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5 Dollars Demand Note - 'Greenback'
| Issuer | United States Treasury |
|---|---|
| Year | 1861 |
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| Reference(s) | P#125 |
| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | FIVE AMERICAN BANK NOTE CO. NEW YORK NO. 80857 SERIES 8. 5 THE UNITED STATES PROMISE TO PAY FIVE DOLLARS TO THE BEARER ON DEMAND ACT OF JULY 17, 1861. Washington Aug. 10th 1861 Payable by the Assistant Treasurer of the United States AT NEW YORK PATENTED 30 JUNE, 1837. for the Register of the Treasury for the Treasurer of the United States E PLURIBUS UNUM RECEIVABLE IN PAYMENT OF ALL PUBLIC DUES |
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| Variants | P#125a - Payable at New York NY P#125b - Payable at Philadelphia PA P#125c - Payable at Boston MA P#125d - Payable at Cincinnati OH P#125e - Payable at St. Louis MO |
| Comments |
The Demand Notes of 1861 were the first paper currency issued directly by the United States federal government — not by a commercial bank, not by a state. Congress authorized them in July 1861 specifically to fund the Union's immediate war expenses after the Treasury found itself unable to meet payroll for troops. The nickname "greenback" originated here, with this series, before it was applied loosely to later Legal Tender issues.
Unlike the Legal Tender Notes that followed in 1862, Demand Notes were technically redeemable on demand in coin — a promise that collapsed within months as gold payments were suspended in December 1861. Notes presented after that point were paid in other Demand Notes or simply held. The series was withdrawn from circulation relatively quickly once Legal Tender Notes flooded the market, making surviving examples considerably scarcer than their successors.
Signatures were applied by Treasury clerks — sometimes six different hands signing a single day's output — which is why signature varieties exist and are catalogued separately.