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Macroeconomics

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Money During the Civil War

MACRO-KR@I8Y

During the US Civil War from 1861 to 1865 both the Union and Confederate governments issued currencies that were not backed by gold or silver. Union banknotes of this type were known as "greenbacks," while confederate notes were called "greybacks." Both of these are examples of what type of money?

A

Commodity money.

B

Convertible paper money.

C

Fiat money.

D

Checkable deposit money.