2 Dollars

Liberia's Treasury notes of this period occupy an odd position in West African monetary history. The republic had been issuing paper currency since the 1850s, but chronic underfunding and the absence of a central bank meant these notes depended entirely on government credibility — which fluctuated badly. By the late 1870s, Liberia's finances were under serious strain from debt obligations tied to an 1871 London loan that had been catastrophically mismanaged, leaving the Treasury in no position to guarantee redemption with any confidence.

Surviving examples from this series are genuinely scarce, almost certainly because circulation volumes were low and public trust in paper lower still.