1928 C $2 Red Seal High Grade PCGC CU 64PPQ

DESCIRPTION

NICE 1928 C $2 PCGS CU 64PPQ United State Note - RED seal - Great EMBOSSING

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HISTORICAL FACTS OF UNITED STATES NOTES

United States Notes were the first permanent kind of federal paper money, the original "greenbacks." Previously, what the Treasury had issued in wartime were bonds and interest bearing notes. These were also issued during the Civil War, but then the innovation was introduced of Legal Tender Notes that paid no interest but were intended for "all debts public and private, except duties on imports and interest on the public debt" -- the purest kind of fiat paper money. To this was wide objection on the grounds that the Constitution granted the federal government the power "to coin Money, regulate the Value thereof...," which implied that "Money" was coinage and could not simply be replaced by a paper obligation, however appropriate the latter might be for instruments of federal borrowing. As noted above, this issue was fought out in the Supreme Court, ultimately to the advantage of the federal government. However, after the Civil War, Congress had no intention of relying on paper money. That would have been unacceptable in international trade and finance in that day and age of the ascendant Gold Standard -- when Britain
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