Greenback [WORKING]

: Unlike previous currencies, greenbacks were fiat money , meaning their value was based on government credit rather than reserves of precious metals. ⚖️ Economic and Political Impact

: The name "greenback" was coined because of the vibrant green ink on the reverse side of these notes. This specific ink, containing chromium, was chosen because it was difficult to counterfeit with the photography technology of the time. greenback

: In 1861, the Union government needed to finance the war effort but lacked sufficient gold and silver. Under the Legal Tender Act of 1862 , it began printing paper money not backed by physical commodities. : Unlike previous currencies, greenbacks were fiat money