Nancy: Did you know that the US dollar didn't always look the way it does today? American banks used to print their own paper money. And because there was no standard template, the look of these notes varied widely from bank to bank. With 1,500 banks, including many JPMorgan Chase predecessors issuing their own money, the system was chaotic and in need of change. In 1862, to address this situation and also to finance the Civil War, Salmon P. Chase, the US Secretary of the Treasury and one of our firm's namesakes, helped to create the Legal Tender Act. This gave the US government the ability to establish a uniform national currency. Unlike the notes still printed by banks, the government printed their bills on both sides using green ink on the back to prevent counterfeits. These notes were nicknamed greenbacks and became the primary currency of the Union. Salmon Chase even had his image on the first series of $1 greenbacks printed in 1862. And JPMorgan Chase owns the very first bill of that series. Unfortunately, these greenbacks didn't solve the country's currency problem because they were backed only by government credit and banks continued to issue their own notes, backed by gold and silver. To improve the system and standardize the look and feel of bank notes, a uniform template was adopted and the Bureau of Engraving and Printing in Washington DC took over the job of printing all notes issued by banks. Proofreaders, generally women, were hired to examine the notes for inconsistencies. It took until the 1930s to fully replace bank notes with Federal Reserve notes, the national currency in use today.
Titanic 2 Jack Is Back Full 31
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