1861: Three-year fifty dollar Interest Bearing Notes were issued that paid a cent of interest per day. These notes were not primarily designed to circulate, and were payable to the original purchaser of the dollar bill.
A few examples include Legal Tender Notes, Interest Bearing Notes, Silver Certificates, and Treasury or Coin Notes. The major difference between these issues can often be found in the "small print" which appears on the notes.
For example, our offering of the Bass Collection currency is laden with great rarities (such as Demand Notes, Interest Bearing Notes, etc.) but has only one variety among the dozens of notes in common Series of 1918 $1 Federal Reserve issues.
They also do not bear interest, unlike the appropriately titled Interest Bearing Notes of 1861 to 1865.
They immediately followed the Demand Notes of 1861, and also the Interest Bearing Notes at the time, which were an offshoot of government bonds that were allowed to circulate. They preceded the National Bank Notes and Gold Certificates of 1865.
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 See also: Currency, Issued, Circulation, Denomination, Silver
  
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