History of U.S. Treasury Notes
Treasury Notes have fixed maturities of at least one year and not more than 10 years. They are issued with a stated rate of interest, pay interest semiannually, and are redeemed at par at maturity.
When they were issued in definitive (paper) form, Treasury notes were issued in various denominations to a high of $1 million. However, to refund a sizeable amount of the debt incurred during World War II, from 1955 to 1969 Treasury issued notes with the added denominations of $100 million and $500 million.
Presently, all U.S. Treasury notes are issued and held electronically and the 2, 3, 5, and 7-year notes are auctioned every month. The 10-year notes are auctioned at original issue in February, May, August, and November, with reopenings in January, March, April, June, July, September, October, and December.
Timeline of U.S. Treasury Notes
For more information on U.S. Treasury Notes, select one of the resources below: