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). US-$50-IBN-1865-Fr.212d.jpg
$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

Images are courtesy of the National Numismatic Collection at the National Museum of American History (Smithsonian Institution).

Interest bearing notes
ValueTermsYearFr.ImagePortrait/vignette [nb 1] Population
$10One year (5%)1864Fr.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]
$20One year (5%)1864Fr.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]
$50Two years (5%)1864Fr.203 US-$50-IBN-1864-Fr.203.jpg Caduceus (Alfred Jones); [7] Justice with Shield (Charles Burt); [8] America (?)7 known [9]
$100Two years (5%)1864Fr.204 US-$100-IBN-1864-Fr-204.jpg Farmer and Mechanic; ((Building)); In the Turret2 known [10]
$50Three years (7.3%)1865Fr.212d US-$50-IBN-1865-Fr.212d.jpg Eagle and motto6 known (only 2 known with coupons) [11]
$100Three years (7.3%)1865Fr.212e US-$100-IBN-1865-Fr.212e.jpg Winfield Scott Unknown [12]
$1,000Three years (7.3%)1865Fr.212g
US-$1000-IBN-1865-Fr-212g (counterfeit).jpg Justice with Shield (Charles Burt) [8]
$1,000One year (5%)1863Fr.201
US-$1000-IBN-1863-Fr-201 (Proof).jpg Justice; Liberty
$1,000Two years (5%)1863Fr.206
US-$1000-IBN-1863-Fr-206 (Proof).jpg Guerriere and Constitution; Discovery of the Mississippi by DeSoto
$5,000One year (5%)1863Fr.202
US-$5000-IBN-1863-Fr-202 (Proof).jpg The Altar of Liberty (Louis Delnoce)
$5,000Three years (7.3%)1865Fr.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. 1 2 Hessler, 2004, p. 65.
    4. 1 2 Friedberg & Friedberg, 2010, p. 63.
    5. Hessler, 1993, p. 286.
    6. Hessler, 1993, p. 145.
    7. Hessler, 1993, p. 180.
    8. 1 2 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.

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