5-Cent United States Fractional Currency Collection // Set of 5 // PMG Certified

Most individuals today are highly surprised to hear of genuine U.S. paper currency with a face value of under one dollar, yet this was not always so. During the early years of the Civil War, banks suspended payments of metal coin—an act which led to a premium on all coins remaining in circulation. Coins were immediately hoarded and guarded by the public and all but disappeared from circulation. This was intolerable because it was impossible for merchants to give small change to their customers, resulting in reversion to an antiquated barter system. Accordingly, Congress passed the Act of July 17, 1862 which authorized an emergency issue of 5, 10, 25, and 50 Cent paper notes. These became known as Postage Currency, because they bore similar designs to the contemporary 5 and 10 cent stamps.

The government authorized a total of 5 issues of this small currency over a 14-year period from 1862 to 1876 in denominations of 3, 5, 10, 15, 25, and 50 Cents. The later issues were known as Fractional Currency, but all issues of Postage and Fractional Currency could be redeemed for U.S. postage stamps. Congress later passed the Acts of January 14th, 1875 and April 17th, 1876, authorizing the redemption of Fractional Currency in actual silver coins. A total of 369 million dollars of this currency was issued and it is estimated that 2 million dollars remains outstanding, most of which is presumed to have been lost or destroyed. The few notes that remain in the hands of collectors are peculiar relics of a notoriously difficult period in American financial history.

You will receive the exact notes shown in the photos certified by PMG is excellent high grade condition across all specimens.