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➼ History & Context
The Texas government needed money to fund the establishment of their nascent systems, especially with the rise of inflation and the financial crisis running rampant across the U.S. and Texas through the mid-1840s, and began a variety of methods for drumming up the financial support needed.
Along with beginning to print their own currencies in 1837, the Republic of Texas issues Government Bonds and Certificates of Stock like this one.
Upon redemption, the representative of the Texas government cut into the paper to “cancel” the note and mark its compensation and keep them from being fraudulently re-submitted. Cut & canceled notes are highly sought-after and carry the marks of their handling and usage, and extremely few notes were never redeemed.
