Treasury Notes, also known as T-Notes, are a medium-term debt security. Similar to Treasury Bonds, Treasury Notes have semiannual interest coupons. Today, these securities are transacted and held in book-entry form. T-Notes are issued electronically in 2, 3, 5, 7, and 10-year maturities.  They are today the most widely-issued and traded of all federal debt instruments, with a global daily trading volume north of $300 billion. More than just a debt instrument, the Treasury Note is considered a proxy financial bellwether of the economy, most notably the 30-year mortgage rate.  

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Like Treasury Bills, Treasury Notes are extremely rare in numismatics.  Issued as both bearer and registered securities, the last paper T-Notes were issued in 1982 (bearer) and in 1986 (registered), and today are book-entry only securities.  Outside of the four-year Fifth Liberty Loan, also known as the Victory Bond, less than ten Treasury Note examples have been observed.  The Herbstman Memorial Collection is proud to display the largest publicly known collection of these securities.