Submitted by Benny Bolin on Fri, 04/11/2014 - 12:49pm
Have you ever wondered why no living persons are pictured on our currency? That is because of an unfair vendetta that besmirched the integrity of one of the greatest men ever to work in the Treasury Department--Spencer Morton Clark. Clark was the first Superintendent of the Bureau of Engraving and Printing and when the need for the third issue of fractional currency came about, he was responsible to get it printed. With the approval of his superiors, Treasurer Francis Elias Spinner and Secretary of the Treasury, Hugh McCulloch, Clark’s portrait was placed on the five cent note.
Submitted by Benny Bolin on Sun, 02/16/2014 - 6:05pm
The final issue of fractional currency was the fifth one. It was actually an unneeded issue as the U.S. Mint had been issuing more and more coins since the end of the Civil War. Almost $63,000,000 was printed between February 26, 1874 and February 15, 1876, with an estimated $15,276,443 outstanding as of 1884. The issue was comprised of only three denominations, 10ɇ, 25ɇ and 50ɇ.
Submitted by Benny Bolin on Fri, 12/06/2013 - 10:36pm
With the widespread counterfeiting of the second issue of fractional currency, the third issue came into being. It is by far the largest issue with the most varieties and includes the smallest note every printed, both in size and denomination by the United States, the three-cent notes. It is also the issue that has five of the six most expensive notes ever sold, the Fr. 1351-1354 and the Fr. 1373A. The first third issue fifty-cent notes had the depiction of Justice holding scales and a sword. They were first released on December 5, 1864. The first were Fr.
Submitted by Benny Bolin on Tue, 11/19/2013 - 11:32pm
Fred Reed has hit another homerun with his new book on Civil War Stamp Envelopes. The topic is one that has a limited collector base due to the relatively small number that still exist today (128 merchants issued 514 different varieties). But Fred has once again, as with his Encased Postage Stamp (EPS) and Lincoln books, gone above the normal item catalog and has completed a historical masterpiece. As a collector and researcher, I have been concerned that we are losing the history of the notes and other items as the hobby is seemingly becoming more focused on the financial aspect.
Submitted by Benny Bolin on Sun, 10/20/2013 - 9:06pm
Widespread counterfeiting of the first issue of fractional currency (Postage Currency) led Spencer Morton Clark to state that in order to protect the public, a new issue was needed. The second issue (sometimes referred to as the first issue of Fractional Currency) was released on October 10, 1863 and ended on February 23, 1867. The total of all four denominations was 161,341,194 notes with a face value of $23,164,483.65. It was estimated that 27,567,597 notes were still extant in 1884.
Submitted by Benny Bolin on Wed, 07/10/2013 - 6:21pm
In the mid 1800’s, the majority of transactions between the general public and merchants were in sums of less than one dollar, making small change necessary. Prices of things were much less than what they are today. A quarter represented a good deal of money at the time. Three cents could buy you a newspaper or a ride. Five cents would get you a glass of beer and lunch.