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The Fractional Currency 10 Cents 1862 First Issue FR#1242 is a captivating piece of American numismatic history that reflects the ingenuity and adaptability of the U.S. government during the Civil War. Introduced to address the coin shortage that emerged as a result of the war, fractional currency was a crucial innovation designed to facilitate everyday transactions. The 10-cent note from the First Issue exemplifies this creative response to economic challenges, serving both as a functional piece of currency and as a collectible for enthusiasts.
The history of fractional currency began during the Civil War when the hoarding of coins and a lack of small denominations created significant difficulties for commerce. In 1862, the U.S. Treasury decided to issue paper notes to replace the missing coins, allowing for transactions that would otherwise be impossible. The introduction of fractional currency aimed to ensure that citizens could engage in daily commerce without being hindered by the scarcity of coinage. The 10-cent note was among the first to be issued, making it a vital part of the U.S. monetary system during this turbulent period.
The design of the Fractional Currency 10 Cents 1862 First Issue FR#1242 is both artistic and representative of the time. The obverse features a detailed portrait of a farmer, symbolizing the agrarian roots of the United States and emphasizing the importance of agriculture in the nation’s economy. This imagery connects the currency to the everyday lives of Americans, reflecting their values and aspirations. Surrounding the central vignette, inscriptions prominently display the denomination “TEN CENTS” and the year of issue, ensuring that the note's value is unmistakable.