Federal Reserve Note

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Possible Answers:

GREENBACK.

Last seen on: Newsday.com Crossword – Jun 4 2020

Random information on the term “Federal Reserve Note”:

Greenbacks were paper currency (printed in green on the back) issued by the United States during the American Civil War. They were in two forms: Demand Notes, issued in 1861–1862, and United States Notes issued in 1862–1865. They were legal tender by law, but were not backed by gold or silver, only the credibility of the U.S. government.

Before the Civil War, the only money issued by the United States was gold and silver coins, and only such coins (“specie”) were legal tender; that is, payment in that form had to be accepted.

Paper currency in the form of banknotes was issued by privately owned banks; the notes being redeemable for specie at the bank’s office. They were not legal tender. Such notes had value only if the bank could be counted on to redeem them. If a bank failed, its notes became worthless.

National governments had in the past issued paper money and made it legal tender, but usually with at least the pretense that the notes would be redeemable for specie at some time. Continental dollars issued by the Continental Congress during the American Revolution had no such backing. They soon became almost worthless largely due to massive British counterfeiting of them as an act of war.

Federal Reserve Note on Wikipedia