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 between August 1861 and April 1862 during the American Civil War in denominations of 5, 10, and 20 dollars. Original legislation referred to the currency as "treasury notes". The term Demand Note was applied retrospectively because the notes were redeemable on demand for gold coin. Image File history File linksMetadata Download high resolution version (1000x549, 273 KB) Summary Top Row: Backs of $5, $10, and $20 Demand Notes printed in green ink which gave rise to the term greenback Bottom Row: Alexander Hamilton and the Statue of Freedom were central figures on $5 Demand Notes... Image File history File linksMetadata Download high resolution version (1000x549, 273 KB) Summary Top Row: Backs of $5, $10, and $20 Demand Notes printed in green ink which gave rise to the term greenback Bottom Row: Alexander Hamilton and the Statue of Freedom were central figures on $5 Demand Notes... Paper Money is the second album by the band Montrose. ... Combatants United States of America Union Confederate States of America Commanders Abraham Lincoln, Ulysses S. Grant Jefferson Davis, Robert E. Lee Strength 2,200,000 1,064,000 Casualties Killed in action: 110,000 Total dead: 360,000 Wounded: 275,200 Killed in action: 94,000 Total dead: 258,000... Obverse of the $5 bill Reverse of the $5 bill The U.S. five dollar bill ($5) is a denomination of United States currency. ... Obverse of the current $10 bill Reverse of the current $10 bill The U.S. ten dollar bill ($10) is a denomination of United States currency. ... -1... This article is about general United States currency. ... The United States Department of the Treasury is a Cabinet department and the treasury of the United States government. ...

Demand Notes were created to serve as a means of monetary exchange in place of gold and silver coins that were vanishing from circulation at the time due to hoarding of commodities. The U.S. government used the notes to pay its incurred expenses and also to pay the salaries of its workers and military personnel. Once the public learned the notes were redeemable in gold coin, the notes began to circulate as widely as gold and silver coins previously did. It has been suggested that the section United States coins from the article United States dollar be merged into this article or section. ... The word commodity has a different meaning in business than in Marxian political economy. ... This article needs to be updated. ...

Because of the distinctive green ink used on the reverse of all Demand Notes, the notes were nicknamed "greenbacks". However, other U.S. government issued notes of the time such as Interest Bearing Notes and the later Legal Tender Notes, which issued in larger quantities, also lead to this nickname as well. The obverse of the notes contained familiar elements such as a Bald Eagle, Abraham Lincoln, and Alexander Hamilton; however, the portraits used on Demand Notes are different than the ones seen on U.S. currency today. The terms obverse and reverse apply almost exclusively to currency, and most often specifically to coins; they are usually described with less precision as, respectively, the front and back sides, or with regard to a coin tossed to produce a random choice between two things, heads and tails. They can... United States Notes (also known as Legal Tender Notes because of their payment obligation stating This Note is a Legal Tender) are banknotes characterized by a red seal and serial number. ... In logic (and usually without being paired with reverse), obverse has a meaning close to contrapositive. ... Binomial name Haliaeetus leucocephalus (Linnaeus, 1766) The Bald Eagle (Haliaeetus leucocephalus) is a bird of prey originating in North America, most recognizable as the national bird of the United States. ... Abraham Lincoln (February 12, 1809 – April 15, 1865), sometimes called Abe Lincoln and nicknamed the Rail Splitter, Honest Abe and the Great Emancipator, was the 16th President of the United States (1861 to 1865), and the first president from the Republican Party. ... Alexander Hamilton (January 11, 1755 or 1757 – July 12, 1804) was an American politician, statesman, writer, lawyer, and soldier. ...

Demand Notes were the precursor to another class of U.S. paper money known as Legal Tender Notes. Not all Legal Tender Notes of the time, however, were redeemable in coin like Demand Notes, and thus Demand Notes took precedence. As a result, many more Demand Notes were redeemed and not many notes exist today.

Overview

Pre-issuance

After the outbreak of the Civil War in 1861, the Union needed funding for its war efforts and to pay its employees. Congress responding by passing 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, $50,000,000 was to be issued in non-interest bearing Demand Notes in denominations less than fifty dollars and not less than ten dollars. The notes were to be redeemable through the Assistant Treasures' 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 treasurer; 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. This act, however, never specified what the notes could be redeemed for. ^[1] Map of the division of the states during the Civil War. ... July 17 is the 198th day (199th in leap years) of the year in the Gregorian calendar, with 167 days remaining. ... 1861 is a common year starting on Tuesday. ... Motto: Philadelphia maneto (Let brotherly love continue) Nickname: City of Brotherly Love, Philly, the Quaker City Map Political Statistics Founded October 27, 1682 Incorporated October 25, 1701 County Philadelphia County Mayor John F. Street (D) Geographic Statistics Area  - Total  - Land  - Water 369 km² (143 mi²) 350 km² (135 mi²) 20... Nickname: City on a Hill, Beantown, The Hub (of the Solar System), Athens of America Official website: www. ... Nickname The Big Apple, The Capital of the World [1], Gotham Government Counties (Boroughs) Bronx (The Bronx) New York (Manhattan) Queens (Queens) Kings (Brooklyn) Richmond (Staten Island) Mayor Michael Bloomberg (R) Geographical characteristics Area  - Total  - Land  - Water 1,214. ... The United States Secretary of the Treasury is the finance minister of the Federal Government of the United States. ... December 31 is the 365th day of the year (366th in leap years) in the Gregorian Calendar. ... 1862 was a common year starting on Wednesday (see link for calendar). ...

Another reason for Demand Notes issuance was the disappearance of gold and silver coins from circulation; these government-issued coins were the only form of legal tender at the time. The panic of war drove people to hoard coins due to their precious metal content.^[2] The reserves of gold and silver of the United States began to become depleted. Issuing paper money ensured that supplies could more easily be maintained.^[3] Also, gold and silver could also be more readily available for international trade.^[2] Legal tender or forced tender is payment that cannot be refused in settlement of a debt denominated in the same currency by virtue of law. ... It has been suggested that this article or section be merged with Noble metal. ... Bank reserves are banks holdings of deposits in accounts with their central bank (for instance the European Central Bank or the Federal Reserve, in the later case called federal funds), plus currency that is physically held in banks vaults (vault cash). ... General Name, Symbol, Number gold, Au, 79 Chemical series transition metals Group, Period, Block 11, 6, d Appearance metallic yellow Atomic mass 196. ... General Name, Symbol, Number silver, Ag, 47 Chemical series transition metals Group, Period, Block 11, 5, d Appearance lustrous white metal Atomic mass 107. ...

Just before their issue, the Act of August 5, 1861 lead to several modifications to the issuing of Demand Notes. 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 depository in Cincinnati. This act also stated that Treasurer of the U.S. 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. ^[4] August 5 is the 217th day of the year in the Gregorian Calendar (218th in leap years), with 148 days remaining. ... 1861 is a common year starting on Tuesday. ... Nickname: Gateway City, Gateway to the West, or Mound City Official website: http://stlouis. ... Nickname The Queen City Location Location in Hamilton County, Ohio Government Country State County United States Ohio Hamilton Mayor Mark L. Mallory (D) Geographical characteristics Area  - Total  - Land  - Water 206. ... The Register of the Treasury was an office of the United States Treasury Department. ... The United States Treasury Seal is the official symbol of the United States Department of the Treasury. ...

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] BEP Annual Production Figures Categories: U.S. Dept. ... A £20 Ulster Bank banknote. ...

The idea of issuing paper money as a circulating medium in lieu of precious metal coins was not a new idea then. Only once, however, in 1815, had the U.S. Treasury issued non-interest bearing notes that were intended to circulate in the place of coinage. These are retrospectively referred to as "Small Treasury Notes". Some $3,392,994 were issued in denominations of $3, $5, $10, $20, and $50.^[6] This was far less of an amount than the 50 million dollars authorized for Demand Notes, however. Not only that, but Small Treasury Notes circulated almost exclusively to the Eastern United States. Banknotes issued by private and state-chartered banks, however, were rampant throughout the country at the time (with the exception of the Western United States where paper money generally was not very common and/or publicly accepted). These types of banknotes were predominately only useful in a close proximity to the issuing bank. The value of a banknote was based upon its ability to be redeemed in coin; thus, a nearby bank location was essential. Demand Notes, on the other hand, would later be redeemable at 5 U.S. government locations throughout the country, thus making them nationally usable. ^[3] This would enable Demand Notes to essentially become the first broadly-circulating non-interest bearing paper money issued by the United States federal government. ^[6] Red shows states east of the Mississippi River, pink shows states not fully eastern or western The U.S. Eastern states are the states east of the Mississippi River. ... If you have been redirected here after viewing any statistical information, note that as defined by the Census Bureau, the western United States includes 13 states: Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, New Mexico, Nevada, Oregon, Utah, Washington, and Wyoming. ...

Post-issuance

Initially, various merchants, banks and especially the rail road industry accepted the notes at a discounted rate or did not accept them all. In order to ease public distrust in the newly issued notes, a circular was sent to the 5 payment locations and instructed the Assistant Treasurers to redeem the notes in gold coin if requested. This also created willingness 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; thus, the public was more willing to accept the notes.^[5] They could be redeemed for silver coinage as well. ^[2]

Initially the notes were hand-signed by F.E. Spinner (Treasurer), and L.E. Chittenden (Register of the Treasury). However, this proved unfeasible, and Congress 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 before 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".^[7]

After December 28, 1861 a worsening economic situation forced banks to stop redeeming Demand Notes for gold coin. The notes then began to appear at Assistant Treasures' offices in great numbers for redemption. ^[2] December 28 is the 362nd day of the year (363rd in leap years) in the Gregorian Calendar, with 3 days remaining. ... 1861 is a common year starting on Tuesday. ...

The Act of February 12, 1862 allowed for an additional $10,000,000 in Demand Notes to be issued.^[8] This act brought the final possible amount of Demand Notes that could be issued to a sum of $60,000,000. Not long after, on April 1, 1862, the full $60,000,000 in Demand Notes had been issued. February 12 is the 43rd day of the year in the Gregorian Calendar. ... 1862 was a common year starting on Wednesday (see link for calendar). ... April 1 is the 91st day of the year (92nd in leap years) in the Gregorian calendar, with 274 days remaining. ... 1862 was a common year starting on Wednesday (see link for calendar). ...

Issuance of Legal Tender Notes soon followed Demand Notes. The obverse of 1862- and 1863-issue $5, $10, and $20 Legal Tender Notes were very similar in design to the respective Demand Notes; various minor changes were made along with the addition of the U.S Treasury Seal. Legal Tender Notes, unlike Demand Notes, were not redeemable in coin, despite a statement of "Will pay to the bearer on demand" or "Promises to pay the bearer" on the note. Demand Notes, still on par with gold, then traded at a premium with Legal Tender Notes and also had greater purchasing power over the newly issued depreciated notes. United States Notes (also known as Legal Tender Notes because of their payment obligation stating This Note is a Legal Tender) are banknotes characterized by a red seal and serial number. ...

Once Legal Tender Notes were in circulation, the U.S. Treasury Department started to withdraw as many Demand Notes as possible from circulation. The advantage to this practice would be not having to redeem the notes for coin. A year after their issuance, Demand Notes became a rarity in circulation. ^[5]

Production figures

Note:
†: 3,000 $10 notes were reissues of redeemed notes thus creating the $30,000 overage of the legislated $60,000,000

Design

Common features among denominations

The obverses of all denominations Demand Notes contained the following common features printed on them: In logic (and usually without being paired with reverse), obverse has a meaning close to contrapositive. ...

• 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
  • St. Louis
• "ACT OF JULY 17, 1861", the act that first authorized emergency Civil War paper money
• The phrase RECIEVABLE IN PAYMENT OF ALL PUBLIC DUES (meaning the notes were a form of monetary exchange for government payment)
• "AMERICAN BANK NOTE CO., NEWYORK", the company that printed Demand Notes
• "Washington" and the date "August 10th, 1861" printed in a cursive font (the date, however, was written uniquely per denomination)^[5]
• "Patented 30 June 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 ^[3]
• Face plate letter – A, B, C, or D (indicating which metal plate was used to print the note)
• Lines above "Register of the Treasurer" and "Treasurer of the United States" where the officials' signatures would normally be
• Lack of an United States Treasury Seal (with the exception of fractional currency, this is unlike any other U.S. federally-issued currency) ^[7]

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] The terms obverse and reverse apply almost exclusively to currency, and most often specifically to coins; they are usually described with less precision as, respectively, the front and back sides, or with regard to a coin tossed to produce a random choice between two things, heads and tails. They can... The system of Roman numerals is a numeral system originating in ancient Rome, and was adapted from Etruscan numerals. ...

Common varieties among denominations

Variations of "For the" on a $10 Demand Note

• Either signatures of L. E. Chittenden and F. E. Spinner or signatures of authorized treasury personnel
• 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 Treasurer" and "Treasurer of the United States"
• SERIES followed by a letter and period or no series indication at all ^[5]

Image File history File links For_the. ... Image File history File links For_the. ...

$5 notes

Heavily worn $5 Demand Note

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 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. Image File history File linksMetadata US_$5_Demand_Note. ... Image File history File linksMetadata US_$5_Demand_Note. ... Alexander Hamilton (January 11, 1755 or 1757 – July 12, 1804) was an American politician, statesman, writer, lawyer, and soldier. ... The Statue of Freedom is a bronze statue sculpted by Thomas Crawford, placed atop the dome of the United States Capitol in Washington, DC. Freedom is a female figure who holds a sheathed sword in her right hand and a laurel wreath of victory and the shield of the United... United States Capitol The United States Capitol is the building which serves as home for the legislative branch of the United States government. ... Aerial photo (looking NW) of the Washington Monument and the White House in Washington, DC. Washington, D.C., officially the District of Columbia (also known as D.C.; Washington; the Nations Capital; the District; and, historically, the Federal City) is the capital city and administrative district of the United... E pluribus unum is included in the Great Seal of the United States E pluribus unum was the national motto of the United States of America. ...

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 " ug. 10^th 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. Image File history File linksMetadata $5_Demand_Note_date. ... Image File history File linksMetadata $5_Demand_Note_date. ... Image File history File links Lower_case_a. ... Cursive is any style of handwriting in which all the letters in a word are connected, making a word one single (complicated) stroke. ...

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. ^[3]

$10 notes

$10 Demand Note

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. Image File history File links US_$10_Demand_Note. ... Image File history File links US_$10_Demand_Note. ... Abraham Lincoln (February 12, 1809 – April 15, 1865), sometimes called Abe Lincoln and nicknamed the Rail Splitter, Honest Abe and the Great Emancipator, was the 16th President of the United States (1861 to 1865), and the first president from the Republican Party. ... An allegory (from Greek αλλος, allos, other, and αγορευειν, agoreuein, to speak in public) is a figurative representation conveying a meaning other than and in addition to the literal. ... The word vignette has several meanings, depending on the context. ... Binomial name Haliaeetus leucocephalus (Linnaeus, 1766) The Bald Eagle (Haliaeetus leucocephalus) is a bird of prey originating in North America, most recognizable as the national bird of the United States. ...

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 10's surrounded by an ornate design. The vertical border design, along with the numeral 10's 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. Rutland County is a county located in the state of Vermont. ... Official language(s) None Capital Montpelier Largest city Burlington Area  Ranked 43rd  - Total 9,620 sq. ...

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^th 1861." in a cursive font. Unlike the $5 Demand Notes, "ON DEMND" 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 was abbreviated to PAYABLE BY THE ASST. TREASURER OF THE U.S. AT [location]. Image File history File linksMetadata $10_Demand_Note_date. ... Image File history File linksMetadata $10_Demand_Note_date. ...

The reverse of the $10 note contains many small Roman Numeral Ⅹ's, each inside of a small square; the main elements of the reverse of the note were superimposed over this. ^[3]

$20 notes

$20 Demand Note

Twenty Dollar Demand Notes, unlike the $5 and $10 notes, do not feature a portrait of a person. Instead, they feature a feminine allegorical figure representing Liberty in the center of the note. Liberty is standing next to a striped shield that features a Bald Eagle at the top of the shield. A large green numeral 2 and 0 are located respectively to the right and left of liberty. Image File history File linksMetadata US_$20_Demand_Note. ... Image File history File linksMetadata US_$20_Demand_Note. ...

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 "RECIEVABLE 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 " ugust 10^th 1861" in a cursive font. 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". Image File history File linksMetadata $20_Demand_Note_date. ... Image File history File linksMetadata $20_Demand_Note_date. ... Image File history File links Lower_case_a. ...

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]

Collecting ability

Of the surviving Demand Notes, the vast majority are of the type 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 mostly collected by attaining a single example of a denomination. Facsimile reproductions are also available.

The price and value of a Demand Note depend primarily on its rarity (what location and "for the" handwritten or engraved) and secondarily on its condition. The most common five dollar notes range usually range in price and value from $1,000 to $40,000. Ten dollar notes, of the common most common varieties, usually have a price and value range of $2,500 to $60,000. Price and value ranges of the twenty dollar notes with "for the" engraved and from New York, Boston, and Philadelphia usually vary from $17,000 up to $100,000. Demand Notes not of the most common types usually do not have a price affixed to them and sell at auction prices; the sole exception to this the $5 New York notes with "for the" handwritten that usually price and value of $5,000 to $12,000. ^[5]

Note: Most common is used as a relative term to describe the percentage of notes of the $5 and $10 denominations that remain today

See also

• American Civil War
• United States dollar
• United States Note

Combatants United States of America Union Confederate States of America Commanders Abraham Lincoln, Ulysses S. Grant Jefferson Davis, Robert E. Lee Strength 2,200,000 1,064,000 Casualties Killed in action: 110,000 Total dead: 360,000 Wounded: 275,200 Killed in action: 94,000 Total dead: 258,000... This article is about general United States currency. ... United States Notes (also known as Legal Tender Notes because of their payment obligation stating This Note is a Legal Tender) are banknotes characterized by a red seal and serial number. ...

References