10c THIRD ISSUE FRACTIONAL GREEN BACK PMG 63 EPQ

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Fantastic certified early fractional still legal tender small change note. "Exceptional Paper Quality" is noted by PMG on this high-quality Colby and Spinner autographed ten cents. United States Fractional Currency notes were issued by the U.S. Government during and after the U.S. Civil War due to the hoarding and shortage of coins in gold , silver and copper in denominations of 3, 5, 10, 15, 25 and 50 cents.These notes were in use until 1876 and were redeemable by the U.S. Postal Office at face value in postage stamps. A controversy arose concerning the third issue of the 5 Cent Notes, when Spencer M. Clark , the first superintendent of the National Currency Bureau (now the U.S. Bureau of Engraving and Printing ) had his portrait printed on the fractional note, a practice barred by law (the currency can portray notable U.S. citizens only after at least two years have followed the subject's death). Fractional currency notes were issued from August 21, 1862 through February 15, 1876. U.S. Secretary of the Treasury Salmon P. Chase proposed to authorize postage stamps of some type as a new currency. Much of the public were using stamps in lieu of change due to a severe shortage of coins. The post office did not like selling stamps for currency and they did not provide refunds for soiled stamps. Congress and President Lincoln approved read more

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