"Greenbacks were the first fiat currency issued by the United States. .... Now we have Federal Reserve Notes backed by the full faith and credit of the U.S. government, not backed by anything but good faith, like greenbacks."
"Greenbacks were the first fiat currency issued by the United States. .... Now we have Federal Reserve Notes backed by the full faith and credit of the U.S. government, not backed by anything but good faith, like greenbacks."
Not an aspect I focus on much, but so far as I know it is in fact true. Are you aware of fiat currency being used before Lincoln? My understanding is that money was made of precious metal prior to that, though there were "Continental Dollars" issued to fund the Revolutionary war. They became worthless, and then congress eventually redeemed them at partial value.