DescriptionFr. 190b $10 1864 Compound Interest Treasury Note PCGS Very Fine 20.
Issued during the Civil War as one means of financing the conflict. This is really a circulating Legal Tender note that paid 6% interest, credited every six months, but not paid until maturity. If held for three years, the note was redeemed for the principal and accrued interest for a total of $11.94. Each note received a bronze surcharge "COMPOUND INTEREST / TREASURY NOTE / 10. Regrettably, these surcharges often oxidize and even destroy the underlying paper. This example has experienced that problem and has also apparently been in a fire as there are two missing pieces with scorched edges on both ends. Having said all of that, these historic notes are very rare today as most have been long ago redeemed, lost, or destroyed.
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