The times. [volume] (Washington [D.C.]) 1897-1901, 1900-04-15
OLD FASHIONED MONEY
r exemption of the ''Shinplasters"
of DAYS Gone By.
Many Interesting Facts Concerning
Tbj. Paper Fractional Currency
Brought to LiGht-Scarcity OF Sill
yer Made Its Value Appreciabie-
Convenience in RemittinG by Mall.

Many interesting facts may be dug out
| of the dry statistical pages of Government
| reports. if one will only take the trouble
| to dig. 1t is rather interesting 10 note,
| for instance, that during the fiscal year
| ended June 80, 1899, the Government re-
deemed 1920 bits of paper that once dld
service as fractional currency in the cir
culation OF the country. The recent Ie-
| port of Register Judson W. Lyons OF the
Treasury, furnishes that information, ana
more that follows:
good many people will remember the
| little pieces of paper money used during
| the civil war period and for more than
ten years afterward, in place of fractional
silver coin, for there was no coin, even
the little copper cents being so scarce
that merchants and corporations took 10
issuing stamped tokens. with various
legends. the most familiar being, Not
One Cent" The fractional paper currency
was usually called shinplasters, and it
was responsible for no end Of profanity.
1t was the custom TO carry wad OF the
stuff in the vest pocket, and in the sum
mer time; when white laundered vests
were more in fashion than in recent years,
ii was the fate of many wad OF shin
plasters" to be done up with the vest, and
the owner found only a mass of dry pulp
in the pocket when his vest came home
from the wash.
It was also the fate of many wad to
be snatched by the wind from careless
fingers and be scattered broadcast while
the perpleyed owner stood in a quandary,
not knowing which way TO start upon the
chase for his fleeing cash.
But fractional currency had one recon-
mendation; ii was the handiest thing fer
sending through the mails. Any frac-
tional sum from three cents up could be
sent in letter with little RISK OF lts
presence being suspected by any dishonest
postal employe. 1t gave great incentive
to the mail order business OF retail houses
More than $3.50, 900 coo OF fractional cur
rency has been in circulation and redeemed
at one time or another, but about s12,0OO,-
coo is still unredeemed. one half of which
it is estimated has been destroyed. Last
year, however. the Government redeemed
Is 216 pieces. the aggregate value of which
was S3.3434S. There were POI three-cent
pieces 629 five-cent pieces, 6,4S6 ten-cent
pieces. 236 ffteen-cent pieces, 4,s2S twen-
ty-five-cent pieces, and 1880 fifty-cent
pieces There were specimens of every de-
nomination. t' go 81.
1t has been nearly twenty-five years
since the Government issued any fractional
paper currency; some Of the notes re-
deemed last year had been outstanding
probably thirty to thirty-five years. The
individual history Of each of these bits OF
money, from the time Of issue to the day
of redemption, would be more readable
than fiction
But the. Treasury Department also Ie-
deemed other antique specimens of money.
OF the old demand notes. not one OF which
has been issued in nearly forty years, it e.
deemed twenty fiye-dollar bills five ten
dollar bills. a total of $3.50. 1t also Ie-
deemed one ten-dollar one-year Treasury
note of 1863, and one twenty dollar note,
both OF which have been outstanding since
1863 TtstS FsSb az
How many people there are who never |
saw compound interest motel Babies |
born when the last Of these notes was is
sued are or might be men OF family now.
The Government redeemed twenty six of |
these notes-nine $40 each. eleven $40 |
each, five $50 each, a total OF $500. These |
notes once bore interest at per cent, |
compounded annually, but for thirty-fve |
years they have not carried interest. Had |
interest run until now those notes would |
be worth 5000. but the owners kept them |
hidden away and they have yielded moth !
ing in all the thirty-five years.
No time can be said to limit the life OF |
a note. 1t may be buried for a century, |
but eventually somebody unearths it and |
its existence is revealed, Continental |
notes, for which there is no redemption. |
are yet to be found outside Of collections, |
and notes of banks which failed fifty years |
ago are in repose in the pocketbooks or |
strong boxes of oldest citizens. In the |
year 1000 specimens of the currency issued |
by the late Confederacy will be found in |
out of theway hooks, and new evidence |
of the tenacity of life of paper money will |
be found and commented upon.