Treasury bill (T-bill) -- a short-term debt obligation issued by the U. S. Treasury at a discount under competitive bidding, with a maturity of up to one year. The bills are issued payable to the bearer only, and are sold at a minimum face value of $10,000.
historic definition...
Treasury bill -- English ; practically a government promissory note, payable in 3, 6, 9 or 12 months. When the treasury is in need of money for current expenses it sells its bills (paper) at a discount the same as would a merchant in need of funds. Tenders (bids) are invited for the bills and the best offers are accepted. Most of the English floating debt is in the form of treasury bills. Treasury bills are also issued by India and some British colonies.
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