US Notes

Salmon P. Chase

Compound Interest Treasury Notes 1863–1864: The Notes That Paid You to Hold Them

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Compound Interest Treasury Notes represent one of the most ingenious financial instruments ever printed by the United States government, blending the function of paper currency with the earning power of a bond. Understanding their design, series, and survival rates is essential for any serious collector of Civil War-era federal currency.

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Salmon P. Chase and the Birth of the National Banking System: How One Treasury Secretary Reshaped American Currency Forever

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Salmon P. Chase’s wartime financial innovations between 1861 and 1864 fundamentally transformed how Americans used paper money, creating a uniform national currency that collectors still prize today. Understanding the political battles, legislative milestones, and design choices behind these notes unlocks an entirely new dimension of Civil War-era collecting.

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