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20 Dollars
| Issuer | Government of Texas |
|---|---|
| Year | 1839-1846 |
| Type | Vouchers |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | The Government of Texas Promises to pay the Bearer at the Treasury Department in One Year from the date, the sum of Twenty Dollars and Interest at the rate of ten percent per annum by virtue of an Act of Congress dated 9th, June 1837. Houston, Texas |
| Reverse description | Reverse printed on plain unadorned paper stock, entirely blank, with no vignettes, lettering, or ornamental elements; aged paper shows fold lines and foxing consistent with circulation. |
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| Comments |
The Republic of Texas issued paper currency out of necessity — the young republic had no specie reserves to speak of and a Congress unwilling to charter a formal bank. These notes, often called "redbacks" for their distinctive ink color on the reverse, were printed locally in Houston by the government's own press rather than contracted to an established banknote firm in the eastern states. That decision kept costs down but produced notes of inconsistent quality that the public trusted even less than the government's finances warranted.
By 1842, redbacks had depreciated so severely against the U.S. dollar that they traded at roughly 15 cents on the dollar. Annexation in 1845 rendered them worthless for most practical purposes, and few survived.