FR.-214 1879 Refunding Certificate PCGS 53PPQ

Description

FR.-214 1879 Refunding Certificate PCGS 53 PPQ. Only 14 known to be in higher in this grade or higher. This interesting note was issued in an attempt to give the average citizen an opportunity to own government securities. Refunding Certificates were issued with interest accruing at four percent with no definite redemption date stated, providing an inducement to hold the notes and not cash them in. In 1907, the interest was stopped and the value set at .30, causing them to be redeemed. This is a type that is extremely rare in high grade and high grade pieces are now seldom available.
FR.-214 1879 Refunding Certificate PCGS 53PPQ
FR.-214 1879 Refunding Certificate
PCGS 53PPQ.
Only
One of 14 GRADED
BY PMG AND PCGS AT THIS GRADE OR HIGHER.
A single, moderate fold holds this glorious-looking Refunding Certificate from the Gem grade.
This interesting note was issued in an attempt to give the average citizen an opportunity to own government securities.
Refunding Certificates were issued with interest accruing at four percent with no definite redemption date stated, providing an inducement to hold the notes and not cash them in. In 1907, the interest was stopped and the value set at .30, causing them to be redeemed.
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