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Large Size Type Notes > Refunding Certificates

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Fr. 214 $10 April 1, 1879
Grade: Ch. AU    

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The refunding certificate is popular because a drop in interest notes after their issuance made them profitable for bankers to keep and convert for the 4%, so these never really circulated as intended. A small pile were discovered in the last couple of decades, otherwise these would probably have been prohibitively expensive to own.

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