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<p>[QUOTE=&quot;doug444, post: 1608399, member: 38849&quot;]I&#039;ll stand by my original statement and analysis.&nbsp; Over 75% of the fractional currency (total about $360M) was issued AFTER the Civil War ended, beginning with a portion of the Third Issue.&nbsp; The entire Fourth and Fifth Issue appeared in 1869 ($166M) and 1874 ($63M) respectively.&nbsp; Even the Fourth Issue by itself was greater than the 1st, 2nd, and 3rd combined ($129M).&nbsp; </p><p><br /></p><p>Funding: greenbacks yes, fractionals (overwhelmingly) no.&nbsp; It was emergency currency due to the rapid hoarding of silver coins, the unintended result of the policy of suspended specie payments late in 1861.</p><p><br /></p><p>A side note of interest:&nbsp; &quot;Five issues of Postage and Fractional Currency in the total amount of&nbsp; $369 million were printed and released to circulation between Aug. 21,&nbsp; 1862, and Feb. 15, 1876, <u>when a flood of silver from the Comstock Lode</u>&nbsp; drove down silver bullion prices, reducing the intrinsic value of silver&nbsp; coins to a point below face, value, thereby insuring that they would&nbsp; remain in circulation. The silver price drop further augmented the&nbsp; supply of circulating silver by triggering a flow back to the United&nbsp; States ñ where they could be exchanged for their greater face value - <u>of&nbsp; the hundreds of millions of silver coins which had been exported to&nbsp; Canada, the West Indies and Latin America since 1862</u>.&quot;[/QUOTE]</p><p><br /></p>

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