Legal Tender Act of 1862

E120573

The Legal Tender Act of 1862 was a U.S. Civil War–era law that authorized the issuance of paper money not backed by gold or silver and declared it legal tender for most debts, fundamentally reshaping the nation’s monetary system.

All labels observed (10)

How this entity was disambiguated

Statements (49)

Predicate Object
instanceOf United States federal statute ⓘ
monetary law ⓘ
appliedTo private debts ⓘ
public debts ⓘ
authorized issuance of United States Notes ⓘ
issuance of paper money not backed by gold or silver ⓘ
challengedInCase Hepburn v. Griswold ⓘ
Knox v. Lee ⓘ
Parker v. Davis ⓘ
codifiedIn 12 Stat. 345 ⓘ
constitutionalControversy raised questions about Congress’s power to make paper money legal tender ⓘ
country United States ⓘ
dateEnacted 1862-02-25 ⓘ
dateSigned 1862-02-25 ⓘ
declaredAs legal tender for most debts ⓘ
effect contribution to wartime inflation ⓘ
expansion of the federal government’s monetary powers ⓘ
fundamental reshaping of the United States monetary system ⓘ
increase in the money supply ⓘ
enactedBy United States Congress ⓘ
excludedFrom customs duties ⓘ
interest payments on federal bonds ⓘ
historicalSignificance established federal paper currency as a central feature of the U.S. financial system ⓘ
strengthened the Union’s capacity to wage total war ⓘ
influenced later U.S. monetary policy on fiat currency ⓘ
inForceDuring 1860s ⓘ
initialAuthorizedAmount 150000000 United States dollars ⓘ
jurisdiction United States federal government ⓘ
legalTenderStatus United States Notes ⓘ
linked to: United States Note
legislativeBody United States Congress ⓘ
monetaryInnovation introduction of fiat paper currency at the federal level ⓘ
nickname Greenback Act ⓘ
politicalOppositionFrom Democratic Party ⓘ
politicalSupportFrom Republican Party ⓘ
product greenbacks ⓘ
purpose to finance the Union war effort during the American Civil War ⓘ
to provide a national paper currency ⓘ
relatedTo Legal Tender Cases ⓘ
National Banking Acts ⓘ
Second Legal Tender Act ⓘ
Third Legal Tender Act ⓘ
sectionalOpposition some border and Midwestern interests ⓘ
sectionalSupport Northern states ⓘ
signedBy Abraham Lincoln ⓘ
subjectMatter currency issuance ⓘ
legal tender ⓘ
public finance ⓘ
subsequentIncrease additional issues of United States Notes by later legislation ⓘ
temporalContext American Civil War ⓘ

How these facts were elicited

Referenced by (16)

Full triples — surface form annotated when it differs from this entity's canonical label.

United States Note → authorizingLegislation → Legal Tender Act of 1862 ⓘ
National Banking Act of 1863 → relatedTo → Legal Tender Acts ⓘ
linked to: Legal Tender Act of 1862
Legal Tender Act of 1862 → nickname → Greenback Act ⓘ
linked to: Legal Tender Act of 1862
Legal Tender Act of 1862 → relatedTo → Second Legal Tender Act ⓘ
linked to: Legal Tender Act of 1862
Legal Tender Act of 1862 → relatedTo → Third Legal Tender Act ⓘ
linked to: Legal Tender Act of 1862
Chase Court → notableCase → Legal Tender Cases ⓘ
linked to: Legal Tender Act of 1862
Coinage Clause → usedInCaseLaw → Legal Tender Cases ⓘ
linked to: Legal Tender Act of 1862
Coinage Clause → relatedConcept → Legal Tender Clause ⓘ
linked to: Legal Tender Act of 1862
Hepburn v. Griswold → concerns → Legal Tender Acts ⓘ
linked to: Legal Tender Act of 1862
Knox v. Lee → holding → the Legal Tender Acts are constitutional as applied to contracts made before their passage ⓘ
linked to: Legal Tender Act of 1862
Knox v. Lee → involvesStatute → Legal Tender Act of 1862 ⓘ
Knox v. Lee → involvesStatute → Legal Tender Act of 1863 ⓘ
linked to: Legal Tender Act of 1862
Parker v. Davis → appliesLaw → Legal Tender Acts ⓘ
linked to: Legal Tender Act of 1862
Parker v. Davis → relatedToCase → Legal Tender Cases ⓘ
linked to: Legal Tender Act of 1862
37th United States Congress → passed → Legal Tender Act of 1862 ⓘ
United States one-dollar bill (1860s series, as Treasury Secretary) → relatedTo → United States Legal Tender Act ⓘ
linked to: Legal Tender Act of 1862