Several forms of currency were issued, but an ongoing economic depression made it difficult for the government to provide effective backing.

[1] "Redbacks" were bearer promissory notes issued between January 1839 and September 1840 by Mirabeau B. Lamar to fund the national debt during his presidency of the republic.

[3] Inflation, due mainly to overprinting, devalued the notes substantially, making 15 redbacks equal to one United States dollar.

[2][1] The end of the redback coincided with the presidency of John Tyler in the United States, who had proposed a regulated paper money system called the Exchequer plan.

Upon resuming the Texas presidency, Sam Houston attempted to restore the negotiable note system under the name of "exchequer bills."