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Series Overview: Compound Interest Treasury Notes

Compound Interest Treasury notes represent colorful wing of circulating legal tender note genre. These notes bore interest at a rate of 6 percent over three years, compounded twice a year. These notes were authorized by Acts of Congress of March 3, 1863 and June 30, 1864 and were issued during the Civil War to help finance the Treasury and military operations at a time when the nation was on the verge of bankruptcy. These Compound Interest Treasury notes are were issued to help the nation at a time when money was scarce.

Compound Interest Treasury notes were issued in denominations of $10, $20, $50, $100, $500, and $1,000 and were legal tender at their face value. The interest was payable in full three years after the date of issue printed on the obverse. The reverse has a tabulation table showing interest amounts and redemption values. These notes not only are extremely rare across all denominations and issues, but they are also historic from the standpoint that they help illustrate the socioeconomic picture of the United States during one of its most trying chapters.

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