Last week I mentioned the 2009 California Treasury Warrants in a discussion about how the U.S. could use such warrants if Congress doesn't raise the debt ceiling. I noted that we hadn't seen an image of one of these warrants yet.

David Klinger writes:

Are you still holding a registered warrant (IOU) issued by the State in 2009?

State of California registered warrants (IOUs) issued in 2009 continue to be redeemed.

The State issued 450,000 IOUs worth $2.6 billion between July 2, 2009, and Sept. 4, 2009, when the IOUs matured.

A registered warrant is a "promise to pay," or an IOU, that is issued by the State when there are not enough funds to pay all of its General Fund obligations. Registered warrants bear interest and are redeemable by the State Treasury only when the General Fund has sufficient money.

For more information, see:Frequently Asked Questions about Registered Warrants (IOUs) Issued by the State in 2009(www.sco.ca.gov/eo_registered_warrants_2009_faqs.html)

To read the earlier E-Sylum article, see:COULD THE U.S. GOVERNMENT ISSUE WARRANTS?(www.coinbooks.org/esylum_v16n02a25.html)