# greenbacks (Historical) >[!Ref] Lexicon ># greenbacks (Historical) > Officially, United States Notes, first issued by the U.S. Treasury in 1862 as legal tender [fiduciary paper money](https://www.freemarketcenter.com/lexicon/index.html#fiduciary%20media) to help finance the Civil War (1861-1865). Their [value](https://www.freemarketcenter.com/lexicon/index.html#value) in gold at one time (1864) was below 40 cents. In 1879, they became redeemable in gold. However, when the United States went off the gold standard in 1933, the greenbacks again became irredeemable. The highest amount outstanding was $450,000,000. There are still $347,000,000 outstanding, an almost insignificant part of the nation's legal tender today (1974). ## Notes Comments and critiques of the advocacy of greenbacks. See greenback MMT refutation in document references. I need to research this whole concept. # References / Links [[fiduciary media]]