BANKING AFFAIRS

Detailed explanation-1: -The Federal Reserve Notes are the sole currency in circulation today. The term greenbacks are still used today to mention Federal Reserve notes or U.S. dollars. The Greenback dollar indicating the modern-day dollar is widely accepted for all kinds of international transactions.

Detailed explanation-2: -Greenback is a slang term for U.S. dollars. The first greenbacks were printed to finance the civil war and were called as such because their backs were printed in green. Because they were not fully backed by gold, greenbacks lost value and caused inflation in the northern economy.

Detailed explanation-3: -Greenback. Greenback is a slang term for US paper dollars. The name is derived from the note’s color. Dollars were called greenbacks because the backs of the notes were printed in green. The term greenback originated in President Lincoln’s administration.

Detailed explanation-4: -Since the reverse of the notes was printed with green ink, they were called “greenbacks” by the public and considered to be equivalent to the Demand Notes, which were already known as such.

Detailed explanation-5: -U.S. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color.