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 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[edit]

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 US-$10-IBN-1864-Fr.196a.jpg 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] In God is our Trust 9 known[4]
$50 Two years (5%) 1864 Fr.203 US-$50-IBN-1864-Fr.203.jpg Caduceus (Alfred Jones);[7] Justice with Shield (Charles Burt);[8] America (?) 7 known[9]
$100 Two years (5%) 1864 Fr.204 US-$100-IBN-1864-Fr-204.jpg 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
US-$1000-IBN-1865-Fr-212g (counterfeit).jpg Justice with Shield (Charles Burt)[8]
$1,000 One year (5%) 1863 Fr.201
US-$1000-IBN-1863-Fr-201 (Proof).jpg Justice; Liberty
$1,000 Two years (5%) 1863 Fr.206
US-$1000-IBN-1863-Fr-206 (Proof).jpg Guerriere and Constitution; Discovery of the Mississippi by DeSoto
$5,000 One year (5%) 1863 Fr.202
US-$5000-IBN-1863-Fr-202 (Proof).jpg The Altar of Liberty (Louis Delnoce)
$5,000 Three years (7.3%) 1865 Fr.212h
US-$5000-IBN-1865-Fr-212h (Proof).jpg Justice; New Ironsides (James Smillie)


  1. ^ Names in parentheses are artists who engraved the portraits or vignettes used on the 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. ^ a b Hessler, 2004, p. 65.
  4. ^ a b Friedberg & Friedberg, 2010, p. 63.
  5. ^ Hessler, 1993, p. 286.
  6. ^ Hessler, 1993, p. 145.
  7. ^ Hessler, 1993, p. 180.
  8. ^ a b Hessler, 1993, p. 73.
  9. ^ "Heritage Auctions Archives". Heritage Auctions. Retrieved 16 June 2014.
  10. ^ "Heritage Auctions Archives". Heritage Auctions. Retrieved 16 June 2014.
  11. ^ "Heritage Auctions Archives". Heritage Auctions. Retrieved 16 June 2014.
  12. ^ Friedberg & Friedberg, 2010, p. 71.