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Picture of the day
Refunding Certificates
were
banknotes
issued by the
United States Treasury
in 1879 which originally promised to pay 4% annual
interest
in
perpetuity
. Depicting
Benjamin Franklin
, they were issued only in the
$10
denomination. The issuance of these certificates reflects the end of a coin-hoarding period that began during the
American Civil War
, and represented a return to public confidence in paper money.
Banknote:
United States Treasury
; image courtesy of the
National Numismatic Collection
at the
Smithsonian Institution
Archive
–
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