America's Ever-Changing MoneyMoney After the Civil War and Before the Federal Reserve (1865-1913)
First authorized during the Civil War in 1863, gold certificates were most frequently used for transactions among banks. They were readily accepted because they could be redeemed for gold. This ended in 1933 under President Franklin Roosevelt. All gold certificates were required to be turned in at the Treasury or Federal Reserve, as were gold coins except those in the hands of collectors.