Hey, does anyone here have any theories on why the U.S. had originally planned to issue a $3 note with the passing of the "Legal Tender Act of 1862" and in the whole decade of the 1860s there were laws calling for a $3 bill twice, and why it didn't go into production?
My theory has always been that, when they had the $1 coin, the $2.50 Quarter Eagle coin, the $3 coin and the $5 Half Eagle coin that at first they were thinking "Okay we'll issue a $1 note, to make things easier, we'll issue a paper $2 even paper denomination, instead of a $2.50 note, and because Americans are used to the $3 denomination, in the form of a coin, we shall issue a $3 note as well as a $5 note. Then as time went on, perhaps they thought "Well, the $3 coin wasn't very popular among Americans, so, let's just scrap the idea of a $3 note" (I've read that the $3 coin wasn't very popular, anyway. Whether it's true or not, I don't know)
And one other question I wanted opinions on, was, do you think, had the $3 note been issued, that the Treasury would've deemed it a high enough denomination to redesign? I know that one of the main reasons the $1 and $2 notes were not redesigned was due to the lack of counterfeiting (plus the legislation that the vending industry lobbies for to stop the $1 note's redesign, and for the $2 note, perhaps lack of use) But a $3 note is getting close in value to a $5 note, so, do you think a $3 note would've been deemed worthy of being counterfeited? And therefore worthy of getting a redesign?