People don't think of bearer notes paying interest, but historically they have existed from time to time. Three Confederate notes which paid to their owners interest were varieties T-39, 40 and 41. They paid two cents per day, which works out to 7.3% interest per year. Here are the three varieties. T-39 T-40 This differs from T-39 because of the steam that is raising from the railroad engine. T-41 When the owner took their notes to the Confederate authorities each year to collect the interest, the authority stamped the back of the note. The payment indicators were usually done with a rubber stamp, but some of them were hand written. This might make the notes interesting enough to some collectors, but there is far to these notes than that. These notes were issued by Confederate commissioners and by the Confederate military. The military used them to purchase farm products and other supplies in the field. Military offices signed these pieces. A collector could make a speciality of collecting these pieces. There are many varieties, and they range in rarity from scarce to rare. Here are some examples. This T-40 note was issued by Thaddeus Sanford who used his rubber stamp at the top of this rotated image. Deputy Collector, W.T. Goodwin, hand signed this piece, which is on a T-39. J. Sorley signed this piece, which was retired and then re-issued in Houston, Texas. This note is made more valuable by the presence of both the signature and the re-issue stamp. Finally, the pieces that were signed by the military are the most valuable. I bought this note many years ago, not knowing what it is. This T-41 was signed by Captain James Maurice on March 2, 1863. The last interest payment stamp, which is barely readable, was marked in 1865, just below the signature. These pieces make for quite an interesting collection. All three of the note varieties are fairly common, but signatures and stamps on the back make each one unique.
