TeachMeFinance.com - explain Currency certificate
Currency certificate -- Sometimes called legal tender certificate
; a certificate (or receipt) for United States notes (greenbacks)
deposited in the Treasury or in any Sub-Treasury of
the United States; of the denomination of $10,000 (at one time
also $5,000) ; authorized by the act of June 8, 1872 ; authorization
repealed and issuance discontinued by the act of March
The certificate bore no interest and was not a legal tender.
The notes represented by the certificates were merely a special
deposit and the certificate, which was transferable, was redeemable
at the place where issued.
Currency certificates were chiefly used in the settlement of
clearing house balances and for holding in the reserves of
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