Early in the Civil War, the federal government responded to a shortage of gold and silver coins by issuing paper money called greenbacks, for the all green design on the reverse side. Many Americans mistrusted them. They couldn’t believe paper had the same value and welcomed the opportunity to trade them for coins. But, curiously, not this lady.
—From the “Latest News” in the December 31, 1864, issue of The Saturday Evening Post
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Comments
I’m not surprised Americans at that time were mistrustful of paper currency since they weren’t used to it, and had every reason to feel that way. This was before the U.S. was put on the gold standard for most years that followed until 1971. Look what’s happened to our money for the past 53 years since we were taken off of it.
I’m currently looking to buy silver to have as an appreciating asset in light of all the inflation and devaluation. I’d prefer gold (of course), but silver’s still really good.