Fr. 214 $10 1879 Refunding Certificate PCGS Very Fine 25 Apparent. A scarce and distinctive Friedberg type. The 1879 Refunding Certificates were printed in an unusual size format compared to other notes printed by the BEP. The obligation on this interest-bearing instrument was also unusual because it was continuous. These type notes, popular with the present-day collecting community, were actually a circulating bond for the average person in 1879. However, banks would retain them for the interest that accrued at four percent with no definite redemption date. This provided a strong inducement to hold the notes rather than cashing them in. The payment of interest was stopped by Congress in 1907 and the value set at $21.30, causing the ones held by banks to be redeemed at that time. Despite some noted \"Small Edge and Internal Splits,\" the eye appeal of this mid-grade example is excellent, and it will fit in nicely into any Large Size Federal typeset. Ex: Eric P. Newman Numismatic Education Society\n\n
From Newman VIII (Heritage Auctions, 11/2017), lot 28262, realized $3480. Image and description courtesy of Heritage Auctions, https://ha.com.
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