Why the American Civil War forced a radical rethink of physical currency
In short: Physical money is finite, and during the American Civil War, the United States faced a severe shortage of coins. This video explores how the government managed to pay troops when gold and silver were not readily available.
The American Civil War created an immediate financial crisis for the nation. Because the supply of physical currency is strictly limited at any given moment, the government could not simply conjure gold or silver coins to meet the urgent costs of funding its military operations.
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- Summary by Intellect · source: That Time the U.S. Almost Ran Out of Money
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