1862 $1 Salmon Chase Legal Tender - BCW Currency Portfolio
リアクション
2026年09月03日
In 1862, the U.S. Treasury issued the first of its legal tender notes into circulation. Several denominations were printed, including the $1 edition featuring Salmon Chase. Unlike Federal Reserve notes, legal tender notes were issued interest-free by the U.S. government. Otherwise, they could (and still can) be used as legal tender just like a standard Federal Reserve note. Civil War historians are especially fond of these notes given that they were originally printed to help alleviate the Union’s wartime debts.
At the beginning of the civil war 1861-1865, under the overwhelming impact of the costs incurred during the civil war, the federal government gradually ran out of reserves. On February 25, 1862, the U.S. Congress passed the Legal Tender Act authorized the federal government to issue up to 150 million in paper money to pay bills incurred by the war. These bills were considered as United States Notes or Legal Tender Notes which were not redeemable in gold and silver coins but could be used to pay "all dues" to the federal government.
Legal Tender Notes were first issued from 1862 until 1971, printed from 1862-1928 in the classic large format and from 1928-1971 in the standard size. Undoubtedly, its 109-year lifespan was what made them one of the longest-lasting US paper money. The United States Notes were issued under two varieties size of paper. Before 1929, all of the notes existed in large-size paper money. And from 1929 onward until 1971 they were shrunk to a smaller size which is very similar to contemporary Federal Reserve Notes or Gold Certificates.
This is one of the first legal tender notes issued by the United States government.
Obverse: Salmon Chase, upper left; Red Treasury Seal, lower left
Salmon P. Chase, Secretary of the Treasury under Abraham Lincoln, 1861 - 1864 and Chief Justice of the US Supreme Court, 1864-1873. He is probably best known for the motto "In God We Trust" to be adopted on coinage.
In his new position, Chase was faced with the formidable challenge of financing the Civil War. In order to do so, Chase implemented the Nation’s first income tax and developed a national currency, known as the “green backs” because of the color.
How Secretary Chase came to be portrayed on the one dollar bill is described in a pamphlet of his speeches, “Going Home to Vote.” Chase stated: “I went to work and made “greenbacks” and a good many of them. I had some handsome pictures put on them; and as I like to be among the people, and was kept too close to visit them in any other way, and as the engravers thought me rather good looking, I told them they might put me on the end of the one-dollar bills.”
Reverse: Denomination alphabetically and numerically on either side. Single ring made of discs bearing the number 1 is extended around the center. Inside it, there are lines of text describing the note’s obligation as legal tender.
(Sources: United States Treasury, https://home.treasury.gov/about/history/collection/prints-and-drawings/salmon-chase-photo;
JM Bullion, https://www.jmbullion.com/1862-1-legal-note-pmg-12-fine/;
Numismatic News, https://www.numismaticnews.net/coin-market/salmon-chases-legacy-on-americas-money)
At the beginning of the civil war 1861-1865, under the overwhelming impact of the costs incurred during the civil war, the federal government gradually ran out of reserves. On February 25, 1862, the U.S. Congress passed the Legal Tender Act authorized the federal government to issue up to 150 million in paper money to pay bills incurred by the war. These bills were considered as United States Notes or Legal Tender Notes which were not redeemable in gold and silver coins but could be used to pay "all dues" to the federal government.
Legal Tender Notes were first issued from 1862 until 1971, printed from 1862-1928 in the classic large format and from 1928-1971 in the standard size. Undoubtedly, its 109-year lifespan was what made them one of the longest-lasting US paper money. The United States Notes were issued under two varieties size of paper. Before 1929, all of the notes existed in large-size paper money. And from 1929 onward until 1971 they were shrunk to a smaller size which is very similar to contemporary Federal Reserve Notes or Gold Certificates.
This is one of the first legal tender notes issued by the United States government.
Obverse: Salmon Chase, upper left; Red Treasury Seal, lower left
Salmon P. Chase, Secretary of the Treasury under Abraham Lincoln, 1861 - 1864 and Chief Justice of the US Supreme Court, 1864-1873. He is probably best known for the motto "In God We Trust" to be adopted on coinage.
In his new position, Chase was faced with the formidable challenge of financing the Civil War. In order to do so, Chase implemented the Nation’s first income tax and developed a national currency, known as the “green backs” because of the color.
How Secretary Chase came to be portrayed on the one dollar bill is described in a pamphlet of his speeches, “Going Home to Vote.” Chase stated: “I went to work and made “greenbacks” and a good many of them. I had some handsome pictures put on them; and as I like to be among the people, and was kept too close to visit them in any other way, and as the engravers thought me rather good looking, I told them they might put me on the end of the one-dollar bills.”
Reverse: Denomination alphabetically and numerically on either side. Single ring made of discs bearing the number 1 is extended around the center. Inside it, there are lines of text describing the note’s obligation as legal tender.
(Sources: United States Treasury, https://home.treasury.gov/about/history/collection/prints-and-drawings/salmon-chase-photo;
JM Bullion, https://www.jmbullion.com/1862-1-legal-note-pmg-12-fine/;
Numismatic News, https://www.numismaticnews.net/coin-market/salmon-chases-legacy-on-americas-money)
