Interest bearing note

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$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 treasury. The grouping includes the one- and two-year notes authorized by the Act of March 3, 1863, which bore interest at five percent, 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 225px 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 US-$20-IBN-1864-Fr.197.jpg (?); Mortar firing (James Smillie);[5] Abraham Lincoln (Henry Gugler)[6] 9 known[4]
$50 Two years (5%) 1864 Fr.203 225px Caduceus (Alfred Jones);[7] Justice with Shield (Charles Burt);[8] America (?) 7 known[9]
$100 Two years (5%) 1864 Fr.204 225px Farmer and Mechanic; ((Building)); In the Turret 2 known[10]
$50 Three years (7.3%) 1865 Fr.212d US-$50-IBN-1865-Fr.212d.jpg Eagle and motto 6 known (only 2 known with coupons)[11]
$100 Three years (7.3%) 1865 Fr.212e US-$100-IBN-1865-Fr.212e.jpg Winfield Scott Unknown[12]
$1,000 Three years (7.3%) 1865 Fr.212g
counterfeit		 US-$1000-IBN-1865-Fr-212g (counterfeit).jpg Justice with Shield (Charles Burt)[8]
$1,000 One year (5%) 1863 Fr.201
proof		 225px Justice; Liberty
$1,000 Two years (5%) 1863 Fr.206
proof		 225px Guerriere and Constitution; Discovery of the Mississippi by DeSoto
$5,000 One year (5%) 1863 Fr.202
proof		 225px The Altar of Liberty (Louis Delnoce)
$5,000 Three years (7.3%) 1865 Fr.212h
proof		 225px 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. ↑ 3.0 3.1 Hessler, 2004, p. 65.
  4. ↑ 4.0 4.1 Friedberg & Friedberg, 2010, p. 63.
  5. ↑ Hessler, 1993, p. 286.
  6. ↑ Hessler, 1993, p. 145.
  7. ↑ Hessler, 1993, p. 180.
  8. ↑ 8.0 8.1 Hessler, 1993, p. 73.
  9. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  10. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  11. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  12. ↑ Friedberg & Friedberg, 2010, p. 71.

References

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