Republic of Texas promissory note for $5

Date: January 27, 1840
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Title
  • Republic of Texas promissory note for $5
Date
  • 1840-01-27
Description
  • Republic of Texas promissory note for $5, A4 No. 634, fifth issue and good for twelve months after the date. A further act of the Congress of 19 January 1839 authorized the issuance of a new type of promissory note, payable to the bearer without interest. This new money was nicknamed "red backs" for the design printed in reddish orange on the reverse. While the interest-bearing notes managed to hold their value briefly, overissue of notes advanced so that by the time red backs appeared, they were already valued at only 37.5 cents to the dollar.
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Archival Location
  • 1973-001, Box 2, Folder 82
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Digital Object ARK
  • ark:/84475/do32085k058