Define: Specie payment

October 12, 2014

In an old letter I found, the writer refers to the Missouri Bank suspending specie payments in October 1857.

 

Not knowing what "specie payment" means, I looked it up in the Encyclopedia Britannica online.

 

"Specie payment,  the redemption of U.S. paper money by banks or the Treasury in metallic (usually gold) coin."

 

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