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 Replies: 16 / Views: 3,859 |
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Pillar of the Community
United States
6130 Posts |
Question popped into my head, and have been struggling to find an answer. What is the oldest US banknote that is still legal tender? Legal tender here meaning not that it does or ever would circulate, but in theory it would be valid at face to pay your taxes etc. I know that all modern (1930s and later) FRN's, Silver certs, and United States notes are legal tender; pretty sure that Gold certs are legal tender with the sole exception of the $100,000 note that was never legal to own or use privately. How about the National series? Pre-1920s notes? Educational series? Earlier 19th century stuff? 18th century? I can't seem to find a definitive answer.  |
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Bedrock of the Community
United States
94367 Posts |
All notes issued by the US government since 1861 are still legal tender at face value to this day, including fractional currency. There are one or two odd situations, like the $10,000 Gold Certificates of 1890, which were intended to be cancelled (not all were) that I do not believe are redeemable today. Otherwise, everything is still in play, including national bank notes.
Edited by Coinfrog
11/29/2016 5:10 pm
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Bedrock of the Community
United States
12437 Posts |
Legal tender is one thing but I bet that it would be almost impossible to find a retail clerk who would accept an old large size "horse blanket" note as payment.
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Moderator
 United States
188317 Posts |
Interesting question. Not sure, but I also think trying to spend any of the larger bank notes would meet resistance from ignorance.
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Pillar of the Community
Canada
1747 Posts |
OP did specify not using them at retail, but to pay for taxes. I would think you would get some "Huh, what's this" look, and then a manager would have to come and then they would have to call somebody etc etc etc.
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Bedrock of the Community
United States
94367 Posts |
Not to doubt the difficulties in trying to exchange old notes, but the fact remains that they are all legal tender at face value, which I think was the original question.  Edited by Coinfrog
11/29/2016 8:29 pm
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Valued Member
Canada
458 Posts |
cool but it would be foolish to spend them as face value
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Moderator
United States
188317 Posts |
Quote:
cool but it would be foolish to spend them as face value Of course.  |
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Pillar of the Community
Germany
645 Posts |
The first Series from 1862 with the US Treasury Seal is still legal tender money.
I think the Series of 1861 without the Treasury Seal is not usable as legal tender Money.
Edited by hajduk
11/30/2016 12:57 pm
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Bedrock of the Community
United Kingdom
17929 Posts |
It's interesting that such old US bills still have legal tender status. Bank of England notes are usually withdrawn a few months after being replaced by a new design, so there is normally just one design of each note in circulation at any time. However, all previous issues of BOE notes can still be exchanged for face value at the Bank of England in Threadneedle Street, London.
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Rest in Peace
 United States
1380 Posts |
Anyone who wishes to spend any of the large "horseblanket" notes at my store is welcome to. We will accept them all at face value.
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Moderator
United States
188317 Posts |
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We will accept them all at face value. As we all should.  |
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Bedrock of the Community
United States
94367 Posts |
We should be proud of the unbroken redemption history of our currency - probably unique in modern times.
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Pillar of the Community
 United States
6130 Posts |
I am actually more surprised that the various pre-1861 banknotes are not legal tender, to be honest. That said because 99.95% of all coins made since 1793 are still legal tender in the US. I am a little fuzzy on the laws behind the first and second National Banks... were those notes ever legal tender in the US, or just redeemable to the Bank, which has not existed for nearly 200 years.
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Bedrock of the Community
United States
94367 Posts |
Essentially that's correct - there was no central backing ("insurance") to notes issued by individual banks before the Civil War. Following the National Bank Act of 1863, the design of NBNs was standardized, and individual banks were authorized to issue currency using their own name up to 90% of the par value of US bonds placed on deposit with the government. This, in effect, allowed the Treasury to guarantee the value of any such note, whether issued in Portland, Maine or Portland, Oregon. All such notes were printed by the BEP in Washington, not by the banks themselves.
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Pillar of the Community
United States
4637 Posts |
Have to agree with Mr.Frog. Obsolete bank notes got their name by being just that, OBSOLETE....not being legal tender after a certain point in time. Coins ruled the land at first, but there was only so much precious metal to go around for a growing country.
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Replies: 16 / Views: 3,859 |
Posted 11/29/2016 5:15 pm
