50 Cents 'Fractional Currency' - 4th issue

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.