Fractional currency
Series of United States dollar banknotes
title: "Fractional currency" type: doc version: 1 created: 2026-02-28 author: "Wikipedia contributors" status: active scope: public tags: ["currency-lists", "historical-currencies-of-the-united-states", "paper-money-of-the-united-states", "banknotes-of-the-united-states"] description: "Series of United States dollar banknotes" topic_path: "geography/united-states" source: "https://en.wikipedia.org/wiki/Fractional_currency" license: "CC BY-SA 4.0" wikipedia_page_id: 0 wikipedia_revision_id: 0
::summary Series of United States dollar banknotes ::
NOTOC ::figure[src="https://upload.wikimedia.org/wikipedia/commons/7/7d/US-Fractional_(3rd_Issue)-$0.50-Fr.1328.jpg" caption="Fifty-cent fractional currency depicting [[Francis E. Spinner]], with autograph signature." alt="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 August 21, 1862, and February 15, 1876, and issued in denominations of 3, 5, 10, 15, 25, and 50 cents across five issuing periods. 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.
History
The Civil War economy catalyzed a shortage of United States coinage—gold and silver coins were hoarded given their intrinsic bullion value relative to irredeemable paper currency at the time. In late 1861, to help finance the Civil War, the U.S. government borrowed gold coins from New York City banks in exchange for Seven-thirties treasury notes and the New York banks sold them to the public for gold to repay the loan. 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 and banks in New York City stopped redeeming paper money for gold and silver. In the absence of gold and silver coin, the premium for specie began to devalue paper currency. After the New York banks suspended specie payments (quickly followed by Boston and Philadelphia) the premium on gold rose from 1–3% over paper in early January 1862 to 9% over paper in June 1862, by which time one paper dollar was worth 91.69 cents in gold. This fueled currency speculation (e.g., redeeming banknotes for silver coin which was then sold at a premium as bullion), and created significant disruption across businesses and trade. Alternate methods of providing small change included the reintroduction of Spanish quarter dollars in Philadelphia, cutting dollar bills in quarters or halves, refusing to provide change (without charging a premium for providing silver coins), or the issuance of locally issued shinplasters (i.e., those issued by businesses, local municipalities), which was forbidden by law in many states. Civil War tokens and encased postage stamps were also used for this purpose.
First Issue: Postage Currency
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). 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. Spinner proposed using postage stamps, affixed to Treasury paper, with his signature on the bottom (see illustration below). Based on this initiative, Congress supported a temporary solution involving fractional currency and on July 17, 1862, President Lincoln signed the Postage Currency Bill into law. The intent, however, was not that stamps should be a circulating currency.
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 and were receivable in payment of all dues to the United States, up to $5. 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.
Second and subsequent Issues
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. 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. Postage and fractional currency remained in use until 1876, when Congress authorized the minting of fractional silver coins to redeem the outstanding fractional currency.
Issuing periods and varieties
::data[format=table title="Issuing periods of United States fractional currency"]
| Issuing period | Period dates | Denominations issued | Features/varieties |
|---|---|---|---|
| First issue | Aug 21, 1862 | ||
| May 27, 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). All four denominations bear the stamp motif on the obverse. | ||
| Second issue | October 10, 1863 | ||
| Feb 23, 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. | ||
| Third issue | December 5, 1864 | ||
| Aug 16, 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. | ||
| Fourth issue | July 14, 1869 | ||
| Feb 16, 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. | ||
| Fifth issue | February 26, 1874 | ||
| Feb 15, 1876 | $0.10 | ||
| $0.25 | |||
| $0.50 | Color tinting in paper, silk fibers. | ||
| :: |
File:US-Fractional (1st Issue)-$0.50-Spinner Prototype.jpg|alt=Spinner's initial signed design|Spinner's initial signed design (photo) File:US-Fractional (1st Issue)-$0.50-Model.jpg|alt=Original model artwork|Original model artwork File:US-Fractional (1st Issue)-$0.50-Proof.jpg|alt=Working proof with pencil notations|Working proof with pencil notations File:US-Encased Postage-$0.10.jpg|alt=10-cent encased postage stamp designed by John Gault|Encased postage example.
Complete type set of United States fractional currency
::data[format=table]
| Value | Series | Size | Fr. no. | Image | Portrait | Varieties | $0.05 | $0.10 | $0.25 | $0.50 | $0.05 | $0.10 | $0.25 | $0.50 | $0.03 | $0.05 | $0.10 | $0.25 | $0.50 | $0.50 | $0.50 | $0.10 | $0.15 | $0.25 | $0.50 | $0.50 | $0.50 | $0.10 | $0.25 | $0.50 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| First issue | 65 × 43.5 mm | Fr.1231 | [[File:US-Fractional (1st Issue)-$0.05-Fr.1231.jpg | 150px | alt=Five-cent first-issue fractional note]] | Thomas Jefferson | 1228 – Perforated; monogram | |||||||||||||||||||||||
| 1229 – Perforated; no monogram | ||||||||||||||||||||||||||||||
| 1230 – Straight; monogram | ||||||||||||||||||||||||||||||
| 1231 – Straight; no monogram | ||||||||||||||||||||||||||||||
| First issue | 65 × 43.5 mm | Fr.1240 | [[File:US-Fractional (1st Issue)-$0.10-Fr.1240.jpg | 150px | alt=Ten-cent first-issue fractional note]] | George Washington | 1240 – Perforated; monogram | |||||||||||||||||||||||
| 1241 – Perforated; no monogram | ||||||||||||||||||||||||||||||
| 1242 – Straight; monogram | ||||||||||||||||||||||||||||||
| 1243 – Straight; no monogram | ||||||||||||||||||||||||||||||
| First issue | 78 × 48 mm | Fr.1280 | [[File:US-Fractional (1st Issue)-$0.25-Fr.1280.jpg | 150px | alt=Twenty five-cent first-issue fractional note]] | Thomas Jefferson | 1279 – Perforated; monogram | |||||||||||||||||||||||
| 1280 – Perforated; no monogram | ||||||||||||||||||||||||||||||
| 1281 – Straight; monogram | ||||||||||||||||||||||||||||||
| 1282 – Straight; no monogram | ||||||||||||||||||||||||||||||
| First issue | 78 × 48 mm | Fr.1312 | [[File:US-Fractional (1st Issue)-$0.50-Fr.1312.jpg | 150px | alt=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 | ||||||||||||||||||||||||||||||
| 1313 – Straight; no monogram | ||||||||||||||||||||||||||||||
| Second issue | 65.5 × 47 mm | Fr.1232 | [[File:US-Fractional (2nd Issue)-$0.05-Fr.1232.jpg | 150px | alt=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 | ||||||||||||||||||||||||||||||
| Second issue | 65.5 × 47 mm | Fr.1246 | [[File:US-Fractional (2nd Issue)-$0.10-Fr.1246.jpg | 150px | alt=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" | ||||||||||||||||||||||||||||||
| Second issue | 65.5 × 47 mm | Fr.1284 | [[File:US-Fractional (2nd Issue)-$0.25-Fr.1284.jpg | 150px | alt=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 | ||||||||||||||||||||||||||||||
| Second issue | 65.5 × 47 mm | Fr.1322 | [[File:US-Fractional (2nd Issue)-$0.50-Fr.1322.jpg | 150px | alt=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 | ||||||||||||||||||||||||||||||
| Third issue | 66 × 40.5 mm | Fr.1226 | [[File:US-Fractional (3rd Issue)-$0.03-Fr.1226.jpg | 150px | alt=Three-cent third-issue fractional note]] | George Washington | 1226 – Portrait light background | |||||||||||||||||||||||
| 1227 – Portrait dark background | ||||||||||||||||||||||||||||||
| Third issue | 64 × 46 mm | Fr.1238 | [[File:US-Fractional (3rd Issue)-$0.05-Fr.1238.jpg | 150px | alt=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" | ||||||||||||||||||||||||||||||
| Third issue | 81 × 47 mm | Fr.1254 | [[File:US-Fractional (3rd Issue)-$0.10-Fr.1254.jpg | 150px | alt=Ten-cent third-issue fractional note]] | George Washington | ||||||||||||||||||||||||
| Third issue | 95.5 × 47 mm | Fr.1294 | [[File:US-Fractional (3rd Issue)-$0.25-Fr.1294.jpg | 150px | alt=Twenty five-cent third-issue fractional note]] | William Fessenden | ||||||||||||||||||||||||
| Third issue | 114 × 48 mm | Fr.1328 | [[File:US-Fractional (3rd Issue)-$0.50-Fr.1328.jpg | 150px | alt=fifty-cent third-issue fractional note]] | Francis Spinner | ||||||||||||||||||||||||
| Third issue | 114 × 48 mm | Fr.1339 | [[File:US-Fractional (3rd Issue)-$0.50-Fr.1339.jpg | 150px | alt=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" | ||||||||||||||||||||||||||||||
| Third issue | 114 × 48 mm | Fr.1355 | [[File:US-Fractional (3rd Issue)-$0.50-Fr.1355.jpg | 150px | alt=fifty-cent third-issue fractional note]] | Justice holding scales |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Fourth issue | 79 × 46 mm | Fr.1259 | [[File:US-Fractional (4th Issue)-$0.10-Fr.1259.jpg|150px|alt=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 | | | | | | | | | | | | | | | | | | | | | | | | | | | Fourth issue | 89 × 46 mm | Fr.1269 | [[File:US-Fractional (4th Issue)-$0.15-Fr.1269.jpg|150px|alt=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 | | | | | | | | | | | | | | | | | | | | | | | | | | | Fourth issue | 96.5 × 46 mm | Fr.1303 | [[File:US-Fractional (4th Issue)-$0.25-Fr.1303.jpg|150px|alt=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 | | | | | | | | | | | | | | | | | | | | | | | | | | | Fourth issue | 106 × 47 mm | Fr.1374 | [[File:US-Fractional (4th Issue)-$0.50-Fr.1374.jpg|150px|alt=fifty-cent fourth-issue fractional note]] | Abraham Lincoln | 1374 – Large seal; watermarked; silk fibers (pink) 1375 – Delisted Friedberg number | | | | | | | | | | | | | | | | | | | | | | | | | | | Fourth issue | 103 × 46 mm | Fr.1376 | [[File:US-Fractional (4th Issue)-$0.50-Fr.1376.jpg|150px|alt=fifty-cent fourth-issue fractional note]] | Edwin Stanton | 1376 – Small red seal; silk fibers (violet); blue end paper | | | | | | | | | | | | | | | | | | | | | | | | | | | Fourth issue | 95 × 52 mm | Fr.1379 | [[File:US-Fractional (4th Issue)-$0.50-Fr.1379.jpg|150px|alt=fifty-cent fourth-issue fractional note]] | Samuel Dexter | 1379 - Green seal; silk fibers (light violet); blue end paper | | | | | | | | | | | | | | | | | | | | | | | | | | | Fifth issue | 81 × 51 mm | Fr.1265 | [[File:US-Fractional (5th Issue)-$0.10-Fr.1265.jpg|150px|alt=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) | | | | | | | | | | | | | | | | | | | | | | | | | | | Fifth issue | 88.5 × 51.5 mm | Fr.1308 | [[File:US-Fractional (5th Issue)-$0.25-Fr.1308.jpg|150px|alt=Twenty five-cent fifth-issue fractional note]] | Robert Walker | 1308 – Long, thin key (in Treasury seal) 1309 – Short, thick key (in Treasury seal) | | | | | | | | | | | | | | | | | | | | | | | | | | | Fifth issue | 109.5 × 53.5 mm | Fr.1381 | [[File:US-Fractional (5th Issue)-$0.50-Fr.1381.jpg|150px|alt=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
::figure[src="https://upload.wikimedia.org/wikipedia/commons/b/b4/US-Fractional_(3rd_Issue)-$0.15-Fr.1274-SP.jpg" caption="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). Both Spinner and Clark decided to have their portrait depicted on currency, which created controversy. Republican Representative Martin R. Thayer of Pennsylvania was an outspoken critic, suggesting that the Treasury's privilege of portrait selection for currency was being abused. On April 7, 1866, led by Thayer, 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." 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.
References
Notes
References
Books and journals
References
- Cuhaj, p. 401.
- Kravitz
- (March 5, 1989). "Pastimes: Numismatics". The New York Times.
- Anderson, p. 303.
- Reed, p. 298.
- Mitchell, 1903, pp. 27–32.
- Mitchell, 1902, p. 537.
- Mitchell, 1903, pp. 37–38.
- Mitchell, 1902, p. 552.
- Mitchell, 1903, p. 41.
- Mitchell, 1902, p. 540.
- Mitchell, 1902, p. 553.
- Mitchell, 1902, p. 554.
- Blake, p. 32.
- Knox, p. 104.
- Spaulding, Elbridge Gerry. (1869). "History of the Legal Tender Paper Money issued during the Great Rebellion". Express Printing Co..
- "History Timeline". Bureau of Engraving and Printing.
- Knox, p. 103.
- Friedberg & Friedberg, p. 174.
- Reed, p. 302.
- Friedberg & Friedberg, p. 182.
- Knox, pp. 104 and 109.
- 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.
- (2005). "Heritage Currency Auctions – Central States 2005". Ivy Press.
- Friedberg & Friedberg, p. 178.
- "BEP Directors – Spencer M. Clark". Bureau of Engraving and Printing.
- Cuhaj, p. 407.
- "Portraits & Designs". U.S. Treasury Website.
- (March 29, 1866). "Congress". Joseph H. Richards.
- Rothbard, p. 126.
- National Monetary Commission, p. 191.
- Friedberg & Friedberg, p. 183.
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