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Interest bearing note
Grouping of Civil War era paper money-related emissions of the US Treasury

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. 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. Reference texts used by currency collectors will also sometimes include compound interest treasury notes and Refunding Certificates in this grouping as well.

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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
ValueTermsYearFr.ImagePortrait/vignette3Population
$10One year (5%)1864Fr.196aSalmon P. Chase (Charles Burt);4 Eagle of the Capitol and Peace (James Bannister);528 known6
$20One year (5%)1864Fr.197(?); Mortar firing (James Smillie);7 Abraham Lincoln (Henry Gugler);8 In God is our Trust9 known9
$50Two years (5%)1864Fr.203Caduceus (Alfred Jones);10 Justice with Shield (Charles Burt);11 America (?)7 known12
$100Two years (5%)1864Fr.204Farmer and Mechanic; ((Building)); In the Turret2 known13
$50Three years (7.3%)1865Fr.212dEagle and motto6 known (only 2 known with coupons)14
$100Three years (7.3%)1865Fr.212eWinfield ScottUnknown15
$1,000Three years (7.3%)1865Fr.212gcounterfeitJustice with Shield (Charles Burt)16
$1,000One year (5%)1863Fr.201proofJustice; Liberty
$1,000Two years (5%)1863Fr.206proofGuerriere and Constitution; Discovery of the Mississippi by DeSoto
$5,000One year (5%)1863Fr.202proofThe Altar of Liberty (Louis Delnoce)
$5,000Three years (7.3%)1865Fr.212hproofJustice; New Ironsides (James Smillie)

Footnotes

Notes

  • Money portal
  • Numismatics portal
  • United States portal
  • Friedberg, Arthur L.; Friedberg, Ira S. (2013). Paper Money of the United States: A Complete Illustrated Guide With Valuations (20th ed.). Coin & Currency Institute. ISBN 978-0-87184-520-7. Retrieved 14 February 2014.
  • Hessler, Gene (1993). The Engraver's Line – An Encyclopedia of Paper Money & Postage Stamp Art. BNR Press. ISBN 0-931960-36-3.
  • Hessler, Gene (2004). U.S. Essay, Proof and Specimen Notes (2 ed.). BNR Press. ISBN 0-931960-62-2.

References

  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. /wiki/ISBN_(identifier) ↩

  2. Major marketers of rare currency notes make this grouping choice in their on-line sites. ↩

  3. Names in parentheses are artists who engraved the portraits or vignettes used on the notes. ↩

  4. Hessler, 2004, p. 65. ↩

  5. Hessler, 2004, p. 65. ↩

  6. Friedberg & Friedberg, 2010, p. 63. ↩

  7. Hessler, 1993, p. 286. ↩

  8. Hessler, 1993, p. 145. ↩

  9. Friedberg & Friedberg, 2010, p. 63. ↩

  10. Hessler, 1993, p. 180. ↩

  11. Hessler, 1993, p. 73. ↩

  12. "Heritage Auctions Archives". Heritage Auctions. Retrieved 16 June 2014. https://currency.ha.com/itm/interest-bearing-notes/fr-203-50-1863-interest-bearing-note-very-fine-extremely-fine-the-finest-of-the-seven-known-examples-a-number-of-which-n/a/374-16691.s ↩

  13. "Heritage Auctions Archives". Heritage Auctions. Retrieved 16 June 2014. https://currency.ha.com/itm/interest-bearing-notes/fr-204-100-1863-interest-bearing-note-choice-very-fine-tonight-represents-the-first-appearance-ever-of-a-fr-204-at-publi/a/364-16755.s ↩

  14. "Heritage Auctions Archives". Heritage Auctions. Retrieved 16 June 2014. https://currency.ha.com/itm/interest-bearing-notes/fr-212d-50-1865-interest-bearing-note-cga-very-fine-30-this-fr-212d-is-from-the-higher-serial-number-range-with-the-july/a/364-16762.s ↩

  15. Friedberg & Friedberg, 2010, p. 71. ↩

  16. Hessler, 1993, p. 73. ↩