When were United States Notes first issued and by whom?
The United States Notes were first issued in 1862 under the authority of Secretary of the Treasury Salmon P. Chase following the First Legal Tender Act signed on the 25th of February 1862.
Questions about United States Note
Short answers, pulled from the story.
What was the maximum circulation limit for United States Notes established in June 1874?
Congress established a maximum circulation limit of $346 million for United States Notes in June 1874 after expanding circulation to that amount during the Panic of 1873.
When did public circulation of United States Notes officially end in January 1971?
Public distribution of United States Notes officially ended on the 21st of January 1971, although Series 1966 and Series 1966A notes had been printed from 1966 to 1969.
Which Supreme Court case validated the constitutionality of United States Notes in 1884?
The Supreme Court granted the federal government broad power to issue legal tender paper through the 1884 case Juilliard v. Greenman with only one dissenting vote.
Why were United States Notes discontinued as legal tender in August 1966?
Public circulation of United States Notes in the form of $1 and $2 bills was discontinued in August 1966 because they were replaced by Federal Reserve Notes issued under the Federal Reserve Act of 1913.