Following the outbreak of the. These fractional notes were in use between 21 August 1862 and 15 February 1876, and issued in 3, 5, 10, 15, 25, and 50. The complete type set below is part of the. National Museum of American History. The Civil War economy catalyzed a shortage of United States.
Gold and silver coins were hoarded given their intrinsic. Value relative to irredeemable paper currency at the time.In late 1861, to help finance the Civil War, the U. Shook public confidence with the threat of war on a second front. United States Department of the Treasury. In the absence of gold and silver coin, the premium for. Began to devalue paper currency. After the New York banks suspended specie payments (quickly followed by Boston and Philadelphia). The premium on gold rose from 13% over paper in early January 1862 to 9% over paper in June 1862. By which time one paper dollar was worth 91.69 cents in gold.
And created significant disruption across businesses and trade. Alternate methods of providing small change included the reintroduction of. Cutting dollar bills in quarters or halves.Refusing to provide change (without charging a premium for providing silver coins). Or the issuance of locally issued. Those issued by businesses or local municipalities, which was forbidden by law in many states.
Treasurer of the United States. With his signature on the bottom (see illustration below). The intent, however, was not that stamps should be a circulating currency. The item "25 Cents Fourth Issue Fractional Currency PMG 62, UNC EPQ, FR#1307" is in sale since Tuesday, December 17, 2019.This item is in the category "Coins & Paper Money\Paper Money\ US\Fractional Currency". The seller is "r1741l" and is located in Saint Albans, West Virginia.
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