America's Ever-Changing MoneyMoney After the Civil War and Before the Federal Reserve (1865-1913)

National Gold Bank Note: $5 Note (1870)

National Gold Bank Notes

Because of the California gold rush and Westerners’ preference for conducting business transactions in gold, Congress in 1870 authorized the creation of 10 National Gold Banks. These gold banks were granted the right to issue currency redeemable in gold in denominations ranging from $5 to $500.