Collecting $2 Bills Dated From 1862 to the Present
Collecting $2 Bills Dated From 1862 to the Present When the Continental Congress was considering the first federally issued money, initially it authorized bills of credit in many denominations, including $2. But only a relatively small number of said $2 notes (49,000) were authorized. The problem is that that paper currency (not only $2 bills) was backed only by the word of Congress and rapidly depreciated in value. This led them to forbid paper currency as legal tender and the issuance of only silver, copper, and gold coinage after the Series 1862 Treasury Department on the verge of ban...
Source: coinweek.com