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Discussion - Member to Member Sales - Research Center
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04:11:04pm
The Postal Currency Certificates of 1862, later known as Fractional Currency, were introduced by the U.S. Treasury during the American Civil War to address a shortage of coinage. Here's the context:
Reasons for the Postal Currency Certificates
1. Coin Hoarding:
As the Civil War progressed, people began hoarding gold, silver, and even copper coins due to economic uncertainty. Coins were made of precious metals and were perceived as having intrinsic value, leading to their withdrawal from circulation.
2. Disruption in Commerce:
The lack of small change (coins) made everyday transactions difficult. Merchants and customers struggled to exchange goods and services, especially for small amounts.
3. Need for Alternative Small Denominations:
The Treasury needed a solution to provide small denominations for transactions without relying on metal coins.
Introduction of Postal Currency Certificates
- The first issue, starting in August 1862, featured designs resembling postage stamps, leading to their name "Postal Currency."
- They were essentially small-denomination paper money, with values like 5, 10, 25, and 50 cents.
- The designs included images of actual postage stamps to inspire trust and familiarity.
Transition to Fractional Currency
- The initial Postal Currency was poorly suited for handling and quickly wore out.
- By 1863, more durable and specially designed Fractional Currency replaced the Postal Currency. These notes were printed on stronger paper and featured more secure designs to prevent counterfeiting.
Significance
- Postal Currency and Fractional Currency kept commerce flowing during the Civil War by providing a practical substitute for coins.
- They are an important chapter in U.S. monetary history, illustrating the government's adaptability in a time of crisis.
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This is a note that I have. From the first of five issues. There were four denominiations. 5, 10, 25 and 50 featuring Jefferson and Washinton. They came in perforated and unperf. The perforated issues are at a bit of a premium. They get a bitmore scarce if you want an example with decent perfs all the way around. Skinned mark on the back from mounting. I like it. Civil War issue.
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03:53:24pm
new one for me - ebay has several for sale (NY Stamps). How were they used? Seems you could buy one and then exchange it for the stamps at a post office? Why not just go to the post office? They also look like they were more expensive to produce than the stamps! Thoughts?
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01 Jan 2025
04:11:04pm
re: Postal Currency Certs 1862
The Postal Currency Certificates of 1862, later known as Fractional Currency, were introduced by the U.S. Treasury during the American Civil War to address a shortage of coinage. Here's the context:
Reasons for the Postal Currency Certificates
1. Coin Hoarding:
As the Civil War progressed, people began hoarding gold, silver, and even copper coins due to economic uncertainty. Coins were made of precious metals and were perceived as having intrinsic value, leading to their withdrawal from circulation.
2. Disruption in Commerce:
The lack of small change (coins) made everyday transactions difficult. Merchants and customers struggled to exchange goods and services, especially for small amounts.
3. Need for Alternative Small Denominations:
The Treasury needed a solution to provide small denominations for transactions without relying on metal coins.
Introduction of Postal Currency Certificates
- The first issue, starting in August 1862, featured designs resembling postage stamps, leading to their name "Postal Currency."
- They were essentially small-denomination paper money, with values like 5, 10, 25, and 50 cents.
- The designs included images of actual postage stamps to inspire trust and familiarity.
Transition to Fractional Currency
- The initial Postal Currency was poorly suited for handling and quickly wore out.
- By 1863, more durable and specially designed Fractional Currency replaced the Postal Currency. These notes were printed on stronger paper and featured more secure designs to prevent counterfeiting.
Significance
- Postal Currency and Fractional Currency kept commerce flowing during the Civil War by providing a practical substitute for coins.
- They are an important chapter in U.S. monetary history, illustrating the government's adaptability in a time of crisis.
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re: Postal Currency Certs 1862
This is a note that I have. From the first of five issues. There were four denominiations. 5, 10, 25 and 50 featuring Jefferson and Washinton. They came in perforated and unperf. The perforated issues are at a bit of a premium. They get a bitmore scarce if you want an example with decent perfs all the way around. Skinned mark on the back from mounting. I like it. Civil War issue.
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