U.S. Note Knowledge: 1812 interest-bearing notes

We offer some historical information about paper money
By , Coin World
Published : 05/06/15
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When paper money was issued in America, it became the first authorized paper money to be issued by a government in the Western world.

1812 interest-bearing notes

When the War of 1812 began, the U.S. government again found itself being forced to borrow money. In 1812, Congress began issuing Treasury notes to cover short-term loans. Five series of these notes were authorized for issue during the war, between 1812 and 1815, in denominations ranging from $3 to $1,000. The notes were not legal tender, but were receivable for all public dues and payable to public creditors. All notes under $100 were payable to the bearer on demand. The $5 notes did not bear interest.

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