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50 Cents 'Fractional Currency' - 4th issue
| Issuer | United States Treasury |
|---|---|
| Year | 1863-1875 |
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| Reference(s) | P#119 |
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|---|---|
| Obverse lettering | UNITED STATES Fractional Currency FIFTY 50 CENTS Receivable in payment of all United States Stamps American Bank Note Co. N.Y. |
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| Variants | P#119a - with watermark P#119b - without watermark |
| Comments |
Fourth Issue Fractional Currency emerged from a genuine supply crisis: the Coinage Act of 1864 had driven silver coins out of circulation almost entirely, hoarded by a public that didn't trust paper in wartime. The Treasury's solution was to print small-denomination notes in enormous quantities, and the 50-cent denomination in this series ran well into the billions of impressions across its twelve-year production run.
The American Bank Note Company's involvement brought a level of intaglio craft unusual for emergency small-change notes. Still, heavy circulation took a predictable toll — Fourth Issue fractionals are routinely found with soiling and edge wear, and genuinely crisp survivors command significant premiums precisely because the notes were handled constantly as everyday pocket change.