The 1830s, 1840s, and 1850s were a time of great growth in Illinois in general and Chicago in particular. Money in any form was scarce. Hard money, gold and silver coins, was held as the basis of value, but there was very little of it.
To make up for the shortage of hard money, national, state, and local banks, and insurance companies, private companies, and individuals all issued paper bills that promised ... that they could be exchanged for hard money....