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Why a Dollar is Called a âBuckâ. As with many etymologies, the exact root of this word is difficult to say with one hundred percent certainty. However, the leading theory is extremely plausible and backed up by a fair bit of documented evidence. Specifically, it is thought that a dollar is called a âbuckâ thanks to deer. One of the earliest references of this was in 1748, about 44 years before the first U.S. dollar was minted, where there is a reference to the exchange rate for a cask of whiskey traded to Native Americans being â5 bucksâ, referring to deerskins. At this time, a buck skin was a common medium of exchange.
Historical Money in the North. The Civil War created a coinage shortage, so the first official paper currency of the United States entered circulation. They were called Demand Notes and came in $5, $10, and $20 increments printed in 1861. In 1862, they started producing United States Notes, also known as Legal Tender Notes, which more closely resembled our modern paper money. Printing too much money would have caused inflation, but the North avoided this by raising taxes and income taxes in 1862 and 1864. Actually, they were Internal Revenue Acts.