Fractional Currency- Why Not as Popular?

HnstAbe:

Fractional Currency is a truly interesting subject! When I first began collecting Paper Money my initial goal was to assemble the 4th Issue of fractionals as well as the 5th Issue.

It all starts back during the start of the Civil War when coin was hoarded to the point where the gradual withdrawal from circulation had a severe impact. After the suspension of specie payments in December 1861,it was difficult to provide changefrom these small silver coins,this, along with an out cry from the people created a necessity for fractional currency authorized by our National Government.

July 17, 1862 there was an Act authorized for payment in stamps and required the Sec of the Treasury to furnish said stamps.
It was the latter part of August 1862 when the Post Office Department made the first delivery to the Treasury Department and circulation began. From this time point on, the entire charge of the printing and distribution was assumed by the Treasury Department.
This lead to the birth of what we now know as the Bureau of Engraving and Printing. Spencer Morton Clark was it's first chief and the currency of the United States of America is for the first time printed not using established Banknote Companies.

It would take a while to write out the whole thing but this synopsis will provide you with a starting point. Also click the links to a few thread that have images and presentations on the beginning of the BEP.

Enjoy..
http://www.cointalk.com/t79816/

http://www.cointalk.com/t80818/

RickieB

 

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That,s why i use tpg! That problem for the most part is eliminated!

 

There is plenty of fractionals out there. Go to the Fun show or look at the Heritage Auction and take a look.
Yes if you want a Grant Sherman or a Shield you will have more of a problem but most are very readily avaliable.

I dont think there are counterfeit in the market much and the above post I think he was refering to confederate's being counterfeited.

And 3rdly if you dont mind a lower grade set you can get many of these for a rather cheap price.

There is plenty of collectors of these out there and in my opinion there are not alot of different ones. There are many signature combo's like on the Justice note but if you just want a type I think it is a great set to get. Most people know nothing about them and are wow'd at notes that are less then $1 and the size and the way they look. And to show someone a full set regardless of the quality is a great thing. Even a warn note will get a comment like "how is it in such a good shape after all these years".

 

Rickie, thanks again for the knowledge...I think I learn something every time you post. One quick question...any easy ways to detect counterfeits in fractionals? Like I posted the other day, just picked up my first fractional (1874 .25c) and I think I'm gonna start collecting them for a while, see where it goes and all ya know? So just wondering what to watch out for.

Jarrid

 

You are correct Duke. The counterfeits notes were the Confederate notes that I was referring to, and that I only have two of. I like the fractionals, because they are different.-O)

 

I was also wondering this, Jarrid. Here's a Link to a website that has decent information on the subject.

http://uns0uled.com/cft.html

 

Jarrid:

What I recommend to you is the 6th Edition (or later) of the encyclopedia of United States Postage and Fractional currency by: Milton R. Friedburg.

This text covers all the aspects of Fractionals and I personally do not purchase a fractional without referencing this great work.

Spencer Morton Clark is also known to have developed the "Bronzing" (fine brass shavings with horse glue from what I have read.) on the fractionals as a counterfeit deterrent, all fractionals were heavily counterfeited as have been the majority of notes produced by the BEP.
That is an entirely different area that I am just beginning to look into...the ink development, the papers, the presses, the plates, the engraving, drawings, man it is mind boggling when you start to think about the vast area of counterfeiting.


Regards,


RickieB