United States 1934 - New Jersey 10 Dollars City of Asbury Park Tax Anticipation Note Recovery Bond Specimen (March 31 Issue)
Tax anticipation notes were not emergency substitutes or informal scrip, but legally sanctioned debt instruments issued in advance of expected tax receipts. In early 1934, municipalities such as Asbury Park were compelled to monetize future tax income in order to meet immediate operating expenses, maintain essential services, and avoid default. This note was issued pursuant to Chapter 192 of the Laws of 1917 of the State of New Jersey, as amended, anchoring it firmly within an established statutory framework rather than ad hoc crisis improvisation. Read more →