Catalog
3 Dollars
| Issuer | Republic of Texas |
|---|---|
| Year | 1839-1841 |
| Type | Log in to see details |
| Value | Log in to see details |
| Currency | Dollar (1839-1846) |
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| Obverse description | The obverse is printed in black on white paper with a classical allegorical vignette at center-right showing a seated female figure beside a large five-pointed star, with decorative scrollwork framing the composition. The denomination numeral "3" appears in large format at the upper-left and lower-left corners, flanked by a floral vignette at left, with the words "THREE" printed vertically along the right border. The issuing authority text and payment obligation are set in bold letterpress across the lower portion of the note, with a manuscript date and handwritten signatures completing the document. |
|---|---|
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| Reverse lettering | T E X A S |
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| Comments |
The Republic of Texas issued paper currency because it had almost no specie reserves and no functioning tax base. These "redbacks" — named for the red ink used on the reverse — were backed by nothing more substantial than anticipated land revenues, and the public knew it. By 1842 the exchange rate against U.S. dollars had collapsed to roughly 12 cents on the dollar.
The Austin-dated notes from this series were printed by Rawdon, Wright & Hatch in New York — the same firm cutting bank note plates for U.S. state-chartered institutions at the time. Counterfeits appeared almost immediately, which says something about how freely the notes circulated despite the depreciation.