Planet Money
3:47 pm
Tue August 27, 2013

Episode 421: The Birth Of The Dollar Bill

Before the Civil War, there were 8,000 different kinds of money in the United States.

Banks printed their own paper money. And, unlike today, a $1 bill wasn't always worth $1. Sometimes people took the bills at face value. Sometimes they accepted them at a discount (a $1 bill might only be worth 90 cents, say.) Sometimes people rejected certain bills altogether.

On today's show, we figure out how this world worked. And explain how the Civil War — and the Union's need for money — changed everything.

Note: This episode was originally posted last year. Note #2: Starting next week, podcasts will be posted on Wednesday and Friday, rather than on Tuesday and Friday.

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