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This Day in Legal History: Lincoln Signs Legal Tender Act
On February 25, 1862, President Abraham Lincoln signed the Legal Tender Act into law, allowing the U.S. government to issue paper money not backed by gold or silver. These new notes, called "greenbacks" due to their color, became the first widely circulated fiat currency in American history. The Civil War had placed enormous financial strain on the Union, and the government needed a way to fund its war effort without relying solely on borrowing or taxation. By making greenbacks legal tender for all debts except customs duties, the law…
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