Lot 3443
1879, $10 Refunding Certificate. . Fr-214. . KL-395. RCGS graded Choice Crisp Uncirculated 64 PQ. In order to make government securities more popular and more easily within the reach of the average citizen, Congress passed the Act of February 26, 1879.
This Act made it possible for the Treasury to issue to the public the refunding Certificates of 10 Dollar denomination. These certificates bore interest at the rate of four per cent per year and at the time of issue, it was meant for the interest to accrue indefinitely, as no time limit was set. This was the inducement for the public to keep on holding these notes.
However, in 1907, an Act of Congress stopped the interest on these notes as of July 1 of that year. By that time, the interest alone amounted to $11.30 and therefore the redemption value of these notes today is $21.30, more than double the original face value. Many were subsequently redeemed, hence the scarcity of this Type today.
Estimated Value $12,500 - 15,000.
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