# PS1 offer - 1911 10c Postal Savings, orange, watermark
Â
Â
Postal Savings OfficialsÂ
President Theodore Roosevelt first promoted the Postal Savings System as a solution to public distrust of traditional banks. A congressional act established the system effective January 1, 1911. Under the act, the Postal Savings System paid two percent interest per year. The minimum deposit was $1.00 with a maximum of $500 initially, then later raised to $2,500.
The act also directed the Postmaster General to issue stamps in five denominations to be used instead of traditional Official Mail envelopes. The first of these stamps was issued on December 22, 1910. These stamps were used on mail pertaining to the business of the US Postal Savings System.
Though the Postal Savings System continued for years to come, the official stamps were discontinued in 1914. Postmasters were instructed to return the unused stamps, which were destroyed.
Â
Â
Postal Savings OfficialsÂ
President Theodore Roosevelt first promoted the Postal Savings System as a solution to public distrust of traditional banks. A congressional act established the system effective January 1, 1911. Under the act, the Postal Savings System paid two percent interest per year. The minimum deposit was $1.00 with a maximum of $500 initially, then later raised to $2,500.
The act also directed the Postmaster General to issue stamps in five denominations to be used instead of traditional Official Mail envelopes. The first of these stamps was issued on December 22, 1910. These stamps were used on mail pertaining to the business of the US Postal Savings System.
Though the Postal Savings System continued for years to come, the official stamps were discontinued in 1914. Postmasters were instructed to return the unused stamps, which were destroyed.