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.