Civil War Era Fractional Currency

The Civil War Era was an extremely trying time on all Americans of the day. The upheaval of war caused hoarding of everyday staples and supplies including coinage. In response to the lack of circulating coins the Secretary of the Treasury, Salmon P. Chase, proposed the printing of fractional currency which, after President Lincoln signed it into law on 7-17-1862, started to be produced in August 1862 and ended production in February 1876.

These collectible notes varied in design throughout the 5 issues produced due to counterfeiting and the talent of the engravers.

First Issue

The first issue produced 5 cent, 10 cent, 25 cent and 50 cent denominations and was known as "postage currency". This issue of currency was produced until may 1863. The 5 cent note features Thomas Jefferson and the 10 cent has George Washington of the one dollar fame. The 25 cent bill has 5 portraits from the 5 cent and 5 of the 10 cent portraits for the 50.

Second Issue

Congress authorized the second issue in March 1863 and Production started in October. Production ended in February 1867.

The same denominations were used, however, George Washington was featured on all of the second issue denominations. A gilded oval was added to frame the portrait to make it more difficult to counterfeit. The oval was bronze colored and actually contained bronze dust. The reverse sides of the bills are colored differently for each denomination. The 5 cent uses brown, 10 cent is light to dark green, 25 cent has shades of purple and shades of red for the 50 cent.

Third Issue

The Third issue of fractional currency was printed from December 1864 to August 1869 and was the only issue to include the 3 cent note. Signatures of Register and Treasurer also appeared in this issue for the first time. High fiber paper with the reverses printed in different colors also distinguish the 5 denominations.

The 3 and 10 cent notes have Good ole George Washington, 25 cent shows William Pitt Fessenden whom was the Secretary of the Treasury from 1864 to 1865 and the 50 cent bill has the creator of fractional currency, General William F. Spinner who was also the U.S. Treasurer under Lincoln. There was also a version of the 50 cent note with a reclining lady justice with her scale.

No I didn't forget the 5 cent note. The portrait was suppose to be Lewis and Clark but somehow Spencer Clark appears. Spencer Clark was the head of the National Currency bureau at the time and must of confused Lewis and Clark for himself? After this "error" congress passed a law making it illegal for a living person to be put on any legal tender.

Fourth Issue

The 4^th issue introduced the 15 cent note and continued with the 10, 25 and 50 cent bills. The 3 and 5 cent bills were not included in the fourth issue which ran from July of 1869 to February 1875. New engravers made this issue very very well done and in my opinion the nicest set of the fractional notes.

Lady Liberty joins us on the 10 cent note, Columbia is featured on the 15 cent and George Washington is hanging out on the 25. Lincoln, having been assassinated in 1865, is on the 50 cent bill, but for only 6 months of production. E.M. Stanton, Secretary of War under Lincoln, finished out the run. Needless to say, the Lincoln note is extremely collectible.

Fifth Issue

Fifth and final issue printed only 3 denominations, the 10, 25 and 50 cent bills. The war over coins were beginning to be circulated again. These 3 denominations printed from February 1874 until February 1876 and then faded into history.

William Meredith served under Zachery Taylor as Treasurer and was put on the 10 cent note. William Crawford served under both James Madison and James Monroe and is on the 25 cent note. Robert J. Walker, Treasury Secretary in the Polk Administration finished out the 50 cent note.

This article is an overview of U.S. fractional currency and by no means covers all the details.  My ambition for this overview is to wet the appetites of my readers.  A search using your favorite search engine will bring you more information and pictures than you'll probably need.