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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]
This made postal currency legal and prohibited private, non-Governmental entities from producing notes, coins or currency. Thus, what we know as fractional currencies were born. Shinplasters circulated in the United States from 1861 to 1869, during the Civil War and the Reconstruction era. Since much of the coins were sold to Canada by brokers ...
The United States also issued fractional currency for a brief time in the 1860s and 1870s, in several denominations each less than a dollar. Denomination Obverse
Silver certificates are a type of representative money issued between 1878 and 1964 in the United States as part of its circulation of paper currency. [1] They were produced in response to silver agitation by citizens who were angered by the Fourth Coinage Act, which had effectively placed the United States on a gold standard. [2]
This set nomination is a complete type reference set of U.S. Fractional Currency representing each significant design change. The United States issued Fractional currency between 1862 and 1876 in denominations of 3, 5, 10, 15, 25, and 50 cents.
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The American Civil War caused economic hardship, driving gold and silver from circulation; in response, in place of low-value coins, the government at first issued paper currency. In 1865, Congress abolished the five-cent fractional currency note after Spencer M. Clark , head of the Currency Bureau (today the Bureau of Engraving and Printing ...
A fractional currency shield is a 20 in × 25 in (510 mm × 640 mm) printed "shield" on which were placed images of 39 different fractional currency notes. [1] Produced in 1866 and 1867 by the United States Treasury Department, the shields were sold to banks for $4.50 each, for the purpose of having images of genuine notes available for use in detecting counterfeits. [2]