History of Fractional Currency from South Western Collectibles Grading Service

Fractional Currency

Fractional Currency notes, of which there were 24 distinctly different varieties, were issued only from August 21, 1862 through February 15, 1876.

These notes were authorized during the early years of the Civil War to alleviate the critical trade conditions caused by a serious shortage of coins.

Accordingly, on the recommendation of Treasurer of the United States F.E. Spinner, Congress passed the Act of July 17, 1862, which authorized an issue of 5, 10, 25, and 50-cent notes.

These became known as Postage Stamp Currency because they bore facsimiles of the then current 5- and 10-cent postage stamps.

Later issues of these notes were called Fractional Currency and were authorized by another Act of Congress on March 3, 1863.

Issue Denominations Periods of Circulation

First	5, 10, 25 and 50 cents	August 21, 1862-May 27, 1863
Second	5, 10, 25 and 50 cents	October 10, 1863-February 23, 1867
Third	3, 5, 10, 25, and 50 cents	December, 5, 1864-August 16, 1869
Fourth	10, 15, 25, and 50 cents	July 14, 1869-February 16, 1875
Fifth	10, 25 and 50 cents	February 26, 1874-February 15, 1876

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