50 Cents

Liberia's 1876 fractional currency was issued by the national Treasury rather than a commercial bank — a reflection of how thin the formal banking infrastructure was at the time. The republic had no chartered bank of issue until the twentieth century, so the Treasury filled the gap directly, producing low-denomination notes to address a chronic shortage of small change that plagued everyday commerce in Monrovia and the coastal settlements.

Pick 11 is among the rarer pieces from this series. Few examples have surfaced in documented collections, and the precise printer has not been conclusively established in the literature.