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Story of Money


Section 13: The Civil War era Previous | Next | Section Index
Earning interest made these notes more acceptable
These two notes were issued in 1864, when the Treasury was hard pressed to finance the war. The compound-interest note bore interest at 6% per year for three years. The interest-bearing note paid 7.3% per year for up to three years. The accruing interest tended to offset the effect of inflation.


Compound-interest-bearing $10 Treasury note, 1864


Interest-bearing $10 Treasury note, 1864

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