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The Fractional Currency 10 cents 1863 Fourth Issue FR#1257-1261 G-VG is an important part of U.S. currency history, representing the fourth series of fractional notes issued during the Civil War and post-war period. Fractional currency was introduced as a solution to the widespread coin shortage caused by the conflict, which made it difficult for individuals and businesses to conduct small transactions. The 10-cent denomination, issued as part of the Fourth Issue, was one of several small-denomination notes that played a crucial role in everyday commerce during this time. Although the Fourth Issue was produced in large numbers, high-grade examples such as the one described here are rare, making this note a sought-after piece among collectors and enthusiasts of U.S. paper money.
The history of fractional currency dates back to 1862, when the U.S. government, faced with a scarcity of small coins, authorized the issuance of paper money in fractional denominations. These notes were used to fill the gap created by the lack of small-denomination coins like pennies, nickels, and dimes, which were needed for routine transactions such as paying for goods or services. The Fourth Issue of fractional currency, released in 1863, included various denominations ranging from 3 cents to 50 cents. The 10-cent note, listed as FR#1257-1261, is part of this series, which continued the efforts to stabilize the U.S. economy and ensure the smooth functioning of trade during and after the Civil War. The Fourth Issue is notable for introducing several design elements that would become common in U.S. paper currency, including the use of intricate security features to prevent counterfeiting.
The design of the 10-cent fractional note from the Fourth Issue is distinctive and reflects the artistic standards of the era, with a central focus on the denomination and symbolic elements of the nation’s identity. The obverse of the note prominently features a portrait of the famous portrait artist, Martha Washington, who was chosen for her role in American history as the wife of George Washington, the first President of the United States. Martha Washington was one of the first women to be featured on U.S. currency, and her image became synonymous with the ideals of patriotism and national unity. The portrait of Martha Washington is encircled by ornate borders that contain fine details, which not only enhance the aesthetic appeal of the note but also serve as a deterrent to counterfeiters. The text “FRACTIONAL CURRENCY” and the large "10" are prominently displayed, making the note easily recognizable as a 10-cent piece. Additionally, the inscriptions “UNITED STATES” and “TEN CENTS” clearly identify the note’s value and its backing by the U.S. government.
The Fractional Currency 10 cents 1863 Fourth Issue was produced by the Bureau of Engraving and Printing, the U.S. government agency responsible for printing all paper currency at the time. The Bureau employed highly skilled engravers to create the intricate designs seen on the note, ensuring that each feature, from the portraits to the geometric patterns, was carefully crafted to prevent duplication by counterfeiters. The notes were printed using engraving plates that featured fine details, such as intricate borders, text, and small elements designed to thwart forgery. The Fourth Issue of fractional currency, including the 10-cent note, was produced in large quantities to meet the demand for small-denomination paper money. While millions of these notes were issued, the high rate of circulation meant that most examples were heavily worn, making well-preserved examples rare.
The mintage of the Fractional Currency 10 cents 1863 Fourth Issue is difficult to pinpoint precisely, but it is known that large quantities of these notes were issued to meet the demand for small-denomination currency. The notes were used extensively in everyday transactions, from purchasing goods to paying for postage, making them an essential part of daily life during the Civil War and the Reconstruction era. However, due to their widespread use, many notes became worn, folded, or damaged over time. The heavy circulation of these notes meant that surviving examples, particularly those in higher grades, are scarce and highly valued by collectors. Notes in higher grades, such as the G-VG condition described here, are considered rare, as most of the notes saw significant circulation and wear during their time in use.
The condition of the 10-cent fractional note from the Fourth Issue, graded G-VG (Good to Very Good), reflects its age and the wear it endured during its time in circulation. A note in this condition will show signs of handling, such as folds, creases, and some discoloration. While the note may have some minor tears or staining, the overall design and central features, such as the portrait of Martha Washington and the “10” denomination, will still be identifiable and legible. The note’s edges may be worn, and the paper may have softened with age, but the note will retain much of its historical integrity. While not as pristine as Uncirculated examples, notes in G-VG condition are still highly collectible and serve as important reminders of the past.
Due to the high circulation of fractional currency during the Civil War and Reconstruction periods, notes from this era are often found in lower grades. As a result, high-quality examples such as those in G-VG condition are considered valuable. The rarity of these notes in better condition is what makes them so sought after by collectors and numismatists. The historical significance of fractional currency, combined with the unique design features and the role the notes played in the U.S. economy during a tumultuous period, ensures their place as essential items for collectors of U.S. paper currency.
In conclusion, the Fractional Currency 10 cents 1863 Fourth Issue FR#1257-1261 G-VG is a highly collectible piece of U.S. currency with a rich history tied to the Civil War and the need for small-denomination currency. The design, featuring a portrait of Martha Washington and intricate security features, reflects the artistry and craftsmanship of the era, while the note’s role in facilitating everyday transactions during a time of coin shortages highlights its importance in U.S. monetary history. Though this particular note shows signs of wear, its survival in G-VG condition makes it a valuable item for collectors, and its rarity in this state ensures its desirability in the world of numismatics.