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THIS DAY IN STOCK MARKET HISTORY February 25th, 1862 – Pres. Abraham Lincoln signs the Legal Tender Act, allowing the U.S. government to print paper money. (Previously, money had been printed only by local banks.) The paper money would be known as the greenback, and would be used to finance the civil war. Excess printing to fund the war would raise inflation to 25% in 1863 and 1864. And although during the depths of the civil war the greenback’s value would fall 50% , as victory for the union be
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March 10th is National Paper Money Day! It is on this day in 1862 that Congress authorized the issuance of paper United States Notes, popularly referred to as “greenbacks,” declaring them as lawful currency for all payments except interest on import duties or public debt. Intended as an emergency measure, the Legal Tender Act dramatically extended federal power and changed the country’s monetary standard.We are often asked if we can print money in our print shop. For today, Jared letterpress pri
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