The Refunding Certificate, issued only in the $10 denomination, was a type of interest-bearing banknote issued by the United States Treasury. Their issuance relects the end of a coin-hoarding period which began during the American Civil War, and represented a return to public confidence in paper money. Obverse of the current $10 bill, which entered circulation March 2, 2006 The U.S. ten dollar bill ($10) is a denomination of United States currency. ... In finance, interest has three general definitions. ... A £20 Ulster Bank banknote. ... The United States Department of the Treasury is a Cabinet department, a treasury, of the United States government established by an Act of U.S. Congress in 1789 to manage the revenue of the United States government. ... Combatants United States of America (Union) Confederate States of America (Confederacy) Commanders Abraham Lincoln, Ulysses S. Grant Jefferson Davis, Robert E. Lee Strength 2,200,000 1,064,000 Casualties Killed in action: 110,000 Total dead: 360,000 Wounded: 275,200 Killed in action: 93,000 Total dead: 258...

In 1879, when the bonds were issued, silver coins were in wide circulation and coins minted in gold were just beginning to make their appearances at banks nationwide. Notes totaling $40,012,750 were paid out, including the majority, some $39,398,110 in the fourth quarter of 1879, as long lines of people gathered at Post Office branches and Treasury offices. The Refunding Certificate originally promised to pay 4% annual interest in perpetuity. The obligation on these notes reads as follows: 1879 (MDCCCLXXIX) was a common year starting on Wednesday (see link for calendar). ... General Name, Symbol, Number silver, Ag, 47 Chemical series transition metals Group, Period, Block 11, 5, d Appearance lustrous white metal Atomic mass 107. ... General Name, Symbol, Number gold, Au, 79 Chemical series transition metals Group, Period, Block 11, 6, d Appearance metallic yellow Atomic mass 196. ... The First Provincial Bank of Taiwan in Taipei, Republic of China was formerly the central bank of Taiwan Province and issued the New Taiwan dollar. ...

"This certifies that the sum of Ten Dollars has been deposited with the Treasurer of the United States under Act of February 26th, 1879 convertible with accrued interest at 4 per cent per annum into 4 per cent bonds of the United States issued under the Acts of July 14, 1870 and January 20, 1871 upon presentation at the office of the Treasurer of the U.S. in sums of $50. Or multiples thereof."

However, in 1907, Congress passed an act that ended the interest accrual of the certificates, and fixed the value of them at $21.30, over twice their face value. Needless to say, by January 1, 1885, all but $260,000 in face value had been redeemed, and since that time most others have met the same fate. 1907 (MCMVII) was a common year starting on Tuesday (see link for calendar) of the Gregorian calendar (or a common year starting on Wednesday of the 13-day-slower Julian calendar). ... The Congress of the United States is the legislative branch of the federal government of the United States of America. ...

Only a few 1879 Refunding Certificates were imprinted with the inscription, "Payable to Order." Only two are known to be in existence today. Most were inscribed, "Payable to Bearer," and even these are rare, down to just a few dozen in numismatic collections. Numismatics (ancient Greek: νομισματική) is the scientific study of money and its history in all its varied forms. ...

References

• Standard Catalog of United States Paper Money 17th edition published by Krause Publications
• Official 2006 Blackbook Price Guide to United States Paper Money (38th edition)
• The Official RED BOOK A Guide Book of United States Paper Money
• Harry Bass Foundation