April 12, 2024
FR 1308 FIFTH ISSUE 25c PCGS 40 FRACTIONAL CURRENCY
Pricing & History
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A tremendous opportunity to secure a piece of financial history from a historic era in American history. This auction combines rarity, history, popularity, desirability, professional certification, and eye appeal. Someday only the super wealthy might be able to afford these fascinating and still legal tender pieces of American Currency. 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
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