Illinois Supreme Court January 15, 1859 (Hinckley v. Kersting)

Walker, J.

Conceding, that when depreciated or worthless bills are paid on a precedent debt, or as money loaned, or paid on the purchase of property, that the person who passes them, upon a proper notice, is liable for the value at which they were received ; it does not follow, that such would be the case when they are purchased at a discount, as an article of commerce.