Interest bearing note

In this article, we will explore the topic of Interest bearing note from different perspectives and approaches. Given its relevance today, it is crucial to understand the implications and ramifications that Interest bearing note has on our society. Throughout this article, we will thoroughly examine the different facets of Interest bearing note, from its origin and history to its impact on the contemporary world. Through expert interviews, data analysis, and concrete examples, we will provide the reader with a complete and detailed view of Interest bearing note, with the goal of generating a deeper and more critical understanding of this important topic.

$50 three-year interest bearing note (1865), 7.3% interest paid semi-annually (with all coupons still attached).

Interest bearing notes refers to a grouping of Civil War era paper money-related emissions of the US Treasury. The grouping includes the one- and two-year notes authorized by the Act of March 3, 1863, which bore interest at five percent per annum, were a legal tender at face value, and were issued in denominations of $10, $20, $50, $100, $500 and $1000.[1] The grouping also frequently includes the early civil war treasury notes which matured in either sixty days or two years and bore interest at six percent and the seven-thirties which matured in three years and bore interest at 7.3 percent—though both of these latter issues lacked legal tender status.[2] Reference texts used by currency collectors will also sometimes include compound interest treasury notes and Refunding Certificates in this grouping as well.

Denominational set of interest bearing notes

Images are courtesy of the National Numismatic Collection at the National Museum of American History (Smithsonian Institution).

Interest bearing notes
Value Terms Year Fr. Image Portrait/vignette[nb 1] Population
$10 One year (5%) 1864 Fr.196a Salmon P. Chase (Charles Burt);[3] Eagle of the Capitol and Peace (James Bannister);[3] 28 known[4]
$20 One year (5%) 1864 Fr.197 (?); Mortar firing (James Smillie);[5] Abraham Lincoln (Henry Gugler);[6] In God is our Trust 9 known[4]
$50 Two years (5%) 1864 Fr.203 Caduceus (Alfred Jones);[7] Justice with Shield (Charles Burt);[8] America (?) 7 known[9]
$100 Two years (5%) 1864 Fr.204 Farmer and Mechanic; ((Building)); In the Turret 2 known[10]
$50 Three years (7.3%) 1865 Fr.212d Eagle and motto 6 known (only 2 known with coupons)[11]
$100 Three years (7.3%) 1865 Fr.212e Winfield Scott Unknown[12]
$1,000 Three years (7.3%) 1865 Fr.212g
counterfeit 		Justice with Shield (Charles Burt)[8]
$1,000 One year (5%) 1863 Fr.201
proof 		Justice; Liberty
$1,000 Two years (5%) 1863 Fr.206
proof 		Guerriere and Constitution; Discovery of the Mississippi by DeSoto
$5,000 One year (5%) 1863 Fr.202
proof 		The Altar of Liberty (Louis Delnoce)
$5,000 Three years (7.3%) 1865 Fr.212h
proof 		Justice; New Ironsides (James Smillie)

Footnotes

  1. ^ Names in parentheses are artists who engraved the portraits or vignettes used on the notes.

Notes

  1. ^ Hessler, Gene and Chambliss, Carlson (2006). The Comprehensive Catalog of U.S. Paper Money, 7th edition, Port Clinton, Ohio: BNR Press ISBN 0-931960-66-5.
  2. ^ Major marketers of rare currency notes make this grouping choice in their on-line sites.
  3. ^ a b Hessler, 2004, p. 65.
  4. ^ a b Friedberg & Friedberg, 2010, p. 63.
  5. ^ Hessler, 1993, p. 286.
  6. ^ Hessler, 1993, p. 145.
  7. ^ Hessler, 1993, p. 180.
  8. ^ a b Hessler, 1993, p. 73.
  9. ^ "Heritage Auctions Archives". Heritage Auctions. Retrieved 16 June 2014.
  10. ^ "Heritage Auctions Archives". Heritage Auctions. Retrieved 16 June 2014.
  11. ^ "Heritage Auctions Archives". Heritage Auctions. Retrieved 16 June 2014.
  12. ^ Friedberg & Friedberg, 2010, p. 71.

References


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