The metallic or specie dollar is known as hard money. It was extremely important during the late 1860's and early 1870's, especially during the Panic of 1873. It was in opposition with "greenbacks" or "folding money." The issuing of the "greenbacks" was overdone and the value depreciated causing inflation and the Panic of 1873. "Hard-money" advocates looked for the complete disappearance of the "folding money."