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Top row: The distinctive green ink used on the backs of Demand Notes gave rise to the term "greenbacks"
Bottom row: Prominent design elements used on the front of $5 and $20 Demand Notes (located respectively under their denomination); pictured in the middle is the front of a $10 Demand Note with prominent design elements listed

A Demand Note is a type of United States paper money that was issued from August 1861 to April 1862 during the American Civil War in denominations of 5, 10, and 20 US$. Demand Notes were the first issue of paper money by the United States that achieved wide circulation, albeit only for a short time. The U.S. government placed Demand Notes into circulation by using them to pay expenses incurred during the Civil War including the salaries of its workers and military personnel.

Because of the distinctive green ink on their reverse, and because state-chartered bank and Confederate notes of the day typically had blank reverses, the Demand Notes were nicknamed "greenbacks", a name later inherited by United States Notes and Federal Reserve Notes. The obverse of the Demand Notes contained familiar elements such as the images of a bald eagle, Abraham Lincoln, and Alexander Hamilton, though the portraits used on Demand Notes are different from the ones seen on U.S. currency today.

When Demand Notes were discontinued, their successors, the United States Notes, could not be used to pay import duties, a large part of the U.S. federal tax base at the time, and thus Demand Notes took precedence. As a result, most Demand Notes were redeemed, though the few remaining Demand Notes are the oldest valid currency in the United States today.

Treasury Notes and early United States paper money

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Pre-issuance

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Federal finances had not yet recovered from the Panic of 1857 when the election of President Lincoln in 1860 made it even more difficult for the federal government to raise money in the bond market due to the increased threat of Southern secession and a possible war. At the outbreak of the Civil War the Union was depending upon hand-to-mouth borrowing to meet expenses and with the beginning of hostilities at Fort Sumter in April 1861 the burden of funding the war effort and paying employees, including soldiers in the field, offered no small challenge.

One response from Congress was the Act of July 17, 1861, which allowed for $250,000,000 to be borrowed on the credit of the United States. Of this sum, up to $50,000,000 was authorized as non-interest bearing Treasury Notes, payable upon demand, in denominations less than fifty dollars and not less than ten dollars.[6] These were called Demand Notes to distinguish them from the interest-bearing Treasury Notes in existence at the time.

The promise to pay specie "on demand" was a new obligation for Treasury Notes (though common on private banknotes) but would spare the cash-strapped treasury the intermediate step of selling an equivalent amount of debt by allowing it to use the notes as a currency to pay creditors directly. The notes were to be redeemable through the assistant treasurers' offices at Philadelphia, Boston, and New York. They were to be hand signed by the first or second comptroller of currency or the Register of the Treasury; they were also supposed to be counter-signed by any other treasury officials designated by the secretary of the treasury. These signature provisions would later be altered several times. This act also stipulated that prior to December 31, 1862, an individual Demand Note could be re-issued into circulation after it was presented for redemption.

Just before they were to be released, the Act of August 5, 1861, stipulated several changes to the issuance of Demand Notes.[7] It allowed for Demand Notes to be issued in denominations of not less than $5 and be redeemable through the assistant treasurer's office at St. Louis or the bullion depository in Cincinnati. This act also stated that the Treasurer of the United States and Register of the Treasury or any treasury official appointed by the secretary of the treasury should sign the notes. Under this act, Demand Notes did not need to carry the seal of the U.S. Treasury. This act also granted a traditional privilege of Treasury Notes to the Demand Notes in that they were to be receivable in payment of all public dues, a privilege which was to figure prominently in their eventual disposition.

Because the Bureau of Engraving and Printing did not exist at the time, the American Bank Note Company and National Bank Note Company were contracted to create Demand Notes. Both companies were prominent printers of banknotes for private and state-chartered banks throughout the country. Most likely, the American Bank Note Company engraved the printing plates for $5 and $10 notes while the National Bank Note Company engraved the printing plates for the $20 notes. All of the Demand Notes were printed by the American Bank Note Company.[5] As designed, they were of the same size, and in appearance closely resembled banknotes.[8]

Post-issuance

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Secretary of the Treasury Chase began distributing the notes to meet Union obligations in August 1861. Initially, various merchants, banks and especially the railroad industry accepted the notes only at a discounted rate or did not accept them at all. To ease public distrust in the newly issued notes Secretary Chase signed a paper agreeing to accept the notes in payment of his own salary and on September 3, 1861, Union General-in-Chief Winfield Scott issued a circular to his soldiers arguing the convenience of the notes for those wishing to send home a portion of their pay.[9] In mid-September[10] Secretary Chase issued the following circular to the assistant treasurers to remove all doubt about the monetary status of the new notes:

Under the acts of July 19th and August 5th last, Treasury Notes of the denomination of $5, $10, and $20, have been, and will continue to be issued, redeemable in coin on demand at the offices of the assistant treasurer at Boston, New York, Philadelphia, St. Louis, and at the Depository of Cincinnati. These notes are intended to furnish a current medium of payment, exchange, and remittance, being at all times convertible into coin at the option of holder, at the place where made payable, and everywhere receivable for public dues. They must be always equivalent to gold, and often and for many purposes more convenient and valuable.

A sufficient amount of coin to redeem these notes promptly on demand will be kept with the depositaries, by whom they are respectively made payable. And all depositors and collecting officers will receive them, enter them on their books, and pay them to public creditors as money. Large amounts of the notes of small denominations are rapidly being issued and distributed.[11]

These actions also created a willingness on the part of banks to redeem the notes for coin as well. This put Demand Notes on par with the value and purchasing power of gold coins and they circulated widely among the public for private transactions.[5] They could be redeemed for silver coinage as well.[12]

The law allowed for the notes to be hand-signed by F. E. Spinner (treasurer) and L. E. Chittenden (register of the Treasury). This proved unfeasible, however, and Congress also authorized the notes to be signed by procurators. Seventy women were hired at an annual salary of $1,200 to sign the notes. A distinction of "for the" was written after a signature to indicate that it was being used in place of treasury officials. Apparently, some skilled women could even imitate the signature of F. E. Spinner.[5] In late August "for the" was added to printing plates to simplify the hand-signing operation. The American Bank Note Company stopped printing notes payable at St. Louis and Cincinnati several days after revising printing plates with "for the".[13]

Suspension of specie payment

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The ability of the government to redeem the Demand Notes in specie came under pressure in December 1861. On December 10 Secretary Chase indicated that war expenditures were far exceeding projections while Federal revenues were falling short.[14] Then on the 16th, news of the British reaction to the Trent Affair reached New York and the major banks, which had been supplying gold to the government in exchange for seven-thirties Treasury Notes and bonds which they had been in turn reselling, saw the demand for their offerings of Union securities drop precipitously. By the end of the month the banks had suspended specie payment on their own banknotes. The Demand Notes then began to appear at assistant treasurers' offices in great numbers for redemption,[12] but since the government could not obtain adequate supplies of coin it was forced to follow suit and suspend redeeming the Demand Notes for gold in the first few days of 1862.[15]

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The inability of the Union government to redeem these notes for specie "on demand" caused great concern to Congress in early 1862. Some banks had pledged to make a $150 million loan to the government; the final installment was due on 4 February 1862, and these banks continued to accept Demand Notes for eventual use towards fulfilling this obligation. This supported the value of the notes during January. After February 4, Secretary Chase authorized John Cisco, Assistant U.S. Treasurer in New York City, to accept Demand Notes for short term deposits at five percent interest – thus making the Demand Notes as good as interest bearing deposits, but with the credit of the government.[9] New York banks quickly made the certificates of such deposits their clearing standard. The Demand Notes became the unit of account for dollar denominated obligations in place of gold, which had begun to disappear from circulation, having risen to a 1 to 2% premium over paper.

Debate in Congress had turned towards meeting the demand obligation by declaring the notes legal tender – thus obligating all parties to accept them as payment-in-full for contracted debt. While this debate was on-going the cash needs of the government called and the Act of February 12, 1862, authorized an additional $10,000,000 in Demand Notes.[16] This act brought the final possible amount of Demand Notes that could be issued to a sum of $60,000,000 (by April the full $60,000,000 in Demand Notes had been issued).

Eventually Congress decided to authorize $150,000,000 of Legal Tender Notes, also known as United States Notes, with the act of February 25, 1862.[17] These were to be a new issue of U.S. currency, part of which were to replace the existing Demand Notes as those were redeemed. The new law, also known as the First Legal Tender Act, granted legal tender status to the new United States Notes except for the purposes of paying duties on imports and interest on U.S. debt. The government promised to continue paying the interest on its debt in coin, and it would accept only coin or Demand Notes in payment of customs duties. The obverse of 1862– and 1863-issue $5, $10, and $20 Legal Tender Notes were very similar in design to the respective Demand Notes, the major changes being the addition of the U.S. Treasury seal and removal of the words "on demand" from the promise to pay.

Some confusion existed over the status of the Demand Notes until the act of March 17, 1862, clarified that these were to enjoy legal tender status as well.[18] Thus, Demand Notes were at least as good as Legal Tender Notes, and clearly superior because only the former could be used to pay duties on imports – a major source of revenue to the Union government. As a result, Assistant Treasurer Cisco announced that he reserved the right to redeem future 5% short term deposits of Demand Notes in the new Legal Tender Notes and speculators, foreseeing the higher value of Demand Notes, removed them from circulation as the new notes began to circulate during April.[9]

Once in circulation the Legal Tender Notes became the unit of account for prices in dollars – both gold and the hoarded Demand Notes were quoted in terms of them. In May the war began to turn against the Union and hopes for a quick end to hostilities were abandoned. As the year progressed the price of gold rose as the hoarding of commodities began in earnest. Eventually silver and even copper coins disappeared from circulation.[12] As early as the second week of May the Demand Notes were being quoted at a premium for sale to importers who used them in place of gold to pay customs duties.[9] The premium commanded by gold and Demand Notes became a political issue, and in June, Secretary Chase drew criticism by selling $2.25 worth of 7.3% interest bearing Treasury Notes, seven-thirties, for Demand Notes at a three percent premium to par, which were immediately resold by the buyers for a six percent premium in legal tender.[19] While this action allowed Secretary Chase to achieve two important goals, distributing the seven-thirties debt and retiring Demand Notes, it amounted to an official acknowledgement that the new United States Notes had depreciated compared to the Demand Notes. By mid-summer gold dollars were trading for a fifteen percent premium to legal tender while Demand Notes were available for an eight percent premium, and newspapers were reporting the price of Demand Notes under the description "United States Notes for Custom-House Purposes" or "Custom-House Notes".[20] As customs duties averaged $6 to 9 million/month the slow drain of outstanding Demand Notes was tracked in the financial columns.[21] By December it was estimated that the supply would soon be exhausted and that importers would have no option but gold for paying import duties.[22] When the supply of Demand Notes had been nearly exhausted they commanded a price at parity with or at only a slight discount to gold dollars[9] despite the fact that the latter continued to command a steep premium to United States Notes through the 1870s.

By June 30, 1863, only $3,300,000 of Demand Notes were outstanding versus almost $400,000,000 of Legal Tender Notes.[9] By June 30, 1883 just $58,985 remained on the books of the treasury.[23]

Design

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United States Demand Notes
Value Series Image Portrait
5$5 1861 Alexander Hamilton
10$10 1861 Abraham Lincoln
20$20 1861 Liberty Vignette

Common features among denominations

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The obverses of all denominations Demand Notes contained the following common features printed on them:

  • A statement that the United States would pay the bearer the denomination on demand (written uniquely per denomination)
  • A phrase stating the note was payable by the assistant treasurer (written uniquely per denomination)
  • Stated location of payment (redemption):
    • New York
    • Boston
    • Philadelphia (abbreviated as Philad. on $10 and $20 notes)
    • Cincinnati (but $10 and $20 notes were described as payable by the depositary instead of an assistant treasurer)
    • St. Louis
  • "Act of July 17, 1861", the act that first authorized emergency civil war paper money
  • The phrase "RECEIVABLE IN PAYMENT OF ALL PUBLIC DUES" (meaning the notes were a form of monetary exchange for government payment)
  • "AMERICAN BANK NOTE CO., NEW YORK", the company that printed Demand Notes
  • "Washington" and the date "August 10, 1861", printed in a cursive font (the date, however, was written uniquely per denomination)[5]
  • "Patented June 30, 1857.", referring to a patent held by the American Bank Note Company for "Canada" green ink used on the obverse of the note
  • The serial number printed only once in red ink.[24]
  • Face plate letter – A, B, C, or D (indicating the position on the metal plates used to print four notes at a time)
  • Lines above "Register of the Treasury" and "Treasurer of the United States" where the officials' signatures would normally be
  • Lack of a United States Treasury Seal (with the exception of fractional currency, this is unlike any other U.S. federally issued currency)[13]

The reverses of all Demand Notes contained "UNITED STATES OF AMERICA", a large numeral of the denomination, and an indication of the denomination (as a small numeral or Roman numeral) repeated many times in a small geometric shape; all of the reverses were printed in green ink.[5]

Common varieties among denominations

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Variations of "For the" on a $10 Demand Note
  • The various signatures of authorized treasury personnel who signed for L. E. Chittenden and F. E. Spinner
  • "For the" was used to indicate that a person was authorized to sign in place of treasury officials and is either hand written or engraved with the following varieties:
    • Handwritten as either "for the", "For the", or "For The" above the line for the signature
    • Engraved as either "For the" or "for the" next to "Register of the Treasury" and "Treasurer of the United States"
  • Either "SERIES" followed by a number and period or no series indication at all.[5] The first 100,000 notes printed for a given denomination and payment location bore no series identification; for each 100,000 subsequent notes the serial number reset to 1 and the series number advanced by 1.

$5 notes

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Five dollar Demand Notes feature a small portrait of Alexander Hamilton at the lower right of the note. On the left is the "Statue of Freedom" that sits atop the U.S. Capitol Building in Washington D.C. However, at the time of issue, the "Statue of Freedom" was a work in progress and was not completed until 1862 and was not placed atop the Capitol dome until 1863. The base of the statue reads "E PLURIBUS UNUM", but only "RIBUS UNUM" is visible on the note.

The border of the note features the word "FIVE" printed numerous times horizontally at the top, bottom, and right of the note and vertically on the left of the note. The issuing bank note company was printed in middle of the top border and the phrase "RECEIVABLE IN PAYMENT OF ALL PUBLIC DUES." was printed in the middle of the bottom border.

Date appearing on $5 Demand Notes

There are several common features that are formatted uniquely on $5 Demand Notes. The date, left of Hamilton's portrait, is formatted specifically as "aug. 10th 1861". Also, "ON DEMAND" appears after "FIVE DOLLARS" so that the full statement reads, "THE United States PROMISE TO PAY TO THE BEARER FIVE DOLLARS ON DEMAND". Unlike $10 and $20 notes, five-dollar Demand Notes have the phrase "Payable by the Assistant Treasurer AT [location]" printed, unbound and in full, in a cursive font. Also unlike the $10 and $20 Demand Notes, $5 notes redeemable at Philadelphia have the location written out in full.

The reverse of the $5 note contains a small numeral 5 inside of a small oval that is repeated numerous times; this design element surrounded the main design elements of the reverse of the note.[24]

$10 notes

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Ten dollar Demand Notes feature a portrait of Abraham Lincoln at left and an allegorical figure representing art to the right. In the top center of the note is a vignette of a bald eagle perched on olive branches with a ribbon stating E PLURIBUS UNUM. Next to the bald eagle is a heraldic stars and stripes shield. Both the portrait of Lincoln and bald eagle vignette were stock elements used on previous banknotes issued by the American Bank Note Company.

The border of the note contains the Roman numeral X around almost the entire note. Like the $5 Demand Notes, the issuing bank note company was printed in middle of the top border and the phrase "RECEIVABLE IN PAYMENT OF ALL PUBLIC DUES." was printed in the middle of the bottom border. The top corners of the note contained two small numeral 10s surrounded by an ornate design. The vertical border design, along with the numeral 10s in the corners were stock elements used on other notes made by the American Bank Note Company. In fact, this stock element along with the portrait of Lincoln were also used on a later $10 bill from the Rutland County Bank of Vermont.

Date appearing on $10 Demand Notes

The $10 Demand Note too, has uniquely formatted common features. The date at the top right of the note is formatted as "August 10, 1861." in a cursive font. Unlike the $5 Demand Notes, "ON DEMAND" appears before "UNITED STATES" so that the statement reads, "ON DEMAND, THE UNITED STATES Promises to Pay to the Bearer TEN DOLLARS"; the middle portion of the statement was printed in a cursive font. The phrase stating the location of payment on most notes was abbreviated to "PAYABLE BY THE ASST. TREASURER OF THE U.S. AT [location]", the exception being Cincinnati where "DEPOSITARY" replaced "ASST. TREASURER".

The reverse of the $10 note contains many instances of the small Roman numeral X, each inside of a small square; the main elements of the reverse of the note were superimposed over this.[24]

$20 notes

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Twenty dollar Demand Notes, unlike the $5 and $10 notes, do not feature a portrait of a person. Instead, they feature a feminine allegory attributed either as representing Liberty, or perhaps America,[25] in the center of the note. The figure has a sword in her right hand and holds a striped shield that features a bald eagle at the top of the shield in her left. A large green numeral 2 and 0 are located respectively to her right and left.

The border of the note features the word "TWENTY" repeated numerous times horizontally on the top and bottom borders and vertically on the left and right borders. Also unlike the $5 and $10 notes, "ACT OF JULY 17, 1861" is located in the middle of the top border. The very middle of the bottom border contains the issuing bank note company, while "RECEIVABLE IN PAYMENT" is to the left and "OF ALL PUBLIC DUES" is to the right of this.

Date appearing on $20 Demand Notes

The date on the note is formatted as "August 10th 1861" in a cursive font; the A in "August" has a form resembling lower case. The statement of payment is formatted the same and surrounded by the same engraved object as the $10 Demand Note and is located in the center of the note under the figure of Liberty. The demand statement is printed as "ON DEMAND THE UNITED STATES Promise To Pay Twenty Dollars To the Bearer".

The reverse of the $20 Demand Note contains a small numeral 20 inside of an oval that is surrounded by an eight-sided star; all of this is located around the shield-shaped object with the numeral 20 in it. The top and bottom borders feature geometrical design elements with "UNITED STATES" printed horizontally in every other geometric shape.[5]

Production figures and collectibility

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Demand Notes are no longer found in circulation, but are instead in the hands of collectors. Of the surviving Demand Notes, the vast majority are $5 and $10 notes with "For the" engraved on them and from the locations of New York, Boston, and Philadelphia. No notes are known with the actual signatures of F. E. Spinner and L. E. Chittenden. Because of their rarity, Demand Notes are mainly collected by acquiring a single example of the $5 and $10 denomination. Facsimile reproductions are also available.

The price and value of a Demand Note depends primarily on its rarity (which location and whether "for the" is handwritten or engraved) and secondarily on its condition. The more common five-dollar notes usually range in price from $2,000 to $25,000. Ten dollar notes of the more common varieties usually have a value range of $4,000 to $30,000. Price ranges of the twenty dollar notes with "for the" engraved and from New York, Boston, and Philadelphia usually vary from $40,000 up to $100,000. Notes of any denomination with "for the" handwritten change hands at prices between $30,000 and $60,000. Notes from Cincinnati and St. Louis only very rarely change hands. Apart from the more common types, Demand Notes are usually only available for sale at auction.

Notes printed and estimated numbers remaining[5][24][25][26]
Location Notes printed Issued face value Notes remaining with
"For the" engraved 		Notes remaining with
"For the" handwritten
$5 denomination
New York 1,500,000 $7,500,000 More common* 8 known
Philadelphia 1,400,000 $7,000,000 More common None printed
Boston 1,340,000 $6,700,000 More common Unique
Cincinnati 44,000 $220,000 5 known None known
St. Louis 76,000 $380,000 9 known None known
Total: 4,360,000 $21,800,000 About 400 notes known, estimated 500–600 notes remain
$10 denomination
New York 640,000 $6,400,000 More common 5 known
Philadelphia 580,000 $5,800,000 More common 3 known
Boston 660,000 $6,600,000 More common 2 known
Cincinnati 75,000 $750,000 6 known Unique
St. Louis 48,000 $480,000 4 known Unique
Total: 2,003,000 $20,030,000 140 notes known, estimated 160–180 remain
$20 denomination
New York 320,000 $6,400,000 7 known Unique
Philadelphia 240,000 $4,800,000 6 known None known
Boston 300,000 $6,000,000 4 known None known
Cincinnati 25,000 $500,000 Unique None known
St. Louis 25,000 $500,000 None known None known
Total: 910,000 $18,200,000 19 notes known
Grand total: 7,237,000 $60,030,000† Fewer than 1000 remain

Notes:

  • *: More common is used as a relative term to describe the percentage of notes of the $5 and $10 denominations that remain today
  • †: 3,000 $10 notes were reissues of redeemed notes thus creating the $30,000 overage of the legislated $60,000,000

See also

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References

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Revisions and contributorsEdit on WikipediaRead on Wikipedia

Demand Note

View on Grokipedia
from Grokipedia
Demand Notes were the first general-circulation paper currency issued by the federal government, authorized by through acts on July 17 and August 5, 1861, to help finance the costs of the Civil War. Issued in denominations of $5, $10, and $20 starting in August 1861, these non-interest-bearing notes promised redemption in coin "on demand" at designated offices or national banks, marking the first federal since the Continental of the Revolutionary War era. Unlike subsequent Notes, Demand Notes were not declared and circulated primarily as promises to pay rather than forced , though they facilitated government expenditures amid specie shortages. Total issuance reached approximately $67 million by early 1862, but redemption pressures mounted as and silver reserves dwindled due to hoarding and international outflows, prompting the to suspend payments in December 1861 and later replace Demand Notes with irredeemable United States Notes under the Legal Tender Act of February 25, . Featuring portraits of President on the $5 and $10 notes and Secretary of the on the $20, these notes incorporated early security features like fine-line engravings and were printed by private firms under contract. Their introduction represented a pivotal shift in U.S. , enabling deficit financing without immediate taxation or borrowing constraints, though it foreshadowed debates over money's inflationary risks and the erosion of metallic standards.

Historical Context

Early U.S. Treasury Notes and Paper Money Experiments

The issuance of paper currency by the Continental Congress during the Revolutionary War, beginning in 1775, resulted in severe hyperinflation by 1779, with the Continental dollar depreciating to fractions of its face value and contributing to economic hardship through skyrocketing prices. This episode, which popularized the phrase "not worth a continental," instilled a profound wariness among American policymakers toward unbacked fiat money, influencing subsequent fiscal policies to prioritize specie or revenue-backed instruments. The U.S. Constitution's Article I, Section 8, Clause 5 grants the power "to coin Money, regulate the Value thereof, and of foreign Coin," emphasizing metallic currency while remaining silent on federal paper emissions; Article I, Section 10 explicitly prohibits states from emitting bills of credit, reflecting framers' intent to avoid the colonial and Continental experiences with depreciating paper. Constitutional debates underscored this aversion, with figures like advocating for stable coinage over expansive to prevent and maintain public confidence in federal finances. During the , authorized five series of -bearing Treasury notes between June 30, 1812, and 1815 to finance military expenditures, totaling over $36 million in denominations from $3 to $1,000, which circulated as reserves in banks and generally held value due to their backing by government revenues and bonds. These notes, payable in specie after one to five years at rates up to 6 percent , represented a cautious experiment limited by wartime needs rather than a shift to routine paper currency. For the Mexican-American War (1846–1848), similar constraints applied: the Act of July 22, 1846, authorized $10 million in one-year Treasury notes at 6 percent interest, with actual issuance around $7.7 million, supplemented by later acts like that of January 28, 1847, for additional funding tied to specific war revenues and redeemable in coin. These issues, totaling approximately $33.8 million including reissues, avoided broad circulation as legal tender and were designed for short-term borrowing, underscoring federal preference for metallic standards over expansive paper alternatives. The Independent Treasury System, rooted in Andrew Jackson's 1832 veto of the Second Bank of the United States recharter and his 1833 removal of federal deposits to state banks, aimed to insulate government funds from private banking influences and enforce specie payments. Reenacted on August 6, 1846, under President , the system established sub-treasuries in major cities to hold revenues exclusively in gold and silver, bypassing national or state banks to promote fiscal discipline and prevent the inflationary risks associated with expansion. This hard-money framework, which persisted until 1913, exemplified antebellum conservatism by prioritizing direct specie handling over reliance on paper instruments, setting a precedent for limited Treasury note use only in acute fiscal pressures.

Civil War Onset and Fiscal Pressures

The attack on by Confederate artillery on April 12–13, 1861, marked the effective start of the , triggering an immediate surge in federal military obligations. President responded on April 15 by calling for 75,000 volunteers to suppress the rebellion and imposing a naval on Southern ports, which collectively propelled defense spending from roughly $16 million annually in fiscal year 1860 to $189 million in fiscal year 1862. By mid-1861, daily expenditures had escalated to $1.5 million, reflecting the rapid mobilization of troops, procurement of arms, and logistical support amid widespread . These demands rapidly strained traditional revenue sources, as the Treasury's and silver reserves—already limited at the war's outset—faced depletion from specie by banks and the public fearful of . Bond sales provided initial relief, but European lenders proved reluctant to extend due to doubts over Union victory prospects following early Confederate successes and the loss of Southern duties. A critical December 1861 loan of $150 million from domestic banks, payable in specie, further exhausted reserves, culminating in the suspension of coin payments on December 30 and exposing the limits of reliance on hard financing. Treasury Secretary prioritized loans and tax hikes in his early strategies to fund the war without undermining long-term fiscal stability, viewing unchecked borrowing as a pathway to and monetary disorder. Despite these reservations, the unprecedented scale of expenditures—projected to exceed $300 million annually by late —compelled to pursue expedients beyond conventional specie loans, as delays risked operational paralysis for Union forces. This urgency highlighted the causal link between battlefield imperatives and , overriding initial administrative caution in favor of immediate liquidity measures.

Authorization and Production

Legislative Acts of 1861

The Act of July 17, 1861, authorized Secretary of the Treasury to issue up to $50 million in non-interest-bearing treasury notes, payable on demand in coin at the Assistant Treasurers' offices in New York, , and . These notes were receivable by the federal government for all public dues except import duties and were explicitly not for private debts or taxes. The legislation framed the notes as a temporary borrowing mechanism under Congress's war powers to address immediate fiscal strains from military mobilization, without compelling acceptance beyond government transactions. A supplementary act on August 5, 1861, expanded the authorization by an additional $10 million, bringing the total to $60 million, and permitted denominations as low as $5 while extending redemption points to include the Assistant Treasurer at . Like the initial notes, these remained non-legal-tender instruments redeemable solely in specie, emphasizing their role as voluntary credits rather than forced . Congressional proponents assured skeptics that the issuance would be limited in scope and duration to mitigate inflation risks associated with , drawing on historical precedents of depreciated wartime . During floor debates, Republican lawmakers voiced reservations about potential inflationary effects and deviations from the constitutional preference for coin-based payments, yet supported the measures as expedient necessities confined to the crisis. No direct challenges to the acts' arose, as the notes' structure avoided mandating private acceptance, distinguishing them from subsequent legal tender proposals.

Issuance Process and Denominations

The Demand Notes were authorized for issuance under the Act of Congress approved on July 17, 1861, which empowered the Secretary of the Treasury to borrow up to $50 million by issuing non-interest-bearing Treasury notes payable on demand in coin at designated sub-treasuries. The production process involved contracting private firms, notably the American Bank Note Company in New York, to print the notes from hand-engraved steel plates on sheets containing four notes each. These sheets were then shipped to the U.S. Treasury Department in Washington, D.C., where clerks manually applied serial numbers, hand-signed each note with the autographs of the Treasurer of the United States (initially Francis E. Spinner) and the Register of the Treasury (initially Lucius E. Chittenden), and cut the sheets into individual notes before distribution. Issuance was limited to three denominations—$5, $10, and $20—to align with the act's provisions for notes valued at not less than $5 and intended primarily for disbursements in payroll and payments to suppliers. This selection of higher values reflected the Treasury's aim to supplement for substantial transactions while relying on existing for smaller exchanges, thereby minimizing risks of notes displacing specie in everyday use. The notes were distributed through the network of U.S. sub-treasuries in major cities, including New York, , , and , where they could be redeemed in or silver upon presentation. Initial circulation occurred from August 1861, with the Treasury allocating notes to cover immediate expenses, such as purchasing arms and paying troops, while also accepting them in exchange for government bonds to fund the Union effort. Subsequent authorizations on August 5, 1861, and February 12, 1862, expanded the total issuance ceiling to $150 million but retained the same denominations and production mechanics.

Design and Security Features

Common Elements Across Notes

Demand Notes bore a uniform promissory clause stating that the "United States will pay to the bearer on demand" the specified denomination in lawful coin, redeemable upon presentation at designated federal offices including the Assistant Treasurer in New York and the Treasurer in Washington. These notes employed black ink for the obverse, featuring ornate borders of intricate geometric lathe work and fine-line engravings that enhanced security against counterfeiting, alongside the U.S. Department of the Treasury seal to signify authoritative federal issuance distinct from prior state or private bank notes. The reverse side utilized green ink for denomination and decorative elements, a innovation that coined the term "greenbacks" and deterred forgery through its distinct hue absent in earlier U.S. Treasury experiments. All Demand Notes adhered to a standardized large-format size of approximately 7.3 by 3.1 inches, facilitating integration with existing accounting ledgers while relying on high-rag-content paper for circulation durability, predating synthetic substrates or advanced color-shifting inks.

Denomination-Specific Varieties

The $5 Demand Note obverse centered a portrait of , flanked by the on the left and an allegorical representation of America on the right, while the reverse incorporated a vignette depicting Christopher Columbus's landing in the . Production constraints during the Civil War limited output to approximately 793,000 notes, resulting in fewer identifiable varieties compared to higher denominations; primarily distinguished by subtle plate differences and payable locations such as the Assistant Treasurer in New York or , cataloged under Friedberg numbers 1 through 5. The $10 denomination displayed Alexander Hamilton's portrait centrally, with a vignette illustrating the signing of the Declaration of Independence, engraved by the American Bank Note Company under wartime urgency that led to plate wear manifesting as identifiable series differences in ink density and line sharpness across print runs. Varieties are noted in Friedberg 6-10, often tied to specific ranges and payable offices like or , reflecting ad hoc adaptations in plate usage amid resource shortages. The $20 note, the most abundantly issued at over 4.5 million examples, bore Abraham Lincoln's portrait encircled by eagles symbolizing national strength and commerce emblems denoting economic vitality, with the highest number of subtle variants arising from plate letter designations (e.g., A through D) and progressive wear that altered vignette details in later impressions. Friedberg 11-15 catalog these, primarily differentiated by issuance points such as New York or , underscoring the Treasury's reliance on iterative printing from limited steel plates to meet fiscal demands. These denomination-specific elements stemmed from expedited engraving by firms like the National Bank Note Company, prioritizing functional output over elaborate differentiation amid the 1861 bullion shortages and war mobilization.

Circulation and Redemption Challenges

Initial Public Acceptance and Use

Demand Notes entered circulation in August 1861, primarily disbursed by the federal government to cover military expenses, including salaries for employees and contractors. The U.S. authorized an initial issuance of $50 million under the Act of July 17, 1861, with printing commencing shortly thereafter in denominations of $5, $10, and $20. These notes functioned as promissory obligations redeemable in on demand at offices in New York, , and , which facilitated their early uptake as a practical alternative to specie amid wartime hoarding. Public and institutional acceptance was bolstered by the notes' legal tender status for customs duties and other public dues, ensuring steady inflows of specie to the and enhancing circulation velocity. Banks initially held Demand Notes as reserves, treating them equivalently to due to their redeemability, while merchants and the broader public pragmatically adopted them for transactions, circulating at in major cities. This marked the first widespread federal paper currency since the Revolutionary War, overcoming historical wariness of unbacked notes through the explicit specie guarantee, though use remained uneven outside payments. Circulation expanded rapidly, reaching over $50 million by late 1861 as additional authorizations brought total issuance to approximately $60 million, with low reported forgery incidents attributable to the notes' novel designs and limited time in use. Despite inherent toward paper promises unsupported by immediate metallic backing, empirical demand from war financing drove voluntary acceptance, positioning Demand Notes as a viable medium until redemption pressures mounted.

Suspension of Specie Payments in 1862

On December 30, 1861, the banks of , facing severely depleted specie reserves, suspended payments in and silver coins for their circulating notes, a decision prompted by widespread withdrawals amid Civil War uncertainties. This action, taken by the associated banks after their specie holdings had halved since the war's onset, reflected a broader drain driven by public hoarding and the export of coinage to finance imports of essential war materials from , where payments demanded rather than depreciating paper. Southern banks had already suspended in November 1861, exacerbating northern reserve pressures as regional imbalances intensified. The U.S. Treasury soon followed suit, effectively halting specie redemption for its Demand Notes by early January 1862, as subtreasuries could no longer meet demands for coin at . These notes, issued since August 1861 as promises payable in specie on demand, lost immediate convertibility not due to excessive issuance volumes—which remained modest at that stage—but from the systemic erosion of confidence triggered by wartime disruptions, including threats and disrupted trade flows that accelerated specie outflows abroad. The suspension underscored the fragility of bank and Treasury reserves under exogenous shocks like foreign payment obligations, independent of domestic note expansion. In the immediate aftermath, began trading at a slight premium of approximately 1-3% above par in New York markets by early 1862, an early indicator of public wariness toward unredeemable paper and the onset of divergent values between specie and notes. This premium reflected rational anticipation of prolonged convertibility risks amid ongoing military engagements, rather than inherent flaws in the notes' design, highlighting how external drains—such as balancing foreign trade deficits for armaments—outpaced domestic liquidity mechanisms.

Hoarding, Premiums, and Market Disruptions

Following the suspension of specie payments by most banks on December 30, 1861, individuals and institutions rapidly and silver coins, driven by distrust in paper amid escalating war costs and fiscal uncertainty. This behavior, rooted in a preference for tangible hard as a , severely constricted circulating specie, exacerbating shortages that had already begun with Southern suspensions and export demands. By early 1862, the hoarding extended to copper-nickel fractions, prompting the U.S. government to halt minor production as newly minted pieces were immediately withdrawn from circulation. The resultant fueled premiums on specie, with trading at a modest but growing discount to Demand Notes by spring , inverting the typical parity as public confidence waned. Notes, initially redeemable on demand, depreciated amid in black markets for , where premiums incentivized and further withdrawals of from everyday transactions. By mid-, these dynamics contributed to fragmented pricing, with Demand Notes circulating at slight discounts in some exchanges while commanded premiums reflecting incentives. Regional variations amplified disruptions, with Demand Notes enjoying relatively stronger acceptance in loyal Northern states due to federal control and customs duties payable in them at par, contrasted by reluctance in border areas like and , where proximity to Confederate influences heightened skepticism. from trade records shows commerce slowed, as merchants demanded specie premiums or rejected paper, leading to stalled transactions and localized market frictions independent of battlefield effects.

Transition to Fiat Currency

The Legal Tender Act, enacted by on February 25, 1862, authorized the Department to issue up to $150 million in Notes, designated as for the payment of all public and private debts except duties on imports and interest on government bonds. These notes, printed with green ink on their reverse sides, were issued in denominations of $5, $10, $20, $50, and $100, with later series introducing $1 and $2 bills. Unlike the preceding Demand Notes, which bore promises of immediate coin redemption, these Notes lacked such assurances, effectively introducing elements into the national currency system while retaining pledges of future redeemability. The introduction of these notes facilitated a phased replacement of Demand Notes beginning in 1862, whereby holders could exchange Demand Notes for greenbacks at Treasury offices, thereby redirecting redemption demands away from depleting specie reserves. This mechanism eased immediate fiscal pressures on the government, as greenbacks circulated more broadly without the on-demand convertibility constraint, though it diluted the notes' direct tie to metallic backing. Subsequent acts in July 1862, March 1863, and June 1864 expanded authorizations, culminating in total issuances exceeding $450 million by the Civil War's conclusion in 1865—over seven times the volume of Demand Notes produced.

Factors Driving the Policy Shift

The Union's Civil War expenditures escalated rapidly after , reaching approximately $3.5 million per day by late in the conflict, far outstripping peacetime fiscal capacity and necessitating innovative financing beyond traditional specie-backed instruments. Initial reliance on loans and taxes proved inadequate, as federal revenues in fiscal year 1861 totaled around $80 million—primarily from tariffs and land sales—while defense outlays alone consumed $36 million pre-war and ballooned thereafter. Bond issuance faced mounting constraints, with domestic markets approaching saturation amid heavy borrowing demands; the Treasury's 5-20 bonds, redeemable after five years and maturing in twenty, carried a 6% to lure investors, yet sustained sales required aggressive marketing by agents like . European uptake remained subdued in due to skepticism over the Union's prospects and competition from other global investments, limiting foreign capital inflows despite later successes in markets like and . By early 1862, specie reserves had critically depleted, prompting suspension of gold payments on December 30, 1861, as obligations for troops, supplies, and armaments—cumulatively exceeding $300 million in the war's first year—dwarfed available coinage. This shortfall, coupled with tax collections lagging behind expenditures (initial wartime hikes like the August 1861 yielding minimal immediate returns), compelled a departure from specie redemption to enable direct monetary creation for procurement. The war's unprecedented scale—mobilizing over 500,000 troops by 1862 and demanding vast logistical support—overwhelmed revenue streams that historically covered only routine governance, forcing policymakers to prioritize liquidity over metallic backing despite foreseeable depreciation pressures. This causal dynamic culminated in the Legal Tender Act of February 25, 1862, authorizing $150 million in irredeemable notes to bridge the gap.

Economic Impacts and Controversies

Inflationary Pressures and Price Effects

The issuance of Demand Notes contributed to an expansion of the circulating from approximately $290 million in specie and bank at the onset of the Civil War in to over $400 million by mid-, including the $45 million in Demand Notes authorized and circulated. This increase, driven by federal borrowing and to finance mobilization, correlated with rising wholesale prices, as measured by early indices showing a roughly 25% elevation from to amid disruptions in and production. While the notes' initial promise of specie convertibility mitigated immediate distrust, their effective inconvertibility after the December suspension of payments in elevated the gold premium—reaching about 3% by year's end—and accelerated money velocity, as holders expedited circulation to against . Non-monetary factors, including new taxes on goods like alcohol and , supply bottlenecks from requisitions, and partial blockades on Southern routes, compounded these pressures without fully explaining the price surge, which empirical data attributes primarily to monetary expansion. Urban centers in the North, such as New York and , experienced sharper price increases than rural areas, with essentials like and textiles rising 20-40% in 1862 due to reliance on disrupted import chains and heightened demand from war-related population shifts. Rural regions, benefiting from localized less affected by coastal blockades, saw more moderate hikes, though transportation costs amplified disparities. Wage adjustments lagged behind, eroding real for fixed-income workers like government clerks and artisans; nominal wages rose about 10-15% in by late 1862, insufficient to offset the 25% climb, leading to documented hardships in cities where living costs outpaced rural subsistence economies. This dynamic underscored the regressive impact on non-mobile labor, as unionized trades negotiated sporadically while prices adjusted continuously to monetary signals.

Criticisms of Deviation from Specie Standard

Critics of the Demand Notes' framework argued that authorizing government-issued paper redeemable in specie deviated from constitutional mandates limiting to coining money, implying metallic currency rather than instruments prone to overissuance. In congressional debates preceding the 1862 Legal Tender Act, which built upon the Demand Notes' precedent, opponents like Senator Jacob M. Howard contended that such paper represented an unconstitutional expansion of federal power, as the Coinage Clause (Article I, Section 8) historically pertained to gold and silver, not depreciable notes that could undermine contracts denominated in specie. This view echoed antebellum hard-money advocates who warned that paper reliance eroded the discipline of balanced budgets, tempting executives and legislators toward fiscal profligacy absent the hard constraint of metallic reserves. From a perspective, the partial shift to paper via Demand Notes—initially $50 million authorized on July 17, , and expanded to $150 million—introduced premiums on specie that distorted markets, rewarding speculators who arbitraged -paper spreads while penalizing savers and wage earners holding depreciating notes. By late , as redemption pressures mounted, New York banks suspended specie payments on , leading to a premium that fluctuated from 2% in early 1862 to over 25% by year's end, enabling profiteers to exchange paper for goods at inflated rates while eroding for fixed-income groups. Critics, including figures who decried "rag money" as inherently inflationary, asserted that this mechanism incentivized government overborrowing, as easy issuance bypassed and scrutiny, fostering where politicians prioritized short-term war funding over long-term stability. Defenders, including President Lincoln, justified the deviation as a wartime exigency to finance Union armies amid specie shortages, with Demand Notes facilitating $45 million in initial circulation by facilitating disbursements. However, empirical outcomes substantiated opponents' forecasts of enduring distortions: post-war deflationary adjustments failed to restore parity until the Specie Resumption Act of January 14, 1875, took effect on January 1, 1879, after 17 years of greenback-era premiums averaging 20-50%, during which real interest rates turned negative amid inflationary spikes of 80% in consumer prices from 1861 to 1865. This prolonged divergence from the specie standard, critics maintained, validated first-principles concerns that unanchored paper currencies inevitably yield asymmetric incentives favoring debtors and governments over creditors, prolonging economic maladjustments beyond the conflict's end.

Comparative Analysis with Confederate Currency

The issued over $1.5 billion in unbacked currency during the Civil War, far exceeding the Union's restrained issuance of Demand Notes totaling approximately $67 million. This disparity in scale contributed to vastly different inflationary outcomes: Confederate prices rose more than 9,000 percent from 1861 to 1865, while Union inflation over the same period was about 80 percent. Both governments suspended specie payments in December 1861 amid wartime pressures, yet the Union's coordination of currency issuance with taxation (21 percent of funding) and bond sales (66 percent) helped anchor value, in contrast to the Confederacy's heavy reliance on printing (60 percent of funding) with minimal taxation (5 percent). Empirical evidence of Confederate over-issuance's consequences is evident in the rapid of its notes, which traded at 50 to one by early , equating to roughly 2 cents on the . The limited quantity of Demand Notes, redeemable initially in and later integrated into broader fiscal measures, avoided such collapse by aligning issuance more closely with potential, demonstrating that unchecked monetary expansion without fiscal backing erodes value through diminished public and velocity increases. This outcome underscores the causal link between printing volume and , where Southern excess—unmitigated by effective borrowing or taxes—accelerated , validating preferences for specie standards or restrained paper issuance tied to .

Numismatic Legacy

Production Quantities and Survival Rates

The Demand Notes were issued in a total of $60,030,000, comprising denominations of $5, $10, and $20, as authorized by acts of on and , 1861. These notes were produced by the American Bank Note Company and delivered to the in uncut sheets containing four notes each, which were then separated by hand. Production occurred between August 1861 and April 1862, with the majority of the authorized amount placed into circulation to address wartime liquidity needs. High attrition resulted from the notes' design as bearer instruments redeemable in coin on demand at Treasury offices in New York, Boston, and Philadelphia. Many were redeemed during the early Civil War period when specie reserves permitted, after which the paper was typically destroyed and the underlying gold or silver bullion reallocated to reserves or melted for other uses, drastically reducing circulating supply. Fewer than a few hundred examples survive today across all denominations, representing far less than 1% of original issuance and underscoring their rarity in numismatic contexts. Institutional collections, such as those of the , hold preserved specimens that aid in conservation and study of high-grade examples. Scarcity varies by subtype, as cataloged in the Friedberg numbering system (e.g., Fr. 1–15 for Demand Notes), which differentiates plate varieties—including face plate letters A through E—and minor imprint or signature differences that influence production runs and survival rates for specific issues.

Modern Collectibility and Valuation Factors

Demand Notes attract significant interest among numismatists as the inaugural federally issued of the , with collectibility enhanced by their scarcity and ties to the Civil War era. Valuation primarily hinges on professional grading by services like Paper Money Guaranty (PMG), which assesses condition on a 1-70 scale, with notes qualifying for Exceptional Paper Quality (EPQ) at 65 and above commanding substantial premiums due to superior preservation of original paper quality and eye appeal. For instance, a PMG 65 Gem Uncirculated 1861 $5 Demand Note, the finest known example, carried an auction estimate of $250,000 to $350,000 in 2018, underscoring the premium for top grades in this series. Key valuation factors include denomination and issuance location, as $20 notes— the highest —are rarer than $5 or $10 issues, while sub-treasury variants (e.g., payable at or ) exhibit lower survival rates, often fewer than a dozen examples per type. further elevates prices; notes from distinguished collections, such as Eric P. Newman's, or those with documented Civil War usage, like payroll disbursements, can realize 20-50% premiums over comparable pieces lacking such history. Authenticity verification by PMG involves microscopic examination of security features, including embedded silk fibers, period-specific chemical inks, and intaglio plate impressions, mitigating risks from historical counterfeits and ensuring market confidence. Demand stems largely from type set collectors pursuing comprehensive U.S. federal series, where Demand Notes represent the foundational issuance before Legal Tender Notes. Recent sales reflect steady appreciation: a PMG Very Fine 25 $20 note appeared in 2020 auctions with estimates exceeding $100,000, driven by institutional and private bidder interest. In numismatic circles emphasizing monetary history, these notes symbolize the initial suspension of specie redeemability, informing discussions on the transition to systems, though their appeal remains predominantly among condition-conscious specialists rather than broad markets.

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