US National Bank Notes
In 1863, at the height of the Civil War, the National Currency Act was signed into law by President Lincoln. One of the results of this legislation were National Bank Notes, which were issued by more than 14,000 banks, large and small, until 1935.
The system was relatively straightforward: For every $90 worth of U.S. Bonds that a bank would buy, the government would give them $100 worth of National Bank Notes to issue, each printed with...Continue Reading