-
Inventory:
1 In Stock
- Product ID: 21694
Checkout
The Fractional Currency 10 cents 1862 First Issue FR#1242 UNC is a remarkable example of early U.S. paper money, particularly significant as part of the first series of fractional currency issued during the Civil War. As the war disrupted the production of coins, small-denomination currency became scarce, prompting the U.S. government to produce fractional notes to address the shortage. These notes, including the 10-cent denomination, were used to facilitate everyday transactions and maintain the flow of commerce. The 1862 issue is one of the earliest examples of fractional currency, marking a crucial moment in American monetary history, and this particular note, graded Uncirculated (UNC), remains highly desirable among collectors due to its excellent condition and historical value.
The introduction of fractional currency in the United States was a direct response to the severe coin shortages caused by the Civil War. As copper and nickel coinage became increasingly scarce due to the wartime economy and lack of mining operations, the U.S. Treasury sought to fill the gap with paper money. The First Issue of fractional currency, which included denominations such as 5, 10, 25, and 50 cents, was authorized by the U.S. Congress in 1862. The 10-cent note, identified by the catalog number FR#1242, was one of the most essential denominations in this series, being widely used for small transactions like postage, which at the time cost 10 cents. These notes were not only practical but played a key role in supporting the war effort by ensuring that everyday transactions could continue despite the lack of small coins.
The design of the 1862 10-cent fractional currency note, FR#1242, is a prime example of the artistic and security features that were incorporated into U.S. paper currency during the 19th century. The obverse of the note prominently features a portrait of the iconic portrait of Abraham Lincoln, the 16th president of the United States. Lincoln was an obvious choice to appear on U.S. currency given his leadership during the Civil War, and his presence on fractional currency was meant to reinforce the legitimacy and unity of the Union. The note also displays a bold "10" to denote its value, with "CENTS" printed beneath, making it immediately recognizable as a 10-cent note. Surrounding the central portrait is an ornate border with intricate geometric patterns designed to enhance security and make the note difficult to counterfeit.
The reverse side of the 1862 10-cent note continues the detailed and symmetrical design. At the center of the reverse is the denomination "10," emphasized by decorative flourishes. Above and below the numeral are inscriptions of "UNITED STATES" and "FRACTIONAL CURRENCY," which confirm the note’s status as a legitimate currency issued by the U.S. government. The reverse is framed by finely crafted borders, adding to the aesthetic appeal of the note and also serving as an additional security measure. This fine line work, along with the placement of the signature of the Treasurer and Register of the Treasury, further validates the note’s authenticity and strengthens its role in the broader context of U.S. currency during the Civil War.
As part of the First Issue of fractional currency, the 1862 10-cent note was printed by the Bureau of Engraving and Printing, the agency responsible for producing U.S. paper currency. This agency employed engraved plates that featured intricate designs to make counterfeiting difficult. The 10-cent note, like others in the First Issue, utilized finely detailed engravings, including small details such as geometric patterns, ornate borders, and carefully executed portraits, to prevent fraudulent reproduction. The Bureau’s efforts to create high-quality, secure currency ensured that the 10-cent note and other fractional currency remained a valid and trusted form of exchange during the war.
The minting and issuance of the 10-cent fractional currency notes in 1862 was a significant part of the U.S. government’s strategy to stabilize the economy during a period of crisis. The notes were issued in large quantities and circulated widely throughout the Union states, providing citizens with the means to conduct small transactions. While the exact number of 10-cent notes printed during the First Issue is not easily determined, the large-scale production of fractional currency notes meant that millions of these notes entered circulation. However, due to the practical nature of the currency, many of these notes were spent, lost, or damaged over time. As a result, high-grade, Uncirculated examples of the 1862 10-cent note are considered rare and highly valuable in the numismatic community.
In terms of condition, the 1862 10-cent fractional note graded as Uncirculated (UNC) is of exceptional quality. An Uncirculated grade indicates that the note has been preserved in near-perfect condition, showing no signs of wear, folds, or other damage that might have occurred from circulation. The colors are vibrant, and the details of the design, including the portrait of Lincoln and the fine line work, remain sharp and clear. The note has likely been kept in a protective environment since it was printed, which is why it retains its crisp, original appearance. Uncirculated notes are highly prized by collectors due to their rarity and the superior state of preservation, making them far more valuable than notes in lower grades.
The rarity of high-grade 1862 10-cent notes is a key factor in their desirability among collectors. Although millions of fractional currency notes were printed during the Civil War, most of them were used extensively in daily transactions, leading to significant wear and tear over time. Notes that were in circulation for many years often became tattered, creased, or stained, which makes finding one in Uncirculated condition a remarkable feat. As a result, the 1862 10-cent note in UNC condition represents a rare opportunity for collectors to acquire a historically important piece of U.S. paper currency in excellent condition.
The 1862 10-cent fractional currency note holds both historical and numismatic significance. Not only was it part of the U.S. government’s effort to address the coin shortage during the Civil War, but it also reflects the evolution of American paper currency. The use of fractional currency helped stabilize the U.S. economy during a time of great turmoil and ensured that citizens had the means to carry out even the smallest of transactions. Today, the 1862 10-cent note remains a vital piece of U.S. currency history and is a desirable collectible for both numismatists and history enthusiasts.
In conclusion, the Fractional Currency 10 cents 1862 First Issue FR#1242 UNC is an exceptional example of early U.S. paper currency. It is a historically significant note, produced during the Civil War as part of the U.S. government’s response to the shortage of small-denomination coins. The note’s design, which includes a portrait of Abraham Lincoln and intricate border patterns, showcases the artistry and craftsmanship of the time. The high-grade Uncirculated condition of this note makes it an especially rare and valuable collectible, reflecting its well-preserved state and the importance of fractional currency in U.S. monetary history. As a result, the 1862 10-cent note remains a highly sought-after piece for collectors and a testament to the ingenuity of the U.S. government during a period of great financial strain.