Define: Specie payment
- Mary Lou Montgomery
- Oct 12, 2014
- 1 min read
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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