The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-10
DENOMINATIONS AND ISSUES
SPECIMENS THAT HAVE VALUE IN
THE EYES OF COLLECTORS.
Treasury still Called on to Redeem
These "ShinpIasters'-Sets Of Them
Cherished as CuriOs.
of the IndianapolI. Journal


OF the fractional currency so COM
mon in this country from 1862 until the
middle OF the seventies that the recipient
would refuse it on the ground that 1t was
either spurious or a piece OF Confederate
money. There are thousands to-day who
have never seen a specimen Of this cur
rency. And yet only few years ago it
was in everyone's hands. used as a medium
for all sorts OF trade, and carried with 1t
one OF the most prosperous periods this
country has ever known-at least, accord
ing to the view taken by old-timers of the
decade following the late unpleasantness.
There is more Of this fractional curren-
cy floating around at even this late day.
however. than one would imagine at first
thought OF course there is very little
that finds its way into the channels of
trade. but every now and then piece or
IL hobs up. and unless II comes into the
hands of an old-timer, to whom it recalls
thousand-fold memories. 1t generally
causes a controversy the spot A con-
siderable amount is redeemed at the
Treasury Department every year and the
amount so redeemed showed perceptibly
the effect Of the hard times early in the
nineties. The dearth Of ready money
forced those who boarded their pocket
pieces 90 go down into their stockings in
the hunt for coin, and for some reason
the amount presented at the Treasury De-
partment during the fiscal year just ended
is larger than for some time past. In a
few years treasury officials expect that the
amount redeemed each year will dwindle
TO a very few thousand dollars. and when
this state Of affairs is reached It is prob
able that IN a short time the notes will
stop coming in altogether, their holders
preferring to keep them as souvenirs. heir
looms, or sell them after added years have
given them increased values as curios. The
whole amount outstanding as a debt
against the government at this time is only
a few millions of dollars
USED IN a PROSPECTIVE TIME.
While there are so many persons who are
not familiar with this money there are very
many left to whom IT recalls vivid mem
cries. When the years are reckoned. It Is
not so long ago that this medium OF ex-
change was much in evidence. and along
with the memory OF 1t comes the thought
of the countless advertising schemes that
were based upon a suitable pocketbook or
holder for this fractional or postal cur
rency. Many of those to whom the tiny
notes are known will aver in no weak tones
that when the currency flooded this coun-
try that period was the most prosperous
In their recollection. Certain il was, they
say, that every one had money and plenty
OF it-at least so far as actual quantity OF
paper went.
The first issue OF the fractional currency
was made under an act Of Congress author
king the same, passed July II. 1862. and
s2O.215635 was put In circulation IN denom-
nations of 5, 10, Is and so cents. The SEQ
ond issue and all subsequent issues were
made under an act passed March g. 1865.
In the second issue the denominations were
the same IN the first, the amount being
S23164. S4S.65. A new denomination was in
troduced In the third issue-the Scent note
and the amount issued was nearly twice
as much as that already in use under the
two former issues-SS6. lis. 02S.S0. In this
last issue there were two 5O-cent notes. a
rare occurrence, in the same series. One
has a picture of Justice and the other a
portrait OF Spinner. the latter being a rare
specimen OF the currency. The Scent note
and this 50-cent note form two OF the
hardest specimsns-in the vernacular Of
the coin and stamp coliectOr-to obtain.
In the fourth issue there were three
series. the first carrying 10. IS. % and 90
cent notes, and the other two series ad-
Aiticnal 50-cent notes. The 15-cent note
made its first appearance through this issue.
The amount put in circulation under this
issue was s175567. OS2. The last issue car
ried but three denominations. the 10, %
and 50-cent notes, and the issue amounted
TO So. 661. 900.
The notes OF the first three issues were
not very artistic and were TOO small. with
the exception OF the two 55-cent notes in
the third issue. The last two issues were
really beautiful specimens OF the art OF
engraving and banknote printing. the notes
OF the fifth resembling the familiar treas
ury note OF to-day in miniature.
FIRST ISSUES CRUDE
The first issue was crude in workman
ship, the prevailing colors being brown
and green, while the heads Of jefferson
and Washington, none too well executed
adorned the notes. Washington's portrai
appeared OF the notes of the second issue
which was noticeable on account OF tn
gilt ring used as a sort of stamp. Tn
colors OF the notes were varied-brown
green. red and purple. The portraits o
the third issue were those OF Washington
Clark. Fessenden. Justice and Spinner
The fourth issue gave the first evidenc
OF any artistic ability on the part of tn
governments employees, one OF the note
being adorned with handsome vignettes o
the Goddess OF Liberty. while others ha
the portraits Of Washington. Lincoln. Stan
ton and Dexter. This was the first issu
that the government used the familiar sea
that resembles the one used on the treas
ury note OF to-day The fifth issue wa
very artistic IN its get up and had the por
traits OF Meredith. Crawford and Walker.
There are some specimens OF this cur
rency which. ia the eyes OF the coin col
lector, are worth very much more than IN
others. A i5-cent note. with the heads c
Grant and Sherman. is very valuable.
the O-cent note. with the head OF Spinne
and red back Some OF the notes tina
are not especially valuable triple thei
have red backs. The 15-cent note cite
above Is the most valuable note In IN
whole set OF fractional currency. Othe
notes become valuable II provided with
written instead OF an engraved signature
In the first issue there were two kinds 4
edges. one set with perforated edge an
one with the regulation straight edge. eac
~et having different value. Some Of IN