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.^[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.	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

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

Notes

^ 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.
^ Major marketers of rare currency notes make this grouping choice in their on-line sites.
^ ^a ^b Hessler, 2004, p. 65.
^ ^a ^b Friedberg & Friedberg, 2010, p. 63.
^ Hessler, 1993, p. 286.
^ Hessler, 1993, p. 145.
^ Hessler, 1993, p. 180.
^ ^a ^b Hessler, 1993, p. 73.
^ "Heritage Auctions Archives". Heritage Auctions. Retrieved 16 June 2014.
^ "Heritage Auctions Archives". Heritage Auctions. Retrieved 16 June 2014.
^ "Heritage Auctions Archives". Heritage Auctions. Retrieved 16 June 2014.
^ Friedberg & Friedberg, 2010, p. 71.

References

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.

Obsolete United States currency and coinage

Topics

United States coinage
United States dollar
History of the United States dollar
Canceled denominations of United States currency

Coins

Half disme (1792)
Half cent (1793–1857)
Large cent (1793–1857)
Two-cent piece (1864–1873)
Three-cent nickel (1865–1889)
Three-cent silver (1851–1873)
Half dime (1792–1873)
Twenty-cent piece (1875–1878)

Gold coins	Gold dollar (1849–1889) Quarter eagle (1796–1929) Three-dollar piece (1854–1889) Half eagle (1795–1929) Eagle (1795–1933) Double eagle (1850–1933; 2009)

Currency

Discontinued denominations	Fractional currency Large denominations of currency
Discontinued currency types	Early American currency Continental currency Compound interest treasury note Demand Note Federal Reserve Bank Note Gold certificate Hawaii overprint note Interest bearing note National Bank Note National Gold Bank Note Refunding Certificate Silver certificate Treasury or Coin Note Treasury Note (19th century) United States Note United States postal notes

Brasher Doubloon (1787)

v t e Monetary policy and central banking in the United States (pre–1913)
Monetary policy of the United States
Commercial Revolution (1607–1760)	Bills of credit (c. 1690–1750) Tobacco Inspection Act (1730) Maryland Tobacco Inspection Act of 1747 Currency Acts (1751; 1764)
1st Industrial Revolution (1760–1840)	Second Continental Congress (1776–1780) U.S. dollar banknotes (1775–) Continental currency banknotes (1775–1779) Bank of Pennsylvania (1780–1781) U.S. Finance Superintendent (1781–1785) Bank of North America (1781–1791) Article I of the U.S. Constitution 1787–1788; Section VIII Section X U.S. Treasury Department 1789–1913; U.S. Treasury Secretary U.S. Treasury security (1789–present) First Bank of the United States (1791–1811) Coinage Act of 1792 United States Mint (1792–1873) U.S. dollar coins (1792–) Half dime (1792–1873) 1792 half disme Half cent (1793–1857) Large cent (1793–1857) Treasury Note (1812–1913) Banking in the Jacksonian Era Second Bank of the United States, 1816–1836 Suffolk Bank, 1818–1858 McCulloch v. Maryland, 1819 New York Safety Fund System, 1829–1842 Bank War, 1832–1836 Coinage Act of 1834
Civil War Era (1840–1870)	Free banking (1836–1865) Wildcat banking (1836–1865) Forstall System (1842–1865) Independent U.S. Treasury (1846–1913) Coinage Act of 1849 Three-cent silver (1851–1873) Coinage Act of 1853 New York Clearing House Association (1853–1863) Coinage Act of 1857 Demand Note (1861–1862) Legal Tender Act of 1862 United States Note (1862–1971) Fractional currency (1862–1876) National Bank Acts (1863; 1864) Interest bearing note (1863–1865) National banks system (1863–1913) National Bank Note (1863–c. 1930) Gold certificate (1863–1933) Compound interest treasury note (1863–1864) Coinage Act of 1864 Two-cent piece (1864–1873) Three-cent nickel (1865–1889) Contraction Act of 1866 Public Credit Act of 1869
2nd Industrial Revolution (1870–1914)	Legal Tender Cases Hepburn v. Griswold (1870) Currency Act of 1870 National Gold Bank Note (1870–1875) Knox v. Lee (1871) Coinage Act of 1873 Free silver Specie Payment Resumption Act (1875) Twenty-cent piece (1875–1878) Bland–Allison Act (1878) Silver certificate (1878–1964) Refunding Certificate (1879–1907) Juilliard v. Greenman (1884) Sherman Silver Purchase Act (1890) Treasury Note (1890–1891) Gold Standard Act (1900) Aldrich–Vreeland Act (1908) National Monetary Commission (1909–1912) Federal Reserve Act (1913)