COLLECTION OF FIVE FRACTIONAL CURRENCY BILLS FROM THE CIVIL WAR PERIOD

A collection of five (5) fractional currency bills. Fractional currency was introduced after the Civil War broke out after coins were hoarded for their bullion. The Treasury Department suspended specie payments and New York City banks stopped redeeming paper money for gold and silver, resulting in an absence of silver and gold coins and the premium for specie decreasing, all leading to devalued paper currency. By summer 1862, one paper dollar was worth 91.69 cents in gold, fueling currency speculation. Before fractional currency was introduced, citizens provided change in alternative methods, such as cutting up dollar bills. Once fractional currency entered the market in 1862, these bills were issued until the winter of 1876. 

Details from the five in this lot are as follows: 

1. $0.25 postage currency. First issue, Fr. 1281. Features five bust portraits of Thomas Jefferson to recto. New York: National Bank Note Co., 21 August 1862-27 May 1863. Approx. 3 x 2 in. 

2. $0.10 fractional currency. Third issue, Fr. 1255a. Features bust portrait of George Washington to recto. Washington, D.C.: Treasury Department, 5 December 1864-16 August 1869. Approx. 3 1/4 x 1 3/4 in. 

3. $0.05 postage currency. First issue, Fr. 1230. Features bust portrait of Thomas Jefferson to recto. New York: National Bank Note Co., 21 August 1862-27 May 1863. Approx. 2 1/2 x 1 3/4 in. 

4. $0.03 fractional currency. Third issue, Fr. 1226. Features bust portrait of George Washington to recto. Washington, D.C.: Treasury Department, 5 December 1864-16 August 1869. Approx. 2 1/2 x 1 1/2 in. 

5. $0.50 postage currency. First issue, Fr. 1312. Features five bust portraits of George Washington to recto. New York: National Bank Note Co., 21 August 1862-27 May 1863. Approx. 3 x 2 in. 

[Civil War, Union, Confederate] [Currency, Tokens, Medals,  Numismia, Numismatics, Exonumia, Bonds, Coins, Banknotes]