Texas redbacks

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Texas redbacks were the informally named paper money issued between January 1839 and September 1840 by Mirabeau B. Lamar to minimize national debt during his Presidency of the Republic of Texas.^[1] 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 one United States dollar.^{[citation needed]} This debt of over $10 million was an important factor for annexation into the United States.

1 History
- 1.1 End of Circulation
2 See also
3 References
4 External links

[edit] History

[edit] 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.^{[citation needed]} 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 people^[who?] have suggested that the “burnt orange” color of the University 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 taxes. The currency regained some value before Texas was annexed by the United States.^{[citation needed]}

Under 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.^{[citation needed]} 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.^{[citation needed]}