"In the first half of the 19th century, for example, the Midwest was so short of authentic banknotes that people knowingly accepted counterfeit ones." Sounds l

"In the first half of the 19th century, for example, the Midwest was so short of authentic banknotes that people knowingly accepted counterfeit ones." Sounds like a more traditional form of IOU to me. Which was a fairly widespread thing if I'm not mistaken?