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50 Cents 'Fractional Currency' - 4th issue
| Issuer | United States Treasury |
|---|---|
| Year | 1869-1875 |
| Type | Log in to see details |
| Value | 50 Cents (0.50 USD) |
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| Composition | Log in to see details |
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| Obverse description | The obverse bears a left-positioned portrait vignette of William H. Seward, former U.S. Secretary of State, with the denomination "FIFTY CENTS" printed centrally above a red Treasury Seal. The inscriptions "FRACTIONAL CURRENCY" and "United States" appear at the top, while the legend "RECEIVABLE FOR ALL UNITED STATES STAMPS" runs along the lower border, with the numeral "50" flanking the seal. |
|---|---|
| Obverse lettering | Log in to see details |
| Reverse description | The reverse presents a large intricate guilloche medallion on the right enclosing the numeral "50 CENTS", while the left portion carries the legal tender text stipulating exchangeability for United States Notes in sums not less than three dollars and acceptability for all dues to the United States less than five dollars, excluding customs. The imprint "AMERICAN BANK NOTE CO." appears at the bottom centre. |
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| Comments |
The Fourth Issue fractional notes emerged from a genuine production crisis. Earlier issues had suffered rampant counterfeiting and deterioration in circulation — the Treasury's response was to add bronze tinting to the face and a distinctive watermarked paper with embedded pink and blue silk fibers. The 50-cent denomination within this issue appeared in multiple varieties, with differences in the Treasury seal color (red versus green) and paper type creating distinct sub-varieties that collectors have parsed carefully ever since.
Fractional currency existed because the Civil War had driven coins entirely out of circulation — hoarded by a public terrified of paper. Congress never expected these notes to survive six years of heavy pocket use, and most didn't.