Fr. 214. 1879 $10 Refunding Certificate. PMG Choice Very Fine 35.

Fr. 214. 1879 $10 Refunding Certificate. PMG Choice Very Fine 35. A rarity from the end of the 1870s. Refunding Certificates are certainly unusual owing to their inclusion in the Friedberg text and various subsequent publications. These were effectively bonds that could theoretically be circulated. When introduced these were sold by local post offices and were thought to represent a sum of money that could be put aside by the average person as an investment. Whether these actually circulated as money is open to debate, but one that reflects a distinct possibility owing to the diverse range of grades reflected by most surviving specimens. Refunding Certificates eventually had their interest capped by Congress in 1907 and their value was arbitrarily set by statute at $21.30. Most were redeemed by individuals eager to cash in on their accrued interest and as a result few survived leaving examples like this one among a relatively small number of survivors. PMG comments "Minor Restoration." Estimate: $4,000 - $6,000. Click here for certification details from PMG.

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