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As a matter of historical record, counterfeiting was an important part of the US economy before the Civil War. Anybody could issue paper notes, and the more believable the issuer, the more believable the paper. In the parts of the country where specie was scarce, counterfeiters were generally welcome!

A special tax on non-US paper money was one of the first laws under Lincoln. As expected, this eliminated the competition.

By william e emba (not verified) on 15 Oct 2010 #permalink