Greenback” 5 dollar (United States Note) Issued in 1862. The first use of fiat money (called Greenbacks) in the United States was in 1862, it was used as a tool to pay for the enormous cost of the Civil War. Greenbacks were a debt of the U.S. government, redeemable in gold at a future unspecified date. They were circulated along with Gold certificates, backed by the government’s promise to pay in gold.
Wie Geld entsteht: Fiat Money / Schuldgeld - Prof. Dr. Franz Hörmann