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#OTD 1862 First Legal Tender Act 1862 is passed by the US Congress, authorizing the United States note (greenback) into circulation, the first fiat paper money that was legal tender in America
HR 240, Legal Tender Act, February 25, 1862
www.visitthecapitol.gov
Civil War spending caused a shortage of coins—the only legal tender at that time. With the Legal Tender Act of 1862 Congress revolutionized the U.S. monetary system by making paper notes legal tender ...