Copper Printing Plates 1864 Compound Interest Note (FRONT AND BACK!)

Description

ONE OF KIND! Own a piece of history.
Great condition 1864 Compound interest note printing plates (they print replicas) they make 13 cm x 5.5 cm prints.
What were compound interest treasury notes? They were emissions of the United States Treasury Department authorized in 1863 and 1864 with aspects of both paper money and debt. They were issued in denominations of , , , 0, 0 and 00. While they were legal tender at face value, they were redeemable after three years with six percent annual interest compounded semi-annually. In the absence of efficient investment banks the hybrid nature of these instruments allowed the government to directly distribute debt by paying the notes out to creditors as legal tender, and then relying on interest-seeking parties to eventually remove them from circulation in order to redeem them with interest at maturity. Thus, in theory, the notes did not contribute to monetary inflation as did the greenbacks. At the time of their issue, investors were accustomed to receiving interest via semi-annual coupons. The compound interest notes were an innovation in that they paid interest only at maturity but compensated for the lack of immediate coupons by paying an escalated amount of interest for each six-month period. Each note presents an ornate table on the reverse containing details of the interest calculation.
More About 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 , , , 0, 0, and ,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.