO World Heritage Site. Jeffersons home was built to serve as a house, which ultimately took on the architectural form of a villa. It has many antecedents, but Jefferson went beyond them to create something very much his own. He consciously sought to create a new architecture for a new nation, work began on what historians would subsequently refer to as the first Monticello in 1768, on a plantation of 5,000 acres. Jefferson moved into the South Pavilion in 1770, where his new wife Martha Wayles Skelton joined him in 1772, Jefferson continued work on his original design, but how much was completed is of some dispute. In constructing and later reconstructing his home, Jefferson used both free workers and enslaved laborers, after his wifes death in 1782, Jefferson left Monticello in 1784 to serve as Minister of the United States to France. His decision to remodel his own home may date from this period, in 1794, following his service as the first U. S. Secretary of State, Jefferson began rebuilding his house based on the ideas he had acquired in Europe. The remodeling continued throughout most of his presidency, although generally completed by 1809, Jefferson continued work on the present structure until his death in 1826. Jefferson added a hallway and a parallel set of rooms to the structure, more than doubling its area. He removed the second full-height story from the house and replaced it with a mezzanine bedroom floor. The interior is centered on two rooms, which served as an entrance-hall-museum, where Jefferson displayed his scientific interests. The most dramatic element of the new design was an octagonal dome, the dome room has now been restored to its appearance during Jeffersons lifetime, with Mars yellow walls and a painted green floor
Monticello
–
Monticello
Monticello
–
Monticello and its reflection
Monticello
–
Some of the gardens on the property
Monticello
–
In a time before refrigeration, Jefferson had the pond stocked with fish, to be available on demand.
18.
Cash register
–
It is usually attached to a drawer for storing cash and other valuables. The cash register is usually attached to a printer, that can print out receipts for record keeping purposes. An early mechanical cash register was invented by James Ritty and John Birch following the American Civil War, James was the owner of a saloon in Dayton, Ohio, USA, and wanted to stop employees from pilfering his profits. The Ritty Model I was invented in 1879 after seeing a tool that counted the revolutions of the propeller on a steamship, with the help of James brother John Ritty, they patented it in 1883. It was called Rittys Incorruptible Cashier and it was invented for the purpose to stop cashiers of pilfering and eliminating employee theft or embezzlement, early mechanical registers were entirely mechanical, without receipts. The employee was required to ring up every transaction on the register, and when the key was pushed, the drawer opened. Those original machines were nothing but simple adding machines, in 1884 Eckert sold the company to John H. The original purpose of the receipt was enhanced fraud protection, the business owner could read the receipts to ensure that cashiers charged customers the correct amount for each transaction and did not embezzle the cash drawer. It also prevents a customer from defrauding the business by falsely claiming receipt of an amount of change or a transaction that never happened in the first place. The first evidence of a cash register was used in Coalton, Ohio. In 1906, while working at the National Cash Register company, a leading designer, builder, manufacturer, seller and exporter of cash registers from the 1950s until the 1970s was London-based Gross Cash Registers Ltd. founded by brothers Sam and Henry Gross. Sweda also had decimal-ready registers where the retailer used a key on Decimal Day for the conversion. Often cash registers are attached to scales, barcode scanners, checkstands, increasingly, dedicated cash registers are being replaced with general purpose computers with POS software. Cash registers use bitmap characters for printing and these POS terminals will often also identify the cashier on the receipt, and carry additional information or offers. Currently, many cash registers are individual computers and they may be running traditionally in-house software or general purpose software such as DOS. Many of the newer ones have touch screens and they may be connected to computerized point of sale networks using any type of protocol. Such systems may be accessed remotely for the purpose of obtaining records or troubleshooting, many businesses also use tablet computers as cash registers, utilizing the sale system as downloadable app-software. Cash registers include a key labeled No Sale, abbreviated NS on many modern electronic cash registers and its function is to open the drawer, printing a receipt stating No Sale and recording in the register log that the register was opened
Cash register
–
Antique crank-operated cash register
Cash register
–
National Cash Register
Cash register
–
Historic cash registers in
Los Angeles,
California: (from left to right) Hedman Company and Paymaster of the 1950s, and
Olivetti of the 1980s.
Cash register
–
National Cash Register expressly built for a merchant in
Nové Město nad Metují, Austro-Hungary, 1904
19.
Coin
–
A coin is a small, flat, round piece of metal or plastic used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in quantities at a mint in order to facilitate trade. They are most often issued by a government, Coins are usually metal or alloy, or sometimes made of synthetic materials. Coins made of metal are stored in large quantities as bullion coins. Other coins are used as money in transactions, circulating alongside banknotes. Usually the highest value coin in circulation is less than the lowest-value note. In the last hundred years, the value of circulation coins has occasionally been lower than the value of the metal they contain. Exceptions to the rule of face value being higher than content value also occur for some bullion coins made of copper, silver, or gold, while the Eagle, Maple Leaf, and Sovereign coins have nominal face values, the Krugerrand does not. The first coins were developed independently in Iron Age Anatolia and Archaic Greece, India, Coins spread rapidly in the 6th and 5th centuries BCE, throughout Greece and Persia, and further to the Balkans. Standardized Roman currency was used throughout the Roman Empire, important Roman gold and silver coins were continued into the Middle Ages. Fiat money first arose in medieval China, with the paper money. Early paper money was introduced in Europe in the later Middle Ages, the penny was minted as a silver coin until the 17th century. The first circulating United States coins were cents, produced in 1793, Coins were an evolution of currency systems of the Late Bronze Age, where standard-sized ingots, and tokens such as knife money, were used to store and transfer value. In the late Chinese Bronze Age, standardized cast tokens were made and these were replicas in bronze of earlier Chinese currency, cowrie shells, so they were named Bronze Shell. According to Aristotle and Pollux, the first issuer of coins was Hermodike of Kyme The earliest coins are associated with Iron Age Anatolia. Early electrum coins were not standardized in weight, and in their earliest stage may have been ritual objects, such as badges or medals, issued by priests. The first Lydian coins were made of electrum, a naturally occurring alloy of silver, most of the early Lydian coins include no writing, only an image of a symbolic animal. Anatolian Artemis was the Πὀτνια Θηρῶν, whose symbol was the stag, a small percentage of early Lydian/Greek coins have a legend
Coin
–
A
Swiss ten-cent coin from 1879, similar to the oldest coins still in official use today
Coin
–
An original Celtic
Biatec coin and its replica on a former Slovak 5-
koruna coin (1993-2008)
Coin
–
An
oxhide ingot from
Crete.
Late Bronze Age metal ingots were given standard shapes, such as the shape of an "ox-hide", suggesting that they represented standardized values.
Coin
–
1/3rd
stater from
Lydia, 6th century BCE
20.
Bill acceptor
–
A currency detector or currency validator is a device that determines whether banknotes or coins are genuine or counterfeit. The process involves examining the coins and/or notes that have been inserted, since the parameters are different for each coin or banknote, these detectors must be programmed for each item that they are to accept. In normal operation, if any item such as a coin, note, card or ticket is accepted, it is retained inside the machine, if the item is rejected, the machine returns the item to the customer. If a coin gets rejected, it falls into a tray or rolls out of a slot at the bottom where the customer can remove the coin. If a banknote, card or ticket is rejected, it is pushed out through the machine to allow the customer to remove it from the slot into which it was inserted. The basic principle for coin detection is to test the properties of the coin against known characteristics of acceptable coins. The detector evaluates the coin according to its weight, size, metal composition and/or magnetism, the next step is generally performed by the banknote-to-coins exchanger. Normal circulation coins eventually collect microscopic deposits of dirt, oil, when a coin acceptor is used long enough, thousands of coins rolling along a track will leave enough dirt, oil and grease to be visible. The coin acceptor must be cleaned on a frequent basis to prevent malfunction, coin acceptors are modular, so a dirty acceptor can be replaced with a clean unit, preventing downtime. The old unit is then cleaned and refurbished, some new types of coin acceptors are able to recognize the coins through training, so they will support any new types of coins or tokens when properly introduced. Vending and change machines use several techniques to check whether a note is genuine, toggling these settings and the sensitivity of each is programmed via means of dip switches on the internal circuitry. Optical sensing with a light detector called a photocell or a miniature digital camera is one of the main techniques that vending machines use. Many countries banknotes are pixelated—that is, they are out of small dots. The dots are spaced differently and have different sizes, depending on the note, the optical sensors can look for these different patterns to determine what sort of note has been inserted. Some paper money is also fluorescent, it glows when ultraviolet light is shined on it, some machines shine an ultraviolet light on the note and measure the glow to help determine the notes composition. The particles in the ink on many countries currency have ferromagnetic properties, magnetic composition comprises carbon nanofoam in an amount of from 0.1 to 45 percent by weight of the total composition. Notes are passed over a permanent magnet array and magnetized along their direction of travel, a magnetic sensor located several inches away with its sensitive axis parallel to the direction of travel can detect the remnant field of the ink particles. The purpose of the magnet in this case is to achieve a controlled orientation of the magnetic moments of the ink particles, resulting in a maximum
Bill acceptor
–
A typical bill validator with a green bezel
Bill acceptor
–
A dollar bill passing through the device. Note the pistons that grab the bill when it detects an insert.
Bill acceptor
–
Tiny
cameras are mounted on the
motherboard
21.
Vending machines
–
The first modern vending machines were developed in England in the early 19th century and dispensed postcards. The earliest known reference to a machine is in the work of Hero of Alexandria. His machine accepted a coin and then dispensed holy water, when the coin was deposited, it fell upon a pan attached to a lever. The lever opened a valve which let some water flow out, the pan continued to tilt with the weight of the coin until it fell off, at which point a counterweight snapped the lever up and turned off the valve. Coin-operated machines that dispensed tobacco were being operated as early as 1615 in the taverns of England, the machines were portable and made of brass. An English bookseller, Richard Carlile, devised a newspaper dispensing machine for the dissemination of banned works in 1822, simeon Denham was awarded British Patent no.706 for his stamp dispensing machine in 1867, the first fully automatic vending machine. The first modern coin-operated vending machines were introduced in London, England in the early 1880s, the machine was invented by Percival Everitt in 1883 and soon became a widespread feature at railway stations and post offices, dispensing envelopes, postcards, and notepaper. The Sweetmeat Automatic Delivery Company was founded in 1887 in England as the first company to deal primarily with the installation, the first vending machine in the U. S. was built in 1888 by the Thomas Adams Gum Company, selling gum on New York City train platforms. This idea spawned a new type of mechanical device known as the trade stimulators. Some products need to be prepared to become available, for example, tickets are printed or magnetized on the spot, and coffee is freshly concocted. One of the most common form of vending machine, the snack machine, the main example of a vending machine giving access to all merchandise after paying for one item is a newspaper vending machine found mainly in the U. S. and Canada. It contains a pile of identical newspapers, after a sale the door automatically returns to a locked position. The success of such machines is predicated on the assumption that the customer will be honest, and need only one copy. The profit margins in the candy business can be quite high – gumballs, for instance, can be purchased in bulk for 2 cents a piece. Gumballs and candy have a long shelf life, enabling vending machine operators to manage many machines without too much time or cost involved. In addition, the machines are inexpensive compared to soft drink or snack machines. Many operators donate a percentage of the profits to charity so that locations will allow them to place the machines for free, in the past, cigarettes were commonly sold in the United States through these machines, but this is increasingly rare due to concerns about underage buyers. Sometimes a pass has to be inserted in the machine to prove ones age before a purchase can be made, in the United Kingdom, legislation banning them outright came into effect on October 1,2011
Vending machines
–
A vending machine made in 1952
Vending machines
–
An automatic stamp and postcard vending machine, early 20th century, Japan
Vending machines
–
A
newspaper vending machine
Vending machines
–
A bulk candy machine
22.
Self checkout
–
Self-checkout machines provide a mechanism for customers to process their own purchases from a retailer. They are an alternative to the traditional cashier-staffed checkout, in practice, the customer assumes the job of the cashier by scanning and applying payment for the items themselves. As of 2013, there were 191,000 self-checkout units worldwide and it was invented by David R. Humble. Most coupons also have barcodes and can be scanned the same way that items are scanned, although some require entry by a member of staff. The size of a machine is also smaller than a traditional checkout manned by a cashier, thus. Customers who do not want to interact with the cashier can use the self checkout to avoid those situations, self-checkout can also sometimes be faster than using a cashier lane. This can reduce the length of lines and wait times. In a survey by NCR, 42% of customers said they like the convenience of self-checkout, 90% of those surveyed responded as being users of self-checkout, with 7% of respondents saying they will always use self-checkout regardless of store lines and number of items. Survey respondents in Italy and Australia stated they always use self-checkout at a rate of 13%, self-checkout is vulnerable to some shoplifting techniques. In some cases the machine pick up the attempt to steal or cause the shopper to alter behavior. For example, in 2007, a man was charged with replacing the tag of a plasma TV with a $4.88 DVD, studies suggest that a large proportion of shoppers are tempted to shoplift due to the relative ease of fooling self checkouts. For example, a person who does not scan an item, may remember this was easy and fail to scan other items deliberately. A2012 survey with 4,952 respondents in the UK found that a third of shoppers had stolen this way, non-barcode items such as produce, and store staff overriding checkout alerts were singled out as vulnerabilities, and poverty was not seen as a major factor. Self-checkouts are also criticized for reducing the possibilities for customers and store staff to interact, however, one advantage is self-checkouts can allow for multilingual service. Self-checkout lanes may lack some rather basic customer interactions, like informing the customer that a coupon was not accepted, being more complex, they are more subject to failure. For example, they employ scales used to measure if an item is in the bagging area, and if that scale fails the register no longer operates. Also, in a manned checkout lane, any simple problems like lack of paper would be immediately fixed by the operator. This lack of reliability can be compensated for by having excess lanes available or enough staff on hand to perform immediate maintenance, an alternative system consists of a portable barcode scanner that is used by the customer to scan and bag items while shopping
Self checkout
–
NCR Self-service checkouts & fastlane at a
Sainsbury's store
Self checkout
–
NCR Selfserv checkout at an
IKEA store
Self checkout
–
"Scan It" kiosk at
Giant Food store.
Self checkout
–
HybridCheckout supporting parallel scanning
23.
Bank vault
–
A bank vault is a secure space where money, valuables, records, and documents are stored. It is intended to protect their contents from theft, unauthorized use, fire, natural disasters, unlike safes, vaults are an integral part of the building within which they are built, using armored walls and a tightly fashioned door closed with a complex lock. Historically, strongrooms were built in the basement of a bank where the ceilings were vaulted, modern bank vaults typically contain many safe deposit boxes, as well as places for teller cash drawers, and other valuable assets of the bank or its customers. They are also common in buildings where valuables are kept such as post offices, grand hotels, rare book libraries. Vault technology developed in a type of race with bank robbers. As burglars came up with new ways to break into vaults, modern vaults may be armed with a wide array of alarms and anti-theft devices. Some nineteenth- and early-twentieth-century vaults were built so well that today they are almost impossible to destroy and these older vaults were typically made with steel-reinforced concrete. The walls were usually at least 1 ft thick, and the door itself was typically 3.5 ft thick, total weight ran into the hundreds of tons. Today vaults are made thinner, lighter materials that, while still secure, are easier to dismantle than their earlier counterparts. The need for secure storage stretches far back in time, the earliest known locks were made by the Egyptians. Ancient Romans used a sophisticated locking system, called warded locks. Warded locks had special notches and grooves that made picking them more difficult, Lock technology advanced independently in ancient India, Russia, and China, where the combination lock is thought to have originated. In the United States, most banks relied on small iron safes fitted with a key lock up until the middle of the nineteenth century, after the Gold Rush of 1849, unsuccessful prospectors turned to robbing banks. The prospectors would often break into the bank using a pickax, the safe was usually small enough that the thief could get it out a window, and take it to a secluded spot to break it open. Banks demanded more protection and safe makers responded by designing larger, heavier safes, Safes with a key lock were still vulnerable through the key hole, and bank robbers soon learned to blast off the door by pouring explosives in this opening. In 1861, inventor Linus Yale Jr. introduced the combination lock. Bankers quickly adopted Yales lock for their safes, but bank robbers came up with ways to get past the new invention. It was possible to use force to punch the combination lock through the door, other experienced burglars learned to drill holes into the lock case and use mirrors to view the slots in the combination wheels inside the mechanism
Bank vault
Bank vault
–
J&J Taylor Strongroom from 1901
Bank vault
–
Emergency vault door and combination locks at the Portuguese National Bank Museum in Lisbon. Vault door built by the York Safe and Lock Company, PA, USA.
Bank vault
–
Vault of a retail bank under demolition.
24.
Federal Reserve Bank of Atlanta
–
The Federal Reserve Bank of Atlanta, is one of the 12 Federal Reserve Banks of the United States. The Sixth District operates branches in Atlanta, Birmingham, Jacksonville, Miami, Nashville and these branches provide cash to banks, savings and loans, and other depository institutions, transfer money electronically, and clear millions of checks. The bank is located at 1000 Peachtree Street NE in Midtown Atlanta. Prior to 2001, the bank was located in downtown Atlanta at 104 Marietta Street NW, the Atlanta Fed has three main functions, monetary policy, operation of nationwide payment system, and bank supervision and regulation. Its job is to decide the interest rates, and the president meets with other bank presidents, the Bank’s board of directors makes recommendations on the levels of discount rates. The following people are on the board of directors as of September,2016, clarence Otis, Jr. Chairman and Chief Executive Officer, Darden Restaurants, Inc. The current president, Dennis P. Lockhart, took office March 1,2007, as the 14th president and chief officer of the Sixth District Federal Reserve Bank. Facing his mandatory retirement, FRBA announced Lockhart would be stepping down in February,2017, the firm Spencer Stuart had been named to help with the search for a replacement in September,2016. First Vice President Marie Gooding would hold the job on a basis if a permanent successor was not found before Lockharts February 28 departure date
Federal Reserve Bank of Atlanta
–
Federal Reserve Bank in
Midtown Atlanta
Federal Reserve Bank of Atlanta
–
The old Federal Reserve Bank of Atlanta building, now the State Bar of Georgia. Located at 104 Marietta Street NW
25.
Replacement banknote
–
Also, since no two serial numbers can be the same, the bill is simply reprinted with a symbol in the serial number, identifying it as a replacement for an error note. Replacement bills have different symbols to mark the error around the world and this saves time and money compared to re-printing exactly the same serial number that was used before. It is rare that the replacement banknote has the serial number as the original faulty one. A replacement note will have its own numbering system that separates it from the normal numbering system. The United States uses, and Australia used until 1972, the * in the number to mark a replacement banknote. These are known as Star Notes, argentina uses R in the serial number to mark replacement banknotes. The Bahamas use Z in the number to mark replacement banknotes. Scotland, Hong Kong and Mongolia use ZZ in the number to mark replacement banknotes. Singapore uses Z/1 in the number to mark replacement banknotes. Sri Lanka uses Z in the number to mark replacement banknotes. Indonesia uses X in the number to mark replacement banknotes. Iraq uses prefix Letter/99 in the number to mark replacement banknotes. Zambia uses X3 in the number to mark replacement polymer banknotes. Malaysia uses Z in the number to mark replacement banknotes of the current series. Thailand uses 5 OS in the number to mark replacement polymer banknotes. Serbia uses ZA in the number to mark replacement banknotes. Different countries may also have their own numbering or marking schemes, there is no guaranteed way to know the rarity of replacement banknotes as they are only introduced to replace defective ones. Some banknote collectors go after these rather unusual banknotes as their specialty, both paper and polymer replacement notes exist as this control mechanism
Replacement banknote
–
A one dollar bill "star note". Note the asterisks behind the serial numbers, meaning that this was a replacement note for one that was misprinted.
26.
Computer printer
–
In computing, a printer is a peripheral which makes a persistent human-readable representation of graphics or text on paper or similar physical media. The worlds first computer printer was a 19th-century mechanically driven apparatus invented by Charles Babbage for his difference engine, the plotter was used for those requiring high quality line art like blueprints. Laser printers using PostScript mixed text and graphics, like dot-matrix printers, by 1990, most simple printing tasks like fliers and brochures were now created on personal computers and then laser printed, expensive offset printing systems were being dumped as scrap. The HP Deskjet of 1988 offered the same advantages as laser printer in terms of flexibility, inkjet systems rapidly displaced dot matrix and daisy wheel printers from the market. By the 2000s high-quality printers of this sort had fallen under the price point. Even the desire for printed output for offline reading while on mass transit or aircraft has been displaced by e-book readers, today, traditional printers are being used more for special purposes, like printing photographs or artwork, and are no longer a must-have peripheral. Starting around 2010, 3D printing became an area of intense interest and these devices are in their earliest stages of development and have not yet become commonplace. Personal printers are designed to support individual users, and may be connected to only a single computer. These printers are designed for low-volume, short-turnaround print jobs, requiring minimal setup time to produce a copy of a given document. However, they are generally slow devices ranging from 6 to around 25 pages per minute, however, this is offset by the on-demand convenience. Some printers can print documents stored on cards or from digital cameras. Networked or shared printers are designed for high-volume, high-speed printing and they are usually shared by many users on a network and can print at speeds of 45 to around 100 ppm. The Xerox 9700 could achieve 120 ppm, a virtual printer is a piece of computer software whose user interface and API resembles that of a printer driver, but which is not connected with a physical computer printer. It is called a printer by analogy with a printer which produces a two-dimensional document by a similar process of depositing a layer of ink on paper. The choice of print technology has an effect on the cost of the printer and cost of operation, speed, quality and permanence of documents. Some printer technologies dont work with certain types of physical media, cheques can be printed with liquid ink or on special cheque paper with toner anchorage so that alterations may be detected. The machine-readable lower portion of a cheque must be printed using MICR toner or ink, banks and other clearing houses employ automation equipment that relies on the magnetic flux from these specially printed characters to function properly. The following printing technologies are found in modern printers, A laser printer rapidly produces high quality text
Computer printer
–
HP LaserJet 5 printer
Computer printer
–
The Game Boy Pocket Printer, a
thermal printer released as a peripheral for the
Nintendo Game Boy
Computer printer
–
This is an example of a wide-carriage
dot matrix printer, designed for 14-inch (360 mm) wide paper, shown with 8.5-by-14-inch (220 mm × 360 mm) legal paper. Wide carriage printers were often used in the field of businesses, to print accounting records on 11-by-14-inch (280 mm × 360 mm)
tractor-feed paper. They were also called "132-column printers"
Computer printer
–
Liquid ink cartridge from Hewlett-Packard HP 845C inkjet printer
27.
Bureau of Engraving and Printing
–
The BEP does not produce coins, all coinage is produced by the United States Mint. With production facilities in Washington, DC, and Fort Worth, Texas, the Bureau of Engraving and Printing has its origins in legislation enacted to help fund the Civil War. In July 1861, Congress authorized the Secretary of the Treasury to issue currency in lieu of coins due to the lack of funds needed to support the conflict. The paper notes were essentially government IOUs and were called Demand Notes because they were payable on demand in coin at certain Treasury facilities, at this time the government had no facility for the production of paper money so a private firm produced the Demand Notes in sheets of four. These sheets were then sent to the Treasury Department where dozens of clerks signed the notes and scores of workers cut the sheets, initially, the currency processing operations in the Treasury were not formally organized. For years, however, the operations were known by various semi-official labels, such as the Printing Bureau, Small Note Bureau, Currency Department. It was not until 1874 that the Bureau of Engraving and Printing was officially recognized in legislation with a specific allocation of operating funds for fiscal year 1875. From almost the beginning of its operations, the Bureau of Engraving and Printing designed and printed a variety of products in addition to currency. As early as 1864, the offices which would become the BEP made passports for the State Department. Passports are now produced by the Government Publishing Office, other early items produced by the BEP included various government debt instruments, such as interest-bearing notes, refunding certificates, compound interest Treasury notes, and bonds. The production of stamps began in 1894, and for almost the next century the BEP was the sole producer of postage stamps in the country. The Bureau of Engraving and Printing officially took over production of stamps for the United States government in July 1894. Paper currency was produced on hand presses around 1918, utilizing plates capable of printing four notes per sheet. The Bureau of Engraving and Printing officially took over production of stamps for the United States government in July 1894. The first of the works printed by the BEP was placed on sale on July 18,1894, and by the end of the first year of stamp production, the BEP had printed and delivered more than 2.1 billion stamps. The United States Postal Service switched purely to private postage stamp printers in 2005, starting in 2011 the United States Postal Service in housed all postage stamp printing services. Plate capacity on power presses increased from four to eight notes per sheet in 1918 in order to greatly expanded production requirements related to World War I. Due to this reduction in size, the Bureau was able to convert from eight-note printing plates to twelve-note plates, the redesign effort came about for several reasons, chief among them a reduction in paper costs and improved counterfeit deterrence through better public recognition of currency features
Bureau of Engraving and Printing
–
Aerial view of the BEP in
Washington, D.C. circa 1918
Bureau of Engraving and Printing
–
Seal of the Bureau of Engraving and Printing
Bureau of Engraving and Printing
–
United States Souvenir Card issued by the Bureau of Engraving and Printing, for the HAPEX APS 70 exhibition and 84th Annual Convention of the American Philatelic Society in 1970
Bureau of Engraving and Printing
–
15th Street SW entrance to the BEP in Washington, D.C. The agency is celebrating its 150th anniversary.
28.
Winfield Scott Hancock
–
Winfield Scott Hancock was a career U. S. Army officer and the Democratic nominee for President of the United States in 1880. He served with distinction in the Army for four decades, including service in the Mexican-American War, known to his Army colleagues as Hancock the Superb, he was noted in particular for his personal leadership at the Battle of Gettysburg in 1863. One military historian wrote, No other Union general at Gettysburg dominated men by the force of their presence more completely than Hancock. As another wrote, his tactical skill had won him the admiration of adversaries who had come to know him as the Thunderbolt of the Army of the Potomac. His military service continued after the Civil War, as Hancock participated in the military Reconstruction of the South, Hancocks reputation as a war hero at Gettysburg, combined with his status as a Unionist and supporter of states rights, made him a potential presidential candidate. His noted integrity was a counterpoint to the corruption of the era, when the Democrats nominated him for President in 1880, he ran a strong campaign, but was narrowly defeated by Republican James A. Garfield. The twins were the sons of Benjamin Franklin Hancock and Elizabeth Hoxworth Hancock, Winfield was named after Winfield Scott, a prominent general in the War of 1812. The Hancock and Hoxworth families had lived in Montgomery County for several generations, Benjamin Hancock was a schoolteacher when his sons were born. A few years after their birth, he moved the family to Norristown, the county seat, Benjamin was also a deacon in the Baptist church and participated in municipal government. Hancock was at first educated at Norristown Academy, but removed to the schools when the first one opened in Norristown in the late 1830s. In 1840, Joseph Fornance, the local Congressman, nominated Hancock to the United States Military Academy at West Point, Hancocks progress at West Point was average. He graduated 18th in his class of 25 in 1844, Hancock was commissioned a brevet second lieutenant in the 6th U. S. Infantry regiment, and initially was stationed in Indian Territory in the Red River Valley, the region was quiet at the time, and Hancocks time there was uneventful. Upon the outbreak of war with Mexico in 1846, Hancock worked to secure himself a place at the front, initially assigned to recruiting duties in Kentucky, he proved so adept at signing up soldiers that his superiors were reluctant to release him from his post. By July 1847, however, Hancock was permitted to join his regiment in Puebla, Mexico, scotts army moved farther inland from Puebla unopposed and attacked Mexico City from the south. During that campaign in 1847, Hancock first encountered battle at Contreras and he was appointed a brevet first lieutenant for gallant and meritorious service in those actions. Hancock was wounded in the knee at Churubusco and developed a fever, although he was well enough to join his regiment at Molino del Rey, fever kept Hancock from participating in the final breakthrough to Mexico City, something he would regret for the rest of his life. After the final victory, Hancock remained in Mexico with the 6th Infantry until the treaty of peace was signed in 1848, Hancock served in a number of assignments as an army quartermaster and adjutant, mostly in Fort Snelling, Minnesota and St. Louis, Missouri
Winfield Scott Hancock
Winfield Scott Hancock
–
General Winfield Scott Hancock
Winfield Scott Hancock
–
The
execution of the
Lincoln assassination conspirators, July 7, 1865
Winfield Scott Hancock
–
Andrew Johnson thought Hancock was the ideal Reconstruction general.
29.
James B. McPherson
–
James Birdseye McPherson was a career United States Army officer who served as a general in the Union Army during the American Civil War. He was killed at the Battle of Atlanta, facing the army of his old West Point classmate John Bell Hood and he was the second highest ranking Union officer killed during the war. McPherson was born in Clyde, Ohio, McPherson was appointed to the Corps of Engineers with the rank of brevet second lieutenant. In 1857 he superintended the building of Fort Delaware, and in 1857–61 was superintending engineer of the construction of the defenses of Alcatraz Island, at San Francisco, California. In 1859, while in San Francisco, he met Emily Hoffman and they soon became engaged and a wedding was planned, but ultimately put off by the onset of the Civil War. He departed California on August 1,1861, and arrived soon after in New York and he requested a position on the staff of Maj. Gen. Henry W. Halleck, one of the senior Western commanders. He received this, and was sent to St. Louis, McPhersons career began rising after this assignment. He was a lieutenant colonel and the Chief Engineer in Brig. Gen. Ulysses S. Grants army during the capture of Forts Henry, following the Battle of Shiloh, which lasted from April 6-7, he was promoted to brigadier general. On October 8 he was promoted to general, and was soon after given command of the XVII Corps in Grants Army of the Tennessee. On March 12,1864, he was given command of the Army of the Tennessee, after its former commander and he then requested leave to go home and marry his fiance Emily Hoffman in Baltimore, Maryland. His leave was granted, but quickly revoked by Sherman. McPhersons army was the Right Wing of Shermans army, alongside the Army of the Cumberland and the Army of the Ohio. Sherman planned to have the bulk of his forces feint toward Dalton, Georgia, while McPherson would bear the brunt of Confederate General Joseph E. Johnstons attack, and attempt to trap them. However, the Confederate forces eventually escaped, and Sherman blamed McPherson, McPhersons troops followed the Confederates vigorously, and were resupplied at Kingston, Georgia. The troops drew near Pumpkinvine Creek, where they attacked and drove the Confederates from Dallas, Georgia, johnston and Sherman maneuvered against each other, until the Union tactical defeat at the Battle of Kennesaw Mountain. McPherson then tried a flanking maneuver at the Battle of Marietta, Confederate President Jefferson Davis became frustrated with Johnstons strategy of maneuver and retreat, and on July 17 replaced him with Lt. Gen. John Bell Hood. Then Hoods cavalry reported that the flank of McPhersons Army of the Tennessee. Hood visualized a glorious replay of Jacksons famous flank attack at Chancellorsville, McPherson had advanced his troops into Decatur, Georgia, and from there, they moved onto high ground on Bald Hill overlooking Atlanta
James B. McPherson
–
General James B. McPherson, photographed by
Mathew Brady
James B. McPherson
–
McPherson's house in Clyde
James B. McPherson
–
Lithograph of McPherson
James B. McPherson
–
Sculpture in
McPherson, Kansas
30.
Legal Tender Note
–
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
Legal Tender Note
–
Large-sized Series of 1880 United States Notes; the $20 note displays Alexander Hamilton and a red scalloped seal, and the $10 Daniel Webster and a large red spiked seal.
Legal Tender Note
–
Comparison of a $5 Demand Note (upper image) and an 1862 issue $5 United States Note (lower image). Note the removal of the words "On Demand" and of the phrase "Receivable in Payment of All Public Dues". Also note the Treasury Seal added to the United States Note.
Legal Tender Note
–
A political cartoon from the 1864 election depicting
Secretary Fessenden of the Lincoln administration running "Chase's Mill" at left to flood the country with Greenbacks
Legal Tender Note
–
Series of 1901 $10 Legal Tender depicting military explorers
Meriwether Lewis,
William Clark, and an
American bison.
