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Did you know that there are 12 different types of US paper money banknotes issued at different stages of the country's history? Well I didn't! I knew about Fractional Notes, Large Notes, Confederacy Notes and the Federal Reserve notes, but now I'm learning that even some of these do not fully encompass what was or were the notes that American's have had in circulation through the ages.
Here in a nutshell are the different banknotes that have been issued as currency in the United States of America.
1. The Colonial Scrip this was a pre -revolutionary paper based money, which soon depreciated rapidly, and was used to fund the war. It was no longer issued from 1775.
2. The Demand Note this is a type of paper money issued between 1861 and 1862 during the American Civil War, in denominations of $5, $10 and $20. These notes were redeemable on demand for gold coins and were the first paper money notes issued by the United States federal government to gain wide circulation.
3. The Compound Interest Treasury Notes were issued in 1863 to 1864 in denominations of $10 and $50, they were to mature in 3 years and then redeemable at 6% interest.
4. The Interest Bearing Notes were issued in !861. They were $50 notes which paid a cent of interest a day and originally not meant to be circulated.
5. The National Gold Bank Notes were first issued by the United States government in July 1870, they were redeemable by the issuing bank in gold coin. These paper money notes were the fore runners of the National Bank Notes and Gold Certificates which came a bit later.
6.The Gold Certificate is a paper note held by gold owners instead of keeping the actual gold. Thus historically the certificate served as a form of US circulating paper money between 1882 and 1933 but today it is used as a proof of investing in gold.