The Treasury Notes
of the War of 1812

The first circulating currency issued by the United States appeared not in 1861 as commonly believed, but in 1815 - preceeding the Demand Notes of 1861 by 46 years. These treasury notes were issued following the outbreak of the second war with Great Britain in June of 1812. With the demise of the First Bank of the United States and no provision for internal revenue taxes, only loans and these innovative notes which bore interest at 1-1/2 cents a day per $100 (except for the "Small Notes" of 1815) were left to provide revenue to prosecute the war.

A total of five issues between 1812 and 1815 totaling 36 million in denominations of $3 to $1000 were emitted. The Notes proved to be extremely successful and were fully subscribed and accepted by banks and merchants.