Английская Википедия:Fractional currency

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Fifty-cent fractional currency depicting Francis E. Spinner, with autograph signature
Fifty-cent fractional currency depicting Francis E. Spinner, with autograph signature.

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

10-cent encased postage stamp designed by John Gault
Encased postage designed by John Gault.

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 periods of United States fractional currency
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]

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
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$0.25 Third issue 95.5 × 47 mm Fr.1294 Twenty five-cent third-issue fractional note William Fessenden Шаблон:Hidden
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$0.50 Third issue 114 × 48 mm Fr.1328 fifty-cent third-issue fractional note Francis Spinner Шаблон:Hidden

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$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
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$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

Файл:US-Fractional (3rd Issue)-$0.15-Fr.1274-SP.jpg
The Sherman–Grant 15-cent third issue exists only as an unissued specimen.

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

Шаблон:Portal

References

Notes

Шаблон:Reflist

References

Шаблон:Reflist

Books and journals

Шаблон:Refbegin

Шаблон:Refend

Further reading

Шаблон:Money and central banking within the contemporary United States (pre–1913) Шаблон:Obsolete U.S. currency and coinage

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  1. ↑ 1,0 1,1 1,2 1,3 Friedberg & Friedberg, p. 174.
  2. ↑ Cuhaj, p. 401.
  3. ↑ 3,0 3,1 Kravitz
  4. ↑ Шаблон:Cite journal
  5. ↑ Anderson, p. 303.
  6. ↑ Reed, p. 298.
  7. ↑ 7,0 7,1 Mitchell, 1903, pp. 27–32.
  8. ↑ Mitchell, 1902, p. 537.
  9. ↑ Mitchell, 1903, pp. 37–38.
  10. ↑ 10,0 10,1 10,2 Mitchell, 1902, p. 552.
  11. ↑ Mitchell, 1903, p. 41.
  12. ↑ Mitchell, 1902, p. 540.
  13. ↑ 13,0 13,1 Mitchell, 1902, p. 553.
  14. ↑ 14,0 14,1 14,2 Mitchell, 1902, p. 554.
  15. ↑ 15,0 15,1 Blake, p. 32.
  16. ↑ Knox, p. 104.
  17. ↑ Шаблон:Cite book
  18. ↑ Шаблон:Cite journal
  19. ↑ Knox, p. 103.
  20. ↑ Reed, p. 302.
  21. ↑ Friedberg & Friedberg, p. 182.
  22. ↑ Knox, pp. 104 and 109.
  23. ↑ 23,0 23,1 Friedberg & Friedberg, pp. 174–81.
  24. ↑ Kravitz, p. 32.
  25. ↑ Kravitz, pp. 34–39.
  26. ↑ Kravitz, pp. 40–41.
  27. ↑ Kravitz, p. 41.
  28. ↑ Friedberg & Friedberg
  29. ↑ Kravitz, pp. 30–41.
  30. ↑ Friedberg & Friedberg, p. 178.
  31. ↑ Шаблон:Cite web
  32. ↑ Cuhaj, p. 407.
  33. ↑ Шаблон:Cite journal
  34. ↑ Шаблон:Cite journal
  35. ↑ Rothbard, p. 126.
  36. ↑ National Monetary Commission, p. 191.
  37. ↑ Friedberg & Friedberg, p. 183.


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