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Friday, July 2, 2010

What they are talking about are US Federal Reserve Notes


American Scofflaw
"Greenbacks" are actually the value-based notes issued by Abraham Lincoln to finance the Civil War without shackling the Americans to the private bankers.

They worked so well that Lincoln intended to keep them in circulation after the war. But following Lincoln's assassination, Congress ordered the Greenbacks out of circulation.

The term "greenback" was then co-opted to mean any US currency to obscure the difference between Lincoln's notes and the bank notes.

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