Postal currency

Postal currency

Postal Currency, or Postage Currency, was a series of US Post Office notes printed in 5¢, 10¢, 25¢, and 50¢ denominations issued on August 21, 1862 and used until May 27, 1863. They were valid for redemption of postage stamps and, while not actually valid as legal tender, they could be exchanged for United States Notes in $5 lots and receivable in payment of all dues to the United States, up to $5. Essentially, they were postage stamps printed on Treasury paper.

When the American Civil War broke out, many people started hoarding coins. There was a near universal fear that paper currency would become worthless, especially to the losing side. Deprived of coins with which to make change, many businesses issued their own notes, tokens, or similar printed matter as a way of making change. The 5¢ and 10¢ notes depicted the same pictures as the postage stamps that were current at the time with Thomas Jefferson and George Washington. The 25¢ and 50¢ denominations simply had 5 images of the smaller denomination stamps pictured on one note. [ [http://www.journalofantiques.com/June04/coinsjune04.htm U.S. Paper Money of the 19th Century] (retrieved 15 June 2007)]

These Postal Currency notes remained in use until 1876 when Congress authorized the minting of fractional silver coins to redeem the outstanding paper postal currency.

ee also

* Scott Stamp Catalog
* Treasury (Coin) Note

References

External links

* [http://www.usmarshals.gov/history/counterfeit/counterfeit.htm U.S. Marshals: Catching Counterfeiters]
* [http://books.google.com/books?id=2AaJra9gtSUC&pg=PT4&lpg=PT4&dq=%22postal+currency%22&source=web&ots=PmboT9ERAV&sig=_LzXnNVHO5GnoG_L-VC2W-D0X3g United States Paper Money: Fractional Currency — Its Origins ] (books.Google.com)
* [http://home.earthlink.net/~icepick119/page8.html U.S. Issued Fractional Currency: 1st Issue were the postage currency notes]


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