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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 August 21, 1862, through May 27, 1863. [16] Spinner proposed using postage stamps, affixed to Treasury paper, [17] with his signature on the bottom (see illustration ...
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Since fractional currency in three-cent denominations did not appear until late 1864, the cent was the only means then circulating of making change from the five-cent note, and came, in 1862 and 1863, to command a premium when sold in lots, of about 4%.
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The United States issued Fractional currency between 1862 and 1876 in denominations of 3, 5, 10, 15, 25, and 50 cents. Across the five issuing periods paper quality was developed to prevent destruction and designs changed as anti-counterfeiting measures were put in place.
3 cent note George Washington: 5 cent note Thomas Jefferson: 10 cent note William M. Meredith: 15 cent note Bust of Columbia 25 cent note Robert Walker: 50 cent note William Crawford: $500 bill: William McKinley: $1,000 bill: Grover Cleveland: $2,000 bill Various historical figures $5,000 bill: James Madison: $10,000 bill: Salmon P. Chase ...
The U.S. government decided to substitute paper currency of denominations under a dollar for coins in order to solve the problem. The denominations issued were 3¢, 5¢, 10¢, 15¢, 25¢ and 50¢. There were five issues of fractional currency.
Gault's “New Metallic Currency” was only a momentary success. His currency circulated for close to a year until the middle of 1863 when fractional currency issued by the government became popular enough to ease the coin shortage. There were a few factors that allowed Gault's invention to thrive for only a short time.
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