10 Cents- Series of 1874

Fractional or postage currency has a rich history. At the beginning of the Civil War people started hoarding coins for their precious metal content. Coins became difficult to find because of the hoarding. People started to try to use stamps instead of coins as a means of commerce. The government decided to help ease the hoarding problem by issuing “paper coins” also known as postage currency or fractional currency. Fractional currency was first issued on August 21, 1862 and they were last issued on February 15, 1876. Three cent, five cent, ten cent, twenty-five cent, and fifty cent notes were all issued. Fractional currency is physically smaller than other United States money. It also does not have a serial number. These fractional notes were issued between July 1874 and February 15, 1876. The portrait is of William M. Meredith.