what were "greenbacks"?

Question

snuggielad · Answer

A slang term for U.S. paper dollars. Greenbacks got their name from their color, however, in the mid-1800s, "greenback" was a negative term. During this time, the Continental Congress did not have taxing authority. As a result, the greenbacks did not have a secure financial backing and banks were reluctant to give customers the full value of the dollar.

snuggielad · Answer

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anonymous · Answer

Greenbacks were paper money printed and issued by the U.S. government during the Civil War. Fighting the war was expensive and the government had not established a tax structure for financing the war. After using up reserves of gold and silver the government issued paper currency. Which would eventually be exchanged for coin. The value of the money depended on peoples' confidence in the U.S. government to convert the paper currency into coin in the future. When the Union (northern states) suffered losses against the Confederacy (southern states), the value of greenbacks declined. By 1873 greenbacks were exchanged at full value.

anonymous · Answer

Oh and
$\Huge \color{red}{\frak{Good ~job~on~ur~1st~question!!!!!}}$

anonymous · Answer

$\Huge \color{purple}{\frak{Welcome~to ~openstudy...}}$

snuggielad · Answer

$\Huge \color{purple}{\frak{*OpenStudy...}}$

snuggielad · Answer

one word two caps