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Above: Until the Civil War, the idea of a national currency was considered deeply suspect, so paper money was issued by local and state banks throughout the country -- and sometimes not accepted as legal tender by banks in other states. Since 1935, circulating currency has been issued exclusively by the U.S. government, and today's dollars are accepted across the country -- and for that matter, around the world. From the Civil War until the Depression, national banks issued notes backed by U.S. bonds. This ten dollar bill may look remarkably like today's Federal Reserve notes, but it was issued in 1929 by Chase National Bank. |