The First Paper Currency in USA

The First Paper Currency in USA


The U.S. Department of the Treasury first issued paper U.S. currency in 1862 to make up for the shortage of coins and to finance the Civil War.


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The U.S. Department of the Treasury first issued paper U.S. currency in 1862 to make up for the shortage of coins and to finance the Civil War. There was a shortage of coins because people had started hoarding them; the uncertainty caused by the war had made the value of items fluctuate drastically. Because coins were made of gold and silver their value didn't change much, so people wanted to hang onto them rather than buy items that might lose their value.


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