A nation of counterfeiters

Before the Civil War, the United States lacked a national currency, with thousands of banks issuing their own notes in a bewildering variety of designs.

This monetary anarchy fueled a booming counterfeiting trade, as shady bankers, engravers, and criminals exploited the system.

Stephen Mihm's engaging account traces these networks from New York's underworld to California's gold fields, showing how counterfeiters both undermined and sustained the economy until the federal government introduced greenbacks and established control over the currency.