Texas-81 1864 00 Confederate IDR - San Antonio - Very Rare!

Description

TX-81
. June 18, 1864. 00.00. San Antonio, Texas interim depository receipt.
Serial number 1108. Plen none. Rarity 11 - Very Rare, impossible to find!
Very Fine using traditional grading. Minor tape repair on back. Great color and eye appeal.
Genuine.
Beginning in 1862, new bond issues shifted from monetary financing to currency reform and refunding as a primary purpose.  The elimination of excess paper money was critically important to price stability.  These “refunding” bond programs were not compulsory until the Act of February 17, 1864, which converted treasury notes into long-term bonds or currency at a scaled down value.  Unfortunately, mandatory currency refunding was too long delayed.  Inflation continued and Confederate currency was virtually worthless by the end of the war.
Because of the continuous monetary reforms, the Treasury substituted temporary certificates and interim receipts to keep pace with the rapid schedule of bond issues.  (Treasury receipts issued for payments such as taxes, tariffs and fees, were permanent proof of payment.)  Temporary (interim) documents, instead, represented an executory transaction that was completed by the issue of new bonds or currency.
Pierre Fricke.  Immediate Past President of the Society of Paper Money Collectors;  Professional Numismatists Guild (PNG); Professional Currency Dealers Association (PCDA); ANA, EAC, etc...
BuyVintageMoney.
Author of the standard guide book to Confederate money - Collecting Confederate Money Field Edition 2014.
Free shipping and insurance.
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