- Texas redbacks
Texas redbacks were the informally named paper
money issued between January 1839 and September 1840 byMirabeau B. Lamar to minimize national debt during his Presidency of theRepublic of Texas . [cite web |url=http://www.lsjunction.com/facts/tx_money.htm |title=Money of the Republic of Texas |accessdate=2007-01-13 |work=Lone Star Junction] The name comes from the reddish color of the back of the bills.Inflation , due mainly to overprinting, devalued the notes substantially, making 15 redbacks equal to oneUnited States dollar .Fact|date=July 2008 This debt of over $10 million was an important factor for annexation into theUnited States .History
End of Circulation
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.Fact|date=July 2008 All these notes were issued from
Austin, Texas . A lot of the notes appear as orange-colored because of the quality of the ink. Several peopleWho|date=July 2008 have suggested that the “burnt orange” color of theUniversity of Texas have come from this coloring, but it cannot be proven.By 1842, the government of the Republic of Texas would not accept the bills for repayment for
tax es. The currency regained some value before Texas was annexed by the United States.Fact|date=July 2008Under 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 all redbacks.The redbacks and change notes were redeemed and cut-cancelled. These notes are highly sought after by collectors. A few notes were never redeemed or cut-cancelled; those notes are valued more highly.Fact|date=July 2008 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. Not all redbacks are authentic. The original notes were hand-signed in brown ink while the reproductions all are in black ink.Fact|date=July 2008See also
*
Greenback References
External links
* [http://www.tsl.state.tx.us/treasures/republic/currency-01.html Pictures of redbacks] from the
Texas State Library
* [http://www.harrybassfoundation.org www.harrybassfoundation.org]
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