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Download as PDF; Printable version ... A Demand Note is a type of United States paper money that was issued from August 1861 to April 1862 ... Treasury Notes, as a ...
They were in two forms: Demand Notes, issued in 1861–1862, [1] and United States Notes, issued in 1862–1865. [2] A form of fiat money, the notes were legal tender for most purposes and carried varying promises of eventual payment in coin but were not backed by existing gold or silver reserves. [3]
In 1861, the US began issuing Demand Notes, which were the first paper money issued by the United States whose main purpose was to circulate. And since 1914, the US has issued Federal Reserve Notes. Since 1971, Federal Reserves Notes have been the only banknotes of the United States dollar that have been issued.
The Demand Notes had been issued in denominations of $5, $10, and $20, and these were replaced by United States Notes nearly identical in appearance on the obverse. In addition, notes of entirely new design were introduced in denominations of $50, $100, $500 and $1,000. The Demand Notes' printed promise of payment "On Demand" was removed and ...
Series 1888 notes were intended for bank use to balance accounts without having to transport large volumes of gold bullion or currency. [16] They have all been redeemed. [17] 1900 $10,000 Canceled -- Not legal tender. Several hundred notes exist and examples occasionally appear for sale. See above. 1905 $20 1906 $20 1907
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