Interest Bearing Note
Encyclopedia
Paper Money
Paper Money is the second album by the band Montrose. It was released in 1974 and was the band's last album to feature Sammy Hagar as lead vocalist.-History:...
-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
Interest
Interest is a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets. It is most commonly the price paid for the use of borrowed money, or money earned by deposited funds....
at 5 percent, were a legal tender
Legal tender
Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries....
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 Note
Compound Interest Treasury Note
Compound Interest Treasury Notes were emissions of the United States Treasury Department authorized in 1863 and 1864 with aspects of both paper money and debt. They were issued in denominations of $10, $20, $50, $100, $500 and $1000. They matured for three years until they could be redeemed and...
s and Refunding Certificate
Refunding Certificate
The Refunding Certificate, issued only in the $10 denomination, was a type of interest-bearing banknote issued by the United States Treasury. Their issuance reflects the end of a coin-hoarding period which began during the American Civil War, and represented a return to public confidence in paper...
s in this grouping as well.