The President Who Was Opposed To Paper Money

Although his face has graced the $20 bill for over a century, America’s 7th president was opposed to paper money. President Andrew Jackson, who campaigned as the champion of the common man against the rich and powerful, thought that paper money wasn’t “real” money. In Jackson’s day, there was no single national currency. Paper money was printed by individual banks, and their value could fluctuate greatly. Some of it was worthless, and Jackson felt bankers were abusing the citizenry. His belief was that the only real money was gold and silver, which were the only federally sanctioned currencies.