The Story of Money: 14--Refunding Certificates

Section 14: Progress and problems Next | Section Index
United States note and refunding certificate
Refunding certificates, known as legal tender notes, were used as a medium of exchange, but they were actually Treasury securities paying 4% interest per year. In 1907, when Congress ended the interest accrual, the $10 note was worth $21.30.

$5 United States note
$5 United States note
1869

$10 refunding certificate
$10 refunding certificate
1879

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