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TeachMeFinance.com - explain Rediscount historic definition... Rediscount -- The resale of a promissory note or bill of exchange (draft). For instance, when a note has been sold and the buyer sells it again it is rediscounted. Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.