U.S. Paper Money is another avenue that some collectors of coins like to get involved with. The United States has a storied history when it comes to paper money. Starting in the 1700s, each Colony had its own notes. However, the value of the same denominated notes was different for each colony. Furthermore, some colonial notes were issued as dollars and others were issued as British pounds.
At the beginning of the Civil War, U.S. Citizens started to hoard coins for their precious metal value. As a result, the United States started issuing fractional currency instead of coins as a means of commerce. Three cents, five cents, ten cents, twenty-five cents, and fifty cents notes were created. Special features of fractional currency are its noticeably smaller size and its lack of a serial number.
As the years went on, the United States developed several different bills. One notable bill is the Large Note. This bill was made starting in the 1860s all the way until the 1920s. These bills stand out in any collection due to its 3” x 7 ½” inch size.
The small note started in the 1920s and is still used to this day. These notes can be divided into categories of gold/silver certificates and federal reserve notes.
Silver certificates were notes that were redeemable for silver bullion. Silver certificates were originally created as a response to the economic policy of free silver. This 19th century U.S. economic policy stated that an unlimited amount of money could be created despite the amount of silver the U.S. owned. Silver certificates allowed for citizens to receive silver based on the face value of the note. In 1968, U.S. monetary policy changed again, effectively ending the U.S. dollar being backed by any precious metal.
This resulted in notes being backed by the full faith and credit of the United States. Today, Federal Reserve Notes are still used today. Just like numismatic coins, U.S. paper money has a rich history and numerous categories for collectors to get involved in. Buy U.S. paper money online with Certified Coin Consultants today and receive free nationwide shipping on all orders!