Demand and Interest-Bearing Notes:
Financing the Union

In 1861, the U.S. Treasury issued its first paper currency, Demand notes, to help finance the Civil War. Printed in $5, $10, and $20 denominations, Demand notes--also known as "greenbacks"--were redeemable in coin on demand at designated Subtreasuries around the country.

Interest-bearing notes, issued from 1861 through 1865 in denominations ranging from $10 to $10,000, are the most rare of all U.S. currency issues. Like Demand notes, Interest-bearing notes provided financing for the final years of the Civil War.