Texas dollar
 Fifty-dollar bearer note | |
| Denominations | |
|---|---|
| Banknotes | $1, $2, $3, $5, $10, $20, $50, $100, $500 |
| Demographics | |
| User(s) |  Republic of Texas |
| This infobox shows the latest status before this currency was rendered obsolete. | |
The Texas dollar was the currency of the Republic of Texas. Several forms of currency were issued, but an ongoing economic depression made it difficult for the government to provide effective backing.[1] The republic accepted the standard gold and silver coins of the United States, but never minted its own coins.[2]
Negotiable promissory notes
During the
Redbacks
"Redbacks" were
The redbacks were issued in the denominations of $5, $10, $20, $50, $100, and $500 bills. There were also “change notes” issued at the time of $1, $2, and $3 bills that had a blank back.[
The government cut-cancelled redbacks and change upon redemption to keep them from being fraudulently redeemed again. The cancelled notes are highly sought after by collectors. A few notes were never redeemed or cut-cancelled; those notes are valued more highly.[5][citation needed] Two early Republic of Texas heroes are found on redbacks. Both had died prior to the issuance of the notes. Deaf Smith is found on the $5 redback, while the "Father of Texas," Stephen F. Austin, is found on the $50 note.
Congress acknowledged the redbacks' collapse in 1842 by refusing to accept them at face value for payment of taxes. Texans increasingly relied on United States currency, shinplasters and private obligations.[2][1]
Exchequer bills
The end of the redback coincided with the presidency of John Tyler in the United States, who had proposed a regulated paper money system called the Exchequer plan. Upon resuming the Texas presidency, Sam Houston attempted to restore the negotiable note system under the name of "exchequer bills." This effort had little success until the following year, when economic conditions throughout North America began to improve. By 1845 the bills were passing at par value.[1]
Under the Compromise of 1850, Texas was given $10 million for all the land it had claimed outside its present state boundary. With this money, Texas paid off all its debts, including the redemption of its notes.
See also
- Greenback
References
- ^ a b c d Miller, Edmund Thornton. "Money of the Republic of Texas". Texas State Historical Association. Retrieved 2020-04-24.
- ^ a b Republic of Texas Currency
- ^ "Money of the Republic of Texas". Lone Star Junction. Retrieved 2007-01-13.
- ^ Olson, Joseph D. 2006. Texas Currency: A Catalogue 1813-1868.
- ^ Texas Obsolete Notes and Scrip by Bob Medlar copyrighted 1968 Society of Paper Money Collectors, Inc.
External links
- Pictures of redbacks from the Texas State Library
- Money of the Republic of Texas from the Handbook of Texas Online
- Money of the Republic of Texas (Texas State Historical Association)
- Texas State Library and Archives Commission—Currency pictures (a PDF file)
- Images of Redbacks from the Rowe-Barr Collection of Texas Currency, DeGolyer Library, SMU.