The Joe I. Herbstman Memorial Collection of American Finance

1864 Ten Dollar Compound Interest Treasury Note

Issued August 15, 1864

This three-year Compound Interest Note was authorized by a June 30, 1864 Act of Congress, and bore a six percent interest rate from the Treasury. Interest compounded every six months until maturity.  The note was a hybrid debt instrument: it served as legal tender, but because of its compounding interest bearing feature, it was often removed from circulation until maturity.  Like Interest Bearing Treasury Notes, the Compound Interest Treasury Notes were often withdrawn until redemption.

This example is from The Joe I. Herbstman Memorial Collection of American Finance

1864 Ten Dollar Compound Interest Treasury Note

Issued August 15, 1864

This three-year Compound Interest Note was authorized by a June 30, 1864 Act of Congress, and bore a six percent interest rate from the Treasury. Interest compounded every six months until maturity.  The note was a hybrid debt instrument: it served as legal tender, but because of its compounding interest bearing feature, it was often removed from circulation until maturity.  Like Interest Bearing Treasury Notes, the Compound Interest Treasury Notes were often withdrawn until redemption.

This example is from The Joe I. Herbstman Memorial Collection of American Finance

1863 Ten Dollar Interest Bearing Treasury Note

Issued March 16, 1864

These one-year Interest Notes were authorized by a March 3, 1863 Act of Congress, and bore a five percent interest rate from the Treasury. The note was a hybrid debt instrument: it served as legal tender, but because of its interest-bearing feature, it was often removed from circulation until maturity.  This allowed the Treasury to issue debt as currency, somewhat mitigating inflation as many notes were held by investors until redemption.

This example is from The Joe I. Herbstman Memorial Collection of American Finance

1861 $1000 Twenty-year Registered Bond

Six Percent Registered Loan Specimen

?

This unissued specimen bond was authorized by the Loan Act of July 17th, and the Revenue Act of August 5th, 1861.  At the start of the war, Congress authorized issuance of bonds and the creation of demand notes.  The 1861 Act for a National Loan provided for registered and coupon bond issuance up to $250 million, and the creation of the demand notes (currency) famously nicknamed "Greenbacks."  This bond was printed by the National bank Note Company.

This example is from The Joe I. Herbstman Memorial Collection of American Finance

1863 Ten Dollar Interest Bearing Treasury Note

Issued March 16, 1864

These one-year Interest Notes were authorized by a March 3, 1863 Act of Congress, and bore a five percent interest rate from the Treasury. The note was a hybrid debt instrument: it served as legal tender, but because of its interest-bearing feature, it was often removed from circulation until maturity.  This allowed the Treasury to issue debt as currency, somewhat mitigating inflation as many notes were held by investors until redemption.

This example is from The Joe I. Herbstman Memorial Collection of American Finance

1862 $500 Twenty-year Coupon Bond

Six Percent Registered Bond

?

Issued May 1, 1862

This $500 issued coupon bond was authorized by the Congressional Act of February 25, 1862.  Known as the Legal Tender Act, this legislation allowed the federal government to pay its bills using the Greenbacks- the demand currency newly introduced a year prior.  The act also provided for further issuance of registered and coupon bonds.  This example was issued to financial firm of Fisk & Hatch.  Working with the famous investment banker Jay Cooke, Fisk & Hatch were one of the leading brokers in government bonds during the war, helping the Union secure its financing. Printed by the National Bank Note Company.

This example is from The Joe I. Herbstman Memorial Collection of American Finance

$2,000 Registered Loan of 1847

Six Percent Twenty-year Bond, Paid Semi-annually

Loan Specimen

This loan was printed for issue in the 1860's.   This loan certificate bears the hallmarks of the American Bank Note Company of New York, along with the firm of Rawdon, Hatch & Edson of

New York.

This example is from The Joe I. Herbstman Memorial Collection of American Finance

$2,000 Registered Loan of 1847

Six Percent Twenty-year Bond, Paid Semi-annually

Loan Specimen

This loan was printed for issue in the 1860's.   This loan certificate bears the hallmarks of the American Bank Note Company of New York, along with the firm of Rawdon, Hatch & Edson of

New York.

This example is from The Joe I. Herbstman Memorial Collection of American Finance

$1,000 Registered Loan of 1847

Six Percent Twenty-year Bond, Paid Semi-annually

Loan Specimen

This loan was printed for issue in the 1850's. Unlike several known proof examples (not intended ever to be issued) from this time period, this is an actual bond.  As it is unissued, it is given the numismatic distinction of being a "remainder."  It prominently features an engraving of not only the bald eagle at its top center, but representations of the States' seals as well.  Printed by Rawdon, Wright, Hatch & Edson of New York.

This example is from The Joe I. Herbstman Memorial Collection of American Finance

$1,000 Registered Loan of 1847

Six Percent Twenty-year Bond, Paid Semi-annually

Loan Specimen

This loan was printed for issue in the 1850's. Unlike several known proof examples (not intended ever to be issued) from this time period, this is an actual bond.  As it is unissued, it is given the numismatic distinction of being a "remainder."  It prominently features an engraving of not only the bald eagle at its top center, but representations of the States' seals as well.  Printed by Rawdon, Wright, Hatch & Edson of New York.

This example is from The Joe I. Herbstman Memorial Collection of American Finance