Saturday, February 25, 2023

Legal Tender

This is a form of money that courts of law are required to recognise as satisfactory payment for any monetary debt. The term has no use in everyday life, and simply means that if someone offers to fully pay off a debt in legal tender, they can’t be sued for failing to pay.

The Legal Tender Act of 1862 was passed by the American Congress to authorise the printing of $150 million in Treasury notes. These notes were called ‘greenbacks’ due to only being printed on one side with green ink.


The main reason for the Act was to allow the government to finance the Civil War, and end the long-standing policy of only using gold or silver in transactions.
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