Английская Википедия:Fractional currency
Шаблон:Short description Шаблон:Use dmy dates Шаблон:Featured list
Fractional currency, also referred to as shinplasters, was introduced by the United States federal government following the outbreak of the Civil War. These low-denomination banknotes of the United States dollar were in use between 21 August 1862 and 15 February 1876, and issued in denominations of 3, 5, 10, 15, 25, and 50 cents across five issuing periods.[1][2][3] The complete type set below is part of the National Numismatic Collection, housed at the National Museum of American History, part of the Smithsonian Institution.[nb 1]
History
The Civil War economy catalyzed a shortage of United States coinage[4]—gold and silver coins were hoarded given their intrinsic bullion value relative to irredeemable paper currency at the time.[5][6] In late 1861, to help finance the Civil War, the U.S. government borrowed gold coin from New York City banks in exchange for Seven-thirties treasury notes[7] and the New York banks sold them to the public for gold to repay the loan.[7] In December 1861, the Trent Affair shook public confidence with the threat of war on a second front. The United States Department of the Treasury suspended specie payments[8] and banks in New York City stopped redeeming paper money for gold and silver.[9] In the absence of gold and silver coin, the premium for specie began to devalue paper currency.[10] After the New York banks suspended specie payments (quickly followed by Boston and Philadelphia)[11] the premium on gold rose from 1–3% over paper in early January 1862 to 9% over paper in June 1862,[10] by which time one paper dollar was worth 91.69 cents in gold.[10] This fueled currency speculation (e.g., redeeming banknotes for silver coin which was then sold at a premium as bullion),[12] and created significant disruption across businesses and trade.[13] Alternate methods of providing small change included the reintroduction of Spanish quarter dollars in Philadelphia,[13] cutting dollar bills in quarters or halves,[14] refusing to provide change (without charging a premium for providing silver coins),[14] or the issuance of locally issued shinplasters (i.e., those issued by businesses or local municipalities), which was forbidden by law in many states.[14]
Treasurer of the United States Francis E. Spinner has been credited with finding the solution to the shortage of coinage: he created postage currency (which led into the use of fractional currency).[15] Postage (or postal) currency was the first of five issues of US Post Office fractional paper money printed in 5-cent, 10-cent, 25-cent, and 50-cent denominations and issued from 21 August 1862 through 27 May 1863.[16] Spinner proposed using postage stamps, affixed to Treasury paper,[17] with his signature on the bottom (see illustration below). Based on this initiative, Congress supported a temporary solution involving fractional currency and on 17 July 1862 President Lincoln signed the Postage Currency Bill into law.[3] The intent, however, was not that stamps should be a circulating currency.[18]
The design of the first issue (postage currency) was directly based on Spinner's original handmade examples. Some varieties even had a perforated stamp-like edge. While not considered a legal tender, postage currency could be exchanged for United States Notes in $5 lots[19] and were receivable in payment of all dues to the United States, up to $5.[nb 2] Subsequent issues would no longer include images of stamps and were referred to as Fractional Currency. Despite the July 1862 legislation, postage stamps remained a form of currency until postage currency gained momentum in the spring of 1863.[20] In 1863, Secretary Chase asked for a new fractional currency that was harder to counterfeit than the postage currency. The new fractional currency notes were different from the 1862 postage currency issues.[nb 3] They were more colorful with printing on the reverse, and several anti-counterfeiting measures were employed: experimental paper, adding surcharges, overprints, blue endpaper, silk fibers, and watermarks to name a few. Fractional currency shields which had single-sided specimens were sold to banks to provide a standard for comparison for detecting counterfeits.[21] Postage and fractional currency remained in use until 1876, when Congress authorized the minting of fractional silver coins to redeem the outstanding fractional currency.[15][22]
Issuing periods and varieties
Issuing period | Period dates | Denominations issued | Features/varieties[23] |
---|---|---|---|
First issue | 21 Aug 1862 27 May 1863 |
$0.05 $0.10 $0.25 $0.50 |
Issued as postage currency with two main varieties: 1) edges (straight versus perforated), and 2) monogram (presence or absence of the American Bank Note Co. monogram (ABCo) on the reverse).[nb 4] All four denominations bear the stamp motif on the obverse. |
Second issue | 10 Oct 1863 23 Feb 1867 |
$0.05 $0.10 $0.25 $0.50 |
Introduction of numerous anti-counterfeiting measures: bronze oval (obverse), bronze ink surcharge (reverse), use of fiber paper.[nb 5] |
Third issue | 5 Dec 1864 16 Aug 1869 |
$0.03 $0.05 $0.10 $0.25 $0.50 |
Sporadic use of surcharges, signatures introduced (except 3-cent) both printed (PS) and autographed (AS), design features (or position indicators) – either the letter "a", the number "1", or both, on the extreme left obverse.[25] |
Fourth issue | 14 Jul 1869 16 Feb 1875 |
$0.10 $0.15 $0.25 $0.50 |
Additional anti-counterfeiting measures: watermarked paper ("US"), embedding of large silk fibers, blue tinted end paper.[26] |
Fifth issue | 26 Feb 1874 15 Feb 1876 |
$0.10 $0.25 $0.50 |
Color tinting in paper, silk fibers.[27] |
-
Spinner's initial signed design (photo)
-
Original model artwork
-
Working proof with pencil notations
Complete type set of United States fractional currency
Value | Series | Size[nb 6] | Fr. no.[nb 7] | Image | Portrait | Varieties[nb 8] |
---|---|---|---|---|---|---|
$0.05 | First issue | 65 × 43.5 mm | Fr.1231 | Five-cent first-issue fractional note | Thomas Jefferson | 1228 – Perforated; monogram 1229 – Perforated; no monogram 1230 – Straight; monogram 1231 – Straight; no monogram |
$0.10 | First issue | 65 × 43.5 mm | Fr.1240 | Ten-cent first-issue fractional note | George Washington | 1240 – Perforated; monogram 1241 – Perforated; no monogram 1242 – Straight; monogram 1243 – Straight; no monogram |
$0.25 | First issue | 65.5 × 45 mm | Fr.1280 | Twenty five-cent first-issue fractional note | Thomas Jefferson | 1279 – Perforated; monogram 1280 – Perforated; no monogram 1281 – Straight; monogram 1282 – Straight; no monogram |
$0.50 | First issue | 65.5 × 45 mm | Fr.1312 | fifty-cent first-issue fractional note | George Washington | 1310 – Perforated; monogram 1311 – Perforated; no monogram 1311a – Same, except 14 versus 12 perf/20 mm 1312 – Straight; monogram 1314 – Straight; no monogram |
$0.05 | Second issue | 65.5 × 47 mm | Fr.1232 | Five-cent second-issue fractional note | George Washington | 1232 – No surcharge 1233 – Surcharge "18-63" 1234 – Surcharge "18-63" and "S" 1235 – Surcharge "18-63" and "R-1"; Fiber paper |
$0.10 | Second issue | 65.5 × 47 mm | Fr.1246 | Ten-cent second-issue fractional note | George Washington | 1244 – No surcharge 1245 – Surcharge "18-63” 1246 – Surcharge "18-63" and "S” 1247 – Surcharge "18-63" and "I” 1248 – Surcharge "0-63" 1249 – Surcharge "18-63” and "T-1" |
$0.25 | Second issue | 65.5 × 47 mm | Fr.1284 | Twenty five-cent second-issue fractional note | George Washington | 1283 – No surcharge. 1284 – Surcharge "18-63" 1285 – Surcharge "18-63" and "A" 1286 – Surcharge "18-63" and "S" 1287 – Unissued Friedberg number 1288 – Surcharge "18-63" and "2" 1289 – Surcharge "18-63" and "T-1"; fiber paper 1290 – Surcharge "18-63" and "T-2"; fiber paper |
$0.50 | Second issue | 65.5 × 47 mm | Fr.1322 | fifty-cent second-issue fractional note | George Washington | 1314 – No surcharge 1315 – Unissued Friedberg number 1316 – Surcharge "18-63" 1317 – Surcharge "18-63" and "A" 1318 – Surcharge "18-63" and "1" 1319 – Unissued Friedberg number 1320 – Surcharge "18-63" and "0-1"; fiber paper 1321 – Surcharge "18-63" and "R-2"; fiber paper 1322 – Surcharge "18-63" and "T-1"; fiber paper |
$0.03 | Third issue | 66 × 40.5 mm | Fr.1226 | Three-cent third-issue fractional note | George Washington | 1226 – Portrait light background 1227 – Portrait dark background |
$0.05 | Third issue | 64 × 46 mm | Fr.1238 | Five-cent third-issue fractional note | Spencer Clark | 1236 – Red reverse 1237 – Red reverse; design letter "a" 1238 – Green reverse 1239 – Green reverse; design letter "a" |
$0.10 | Third issue | 81 × 47 mm | Fr.1254 | Ten-cent third-issue fractional note | George Washington | Шаблон:Hidden Шаблон:Hidden |
$0.25 | Third issue | 95.5 × 47 mm | Fr.1294 | Twenty five-cent third-issue fractional note | William Fessenden | Шаблон:Hidden Шаблон:Hidden |
$0.50 | Third issue | 114 × 48 mm | Fr.1328 | fifty-cent third-issue fractional note | Francis Spinner | Шаблон:Hidden |
$0.50 | Third issue | 114 × 48 mm | Fr.1339 | fifty-cent third-issue fractional note | Francis Spinner | 1339 – Green reverse; no surcharge or design figures 1340 – Green reverse; design figures "1” and "a" 1341 – Green reverse; design figure "1" 1342 – Green reverse; design figure "a" |
$0.50 | Third issue | 114 × 48 mm | Fr.1355 | fifty-cent third-issue fractional note | Justice holding scales | Шаблон:Hidden Шаблон:Hidden Шаблон:Hidden
|
$0.10 | Fourth issue | 79 × 46 mm | Fr.1259 | Ten-cent fourth-issue fractional note | Bust of Liberty | 1257 – Large red seal; watermarked; silk fibers (pink) 1258 – Large red seal; silk fibers (pink) 1259 – Large red seal; silk fibers (violet); blue end paper 1260 – Does not exist 1261 – Smaller red seal; silk fibers (violet); blue end paper |
$0.15 | Fourth issue | 89 × 46 mm | Fr.1269 | Fifteen-cent fourth-issue fractional note | Bust of Columbia | 1267 – Large red seal; watermarked; silk fibers (pink) 1268 – Large red seal; silk fibers (pink) 1269 – Large red seal; silk fibers (violet); blue end paper 1270 – Does not exist 1271 – Smaller red seal; silk fibers (violet); blue end paper |
$0.25 | Fourth issue | 96.5 × 46 mm | Fr.1303 | Twenty five-cent fourth-issue fractional note | George Washington | 1301 – Large red seal; watermarked; silk fibers (pink) 1302 – Large red seal; silk fibers (pink) 1303 – Large red seal; silk fibers (violet); blue end paper 1307 – Smaller red seal; silk fibers (violet); blue end paper[nb 9] |
$0.50 | Fourth issue | 106 × 47 mm | Fr.1374 | fifty-cent fourth-issue fractional note | Abraham Lincoln | 1374 – Large seal; watermarked; silk fibers (pink) 1375 – Delisted Friedberg number |
$0.50 | Fourth issue | 103 × 46 mm | Fr.1376 | fifty-cent fourth-issue fractional note | Edwin Stanton | 1376 – Small red seal; silk fibers (violet); blue end paper |
$0.50 | Fourth issue | 95 × 52 mm | Fr.1379 | fifty-cent fourth-issue fractional note | Samuel Dexter | 1379 - Green seal; silk fibers (light violet); blue end paper |
$0.10 | Fifth issue | 81 × 51 mm | Fr.1265 | Ten-cent fifth-issue fractional note | William Meredith | 1264 – Green seal 1265 – Red seal; long, thin key (in Treasury seal) 1266 – Red seal; short, thick key (in Treasury seal) |
$0.25 | Fifth issue | 88.5 × 51.5 mm | Fr.1308 | Twenty five-cent fifth-issue fractional note | Robert Walker | 1308 – Long, thin key (in Treasury seal) 1309 – Short, thick key (in Treasury seal) |
$0.50 | Fifth issue | 109.5 × 53.5 mm | Fr.1381 | fifty-cent fifth-issue fractional note | William Crawford | 1380 – Red seal; light pink paper on obverse; silk fibers 1381 – Red seal; blue end paper; silk fibers |
Portraits of living individuals
Three people were depicted on fractional currency during their lifetime: Francis E. Spinner (Treasurer of the United States), William P. Fessenden (U.S. Senator and Secretary of the Treasury), and Spencer M. Clark (Superintendent of the National Currency Bureau).[31] Both Spinner and Clark decided to have their portrait depicted on currency, which created controversy.[32] Republican Representative Martin R. Thayer of Pennsylvania was an outspoken critic, suggesting that the Treasury's privilege of portrait selection for currency[33] was being abused.[nb 10] On 7 April 1866, led by Thayer,[35] Congress enacted legislation specifically stating "that no portrait or likeness of any living person hereafter engraved, shall be placed upon any of the bonds, securities, notes, fractional or postal currency of the United States."[36] On the date of passage, a number of plates for the new 15-cent note depicting William Tecumseh Sherman and Ulysses S. Grant had been completed, as the plate proofs for these exist in the archives of the Smithsonian Institute's National Museum of American History. However, the plates were never used to produce notes for circulation. The only Sherman-Grant examples produced were single sided specimens that were placed on Fractional Currency Shields.[37]
See also
- Federal Reserve System
- List of people on United States banknotes
- Treasury Note (19th century)
- United States postal notes
References
Notes
References
Books and journals
- Шаблон:Cite journal
- Шаблон:Cite book
- Шаблон:Cite book
- Шаблон:Cite book
- Шаблон:Cite book
- Шаблон:Cite book
- Шаблон:Cite journal
- Шаблон:Cite book
- Шаблон:Cite book
- Шаблон:Cite journal
- Шаблон:Cite book
- Шаблон:Cite book
Further reading
Шаблон:Money and central banking within the contemporary United States (pre–1913) Шаблон:Obsolete U.S. currency and coinage
- ↑ 1,0 1,1 1,2 1,3 Friedberg & Friedberg, p. 174.
- ↑ Cuhaj, p. 401.
- ↑ 3,0 3,1 Kravitz
- ↑ Шаблон:Cite journal
- ↑ Anderson, p. 303.
- ↑ Reed, p. 298.
- ↑ 7,0 7,1 Mitchell, 1903, pp. 27–32.
- ↑ Mitchell, 1902, p. 537.
- ↑ Mitchell, 1903, pp. 37–38.
- ↑ 10,0 10,1 10,2 Mitchell, 1902, p. 552.
- ↑ Mitchell, 1903, p. 41.
- ↑ Mitchell, 1902, p. 540.
- ↑ 13,0 13,1 Mitchell, 1902, p. 553.
- ↑ 14,0 14,1 14,2 Mitchell, 1902, p. 554.
- ↑ 15,0 15,1 Blake, p. 32.
- ↑ Knox, p. 104.
- ↑ Шаблон:Cite book
- ↑ Шаблон:Cite journal
- ↑ Knox, p. 103.
- ↑ Reed, p. 302.
- ↑ Friedberg & Friedberg, p. 182.
- ↑ Knox, pp. 104 and 109.
- ↑ 23,0 23,1 Friedberg & Friedberg, pp. 174–81.
- ↑ Kravitz, p. 32.
- ↑ Kravitz, pp. 34–39.
- ↑ Kravitz, pp. 40–41.
- ↑ Kravitz, p. 41.
- ↑ Friedberg & Friedberg
- ↑ Kravitz, pp. 30–41.
- ↑ Friedberg & Friedberg, p. 178.
- ↑ Шаблон:Cite web
- ↑ Cuhaj, p. 407.
- ↑ Шаблон:Cite journal
- ↑ Шаблон:Cite journal
- ↑ Rothbard, p. 126.
- ↑ National Monetary Commission, p. 191.
- ↑ Friedberg & Friedberg, p. 183.
Ошибка цитирования Для существующих тегов <ref>
группы «nb» не найдено соответствующего тега <references group="nb"/>
- Страницы с неработающими файловыми ссылками
- Английская Википедия
- Currency lists
- Historical currencies of the United States
- Paper money of the United States
- Banknotes of the United States
- Страницы, где используется шаблон "Навигационная таблица/Телепорт"
- Страницы с телепортом
- Википедия
- Статья из Википедии
- Статья из Английской Википедии
- Страницы с ошибками в примечаниях