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TeachMeFinance.com - explain Red dog money historic definition... Red dog money -- Prior to the formation of the State Bank of Indiana in 1834, the state of Indiana issued circulating notes (money) in denominations of $5, $10 and $20. They were receivable for taxes and bore interest. They depreciated in value to 60 cents on the dollar and the opprobrious name of "red dog money" was applied to them. They were all finally redeemed at their full value. The term "red dog money" (or yellow dog money) came into general use in describing depreciated notes issued by other states and by banks in other states than Indiana. The term was practically synonymous with "wildcat money;" see Wildcat money. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.