LEGAL TENDER ISSUES (UNITED STATES NOTES)

There are five issues of Legal Tender Notes, which are also called United States Notes.

First Issue. These notes are dated March 10, 1862 and were issued in all denominations from 5 to 1,000 Dollars. The obligation on the obverse of all these notes is “The United States promise to pay to the bearer...... Dollars.... Payable at the Treasury of the United States at New York.” There are two separate obligations on the reverse side of these notes.

First Obligation. Earlier issues have the so-called First Obligation which reads as follows, “This note is a legal tender for all debts, public and private. except duties on imports and interest on the public debt, and is exchangeable for U.S. six per cent twenty year bonds, redeemable at the pleasure of the United States after five years.”

Second Obligation. The later issues have the Second Obligation, which reads as follows, “This note is a legal tender for all debts, public and private, except duties on imports and interest on the public debt, and is receivable in payment of all loans made to the United States.”

Notes of 1862 with the Second Obligation are much rarer than those with the First Obligation. These notes are without the titles that appear on later issues which have the heading either “Treasury Note” or “United States Note.” The “Green patent date” mentioned below is usually 30 JUNE 1857 (APRIL 28, 1863 on Nos. 95a-c and 150a) and refers to the privately-held patent for the green ink which was used as an anti-counterfeiting measure.

Second Issue. These notes are dated August 1, 1862 and were issued in denominations of 1 and 2 Dollars only. The obligation on these notes, both obverse and reverse, is the same as on the notes of the Second Obligation above.

Third Issue. These notes are dated March 10, 1863 and were issued in all denominations from 5 to 1,000 Dollars. The obligations, both obverse and reverse, are the same as on the notes of the Second Obligation of the First Issue.

Fourth Issue. All notes of this issue were printed under authority of the Congressional Act of March 3, 1863. The notes issued were from 1 to 10,000 Dollars and include the series of 1869, 1874, 1878, 1880, 1907, 1917 and 1923. The notes of 1869 are titled “Treasury Notes;” all later issues are titled “United States Notes.” However, the obligation on all series is the same. “The United States will pay to bearer...... dollars.... This note is a legal tender at its face value for all debts public and private, except duties on imports and interest on the public debt.” A variety exists on notes of the 1869 series in which the paper bears a “USUSUS” watermark as on the fourth issue of Fractional Currency.

Fifth Issue. This issue consisted only of 10 Dollar notes of the series of 1901. These notes were issued under authority of the Legal Tender Acts of 1862 and 1863. The obligation on these notes is as follows, “The United States of America will pay to the bearer ten dollars ... This note is a Legal Tender for ten dollars subject to the provisions of Section 3588 R.S.... This note is a Legal Tender at its face value for all debts public and private except duties on imports and interest on the public debt.”

Seals. There are two varieties of Treasury Seals in the Series of 1862:

Type 1 (left). Solid center, without pattern.

Type 2 (right). Pattern of lines in center around shield.