an obligation of the U.S. government represented by promissory notes in denominations ranging from $1000 to $1,000,000, with a maturity of about 90 days but bearing no interest, and sold periodically at a discount on the market.
a short-term noninterest-bearing obligation issued by the Treasury, payable to bearer and maturing usually in three months, within which it is tradable on a discount basis on the open market
