| Description |
United States of America � Fr. 214 $10 1879 Refunding Certificate. PCGS Very Fine 30 Apparent. Essential for all Federal currency type sets is this scarce and distinctive one-year Friedberg type. The 1879 Refunding Certificates were printed in an unusual size format compared to other notes printed by the BEP. The obligation on this interest-bearing instrument was also unusual because it was continuous. At the time, they were actually a circulating bond although the average person in 1879 may not have noticed the interest clause. However, banks would retain them for the interest that accrued at four percent with no definite redemption date. This provided a strong inducement to hold the notes rather than cash them in. The payment of interest was stopped by Congress in 1907, and the final redemption value set at $21.30. This induced the banks to redeem the ones they held. There is only a noted "Repaired Edge Split at Top Center." The seal is slightly faded, but this is an excellent midrange-grade note. Ex: Eric P. Newman Numismatic Education Society.
From Newman X (Heritage Auctions, November 2018), lot 20192, realized $2280. |
