Treasury (Coin) Note

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United States Fractional Currency notes were issued by the U.S. Government during and after the U.S. Civil War due to the hoarding and shortage of coins in gold, silver and copper in denominations of 3, 5, 10, 15, 25 and 50 cents.These notes were postage stamps which were in use until 1876 and were redeemable by the U.S. Postal Office at face value. A controversy happened on the third issue of the 5 Cent Notes, Spencer M. Clark the first superintendent of the National Currency Bureau (now the U.S. Bureau of Engraving and Printing) had his portrait printed on the fractional note, a practice barred by law (the currency can portray notable U.S. citizens only after at least two years have followed the subject's death.)

United States Treasury Notes were maturity based printed money popular during the late 19th and early 20th centuries. Printed denominations are fractions of a dollar, or coins.

Fractional Currency notes were issued from August 21, 1862 through February 15, 1876. U.S. Secretary of the Treasury Salmon P. Chase proposed to authorize postage stamps of some type as a new currency. Much of the public were using stamps as in lieu of change due to a severe shortage of coins. The post office did not like selling stamps for currency and they did not provide refunds for soiled stamps. Congress and President Lincoln approved the Postage Currency Act on July 17, 1862, which authorized an issue of 5, 10, 25, and 50 cent notes. The 1st Issues became known as Postage Stamp Currency because they bore facsimiles of the then current 5 and 10 cent postage stamps. Postage Currency (1st Issue) were never legal tender but could be exchanged for United States Notes in $5 lots and receivable in payment of all dues to the United States, up to $5. In the first few months of production, the sheets were perforated like stamps. These sheets were sold to banks and the public in sheets and you could tear off the notes needed with ease. The perforating machine could not keep up with the heavy demand so the banknote company started producing plain sheets that were cut with scissors. In 1863, Secretary Chase asked for a new Fractional Currency that was harder to counterfeit than the Postage Currency. The new Fractional Currency notes were different from the 1862 Postage Currency issues. They were more colorful with printing on the reverse.

Face of a three cent note.	Back of a three cent note.	Face of a five cent note.	Back of a five cent note.
Face of a ten cent note.	Back of a ten cent note.	Face of a 15 cent note.	Back of a 15 cent note.
Face of a 25 cent note.	Back of a 25 cent note.	Face of a 50 cent note.	Back of a 50 cent note.

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v • d • e Obsolete United States currency and coinage
Topics	United States coinage · United States dollar · History of the United States dollar · Large denominations of currency
Coins	Half cent · Large cent · Two-cent piece · Three-cent piece · Half dime · Twenty-cent piece · Trade Dollar
Gold Coins	Gold dollar · Quarter Eagle ($2.50) · Three-dollar piece · Stella ($4) · Half Eagle ($5) · Eagle ($10) · Double Eagle ($20)
Currency	Compound Interest Treasury Note · Demand Note · Federal Reserve Bank Note · Gold Certificate · Interest Bearing Note · National Bank Note · National Gold Bank Note · Refunding Certificate · Silver Certificate · Fractional currency · Treasury or 'Coin' Note · United States Note