Treasury (Coin) Note
- Treasury (Coin) Note
United States Fractional Currency notes were issued by the U.S. Government during and after the U.S. Civil War due to the hoarding and shortage ofcoin s ingold ,silver andcopper in denominations of 3, 5, 10, 15, 25 and 50 cents.These notes were in use until1876 and were redeemable by the U.S. Postal Office at face value in postage stamps. A controversy happened on the third issue of the 5 Cent Notes, whenSpencer M. Clark , the first superintendent of the National Currency Bureau (now theU.S. Bureau of Engraving and Printing ) had his portrait printed on the fractional note, a practice barred by lawFact|date=June 2008 (the currency can portray notable U.S. citizens only after at least two years have followed the subject's death.)Fractional Currency notes were issued from August 21, 1862 through February 15, 1876.
U.S. Secretary of the Treasury Salmon P. Chase proposed to authorizepostage stamp s of some type as a new currency. Much of the public were using stamps in lieu of change due to a severe shortage of coins. The post office did not like selling stamps for currency and they did not provide refunds for soiled stamps. Congress and President Lincoln approved the Postage Currency Act on July 17, 1862, which authorized an issue of 5, 10, 25, and 50 cent notes. The 1st Issues became known as Postage Stamp Currency because they bore facsimiles of the then current 5 and 10 cent postage stamps. Postage Currency (1st Issue) were never legal tender but could be exchanged for United States Notes in $5 lots and receivable in payment of all dues to the United States, up to $5. In the first few months of production, the sheets were perforated like stamps. These sheets were sold to banks and the public in sheets and you could tear off the notes needed with ease. The perforating machine could not keep up with the heavy demand so the banknote company started producing plain sheets that were cut with scissors. 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.Fractional currency was succeeded by
postal notes that were issued on Monday,September 3 ,1883 .ee also
*
Postal notes
*Treasury note
*Federal Reserve System
*United States Department of the Treasury
Wikimedia Foundation. 2010.
Look at other dictionaries:
Demand Note — This article is about the Demand Notes issued by the U.S. government. For demand note referring to any promissory note that is payable on demand, see promissory note. Top row: The distinctive green ink used on the backs of Demand Notes gave rise… … Wikipedia
Compound Interest Treasury Note — US Compound Interest Treasury Note $50 Compound Interest Treasury Notes were emissions of the United States Treasury Department authorized in 1863 and 1864 with aspects of both paper money and debt. They were issued in denominations of $10, $20,… … Wikipedia
Bank of England note issues — The Bank of England, which is now the Central Bank of the United Kingdom, has issued banknotes since 1694. Since 1970, its new series of notes have featured portraits of British historical figures. Of the eight banks authorised to issue banknotes … Wikipedia
Dollar (United States coin) — Infobox Coin Country = United States Denomination = Dollar Value = 1 Unit = U.S. dollar Mass troy oz = 0.260 Mass = 8.100 Diameter inch = 1.043 Diameter = 26.5 Thickness inch = 0.079 Thickness = 2.00 Edge = Plain w/ incused inscriptions… … Wikipedia
United States $1 Coin Act of 1997 — The United States $1 Coin Act of 1997 was legislation passed by the United States Congress providing for a redesigned gold colored coin with a distinctive new rim. A major purpose of the Act was to allow for the replacement of the Susan B.… … Wikipedia
Federal Reserve Note — A Federal Reserve Note (FRNs or ferns, commonly referred to as U.S. paper money, or bills, and not to be confused with Federal Reserve Bank Note ) is a type of banknote issued by the Federal Reserve System and is the only type of U.S. banknote… … Wikipedia
United States Note — A United States Note (known popularly in its day as a greenback ) is a fiat paper currency that was issued directly into circulation by the United States Department of the Treasury. These bills of credit were also known as Legal Tender Notes… … Wikipedia
Sovereign (British coin) — A Gold Sovereign is a gold coin first issued in 1489 for Henry VII of England and still in production as of 2008.cite web |url=http://www.royalmint.com/RoyalMint/web/site/PackedSets/SV07.asp?orderby= pg= thumb=3 |title=2007 Gold Proof Sovereign… … Wikipedia
Large cent (United States coin) — Obverse and reverse of a 1794 large cent in the Liberty Cap series. The United States large cent was a coin with a face value of 1/100 of a United States dollar. Its diameter varied between 27mm and 29mm. The first official mintage of the large… … Wikipedia
Stella (United States coin) — Stella Value: 4.00 U.S. dollars Mass: 7.00g Diameter: 22.0 mm Thickness … Wikipedia