Lichfield District Council
Banknote - 10 US Cents - Fractional Currency, Second Issue - Issued by US Treasury Department, USA - 1863- 1867 (Reverse) (6x5 cm)
Location: Lichfield District Council
Accession number: 1983.29.2rev
A 10 Cent banknote, issued by the US Treasury Department between 1863-1867.
This is an example of US Fractional Currency produced due to a shortage of gold and silver coins during the American Civil War of 1861- 1865.
The upheaval of the Civil War resulted in American people hoarding coins, which had an intrinsic value due to their gold and silver content. This resulted in a refusal to provide coins as change for paper notes, as coins were perceived to have a more lasting value than banknotes. In order to prevent the rapid devaluing of US paper money, the Treasury Department introduced paper fractional currency in values of $0.03, $0.05, $0.10, $0.25, $0.50 which could be used in lieu of coins.
The earlier issues of this fractional currency were also known as postage currency and bore images of stamps. This was because stamps were considered by the American public to have a set value, and so the Treasury attempted to link the new fractional currency to the intrinsic value of the stamp.
The Treasury Department produced five issues of these fractional currencies between 1862-1876. This particular note is a second issue 10 cent note, dating from 1863-1867.
The note features a central image of a bust of George Washington. The bust is surrounded by scenes of industry and bordered by legends bearing the note's value and name of issuer.
The reverse of the note bears a stylised numeral "10" upon a shield bearing the stars and stripes of the Northern, Union States. The shield is mounted by an eagle. The image is bordered by a legend explaining that large quantities of the note could be exchanged with the Treasury for higher denomination notes.
Banknote - 10 US Cents - Fractional Currency, Second Issue - Issued by US Treasury Department, USA - 1863- 1867 (Reverse) (6x5 cm)
Location: Lichfield District Council
Accession number: 1983.29.2rev
A 10 Cent banknote, issued by the US Treasury Department between 1863-1867.
This is an example of US Fractional Currency produced due to a shortage of gold and silver coins during the American Civil War of 1861- 1865.
The upheaval of the Civil War resulted in American people hoarding coins, which had an intrinsic value due to their gold and silver content. This resulted in a refusal to provide coins as change for paper notes, as coins were perceived to have a more lasting value than banknotes. In order to prevent the rapid devaluing of US paper money, the Treasury Department introduced paper fractional currency in values of $0.03, $0.05, $0.10, $0.25, $0.50 which could be used in lieu of coins.
The earlier issues of this fractional currency were also known as postage currency and bore images of stamps. This was because stamps were considered by the American public to have a set value, and so the Treasury attempted to link the new fractional currency to the intrinsic value of the stamp.
The Treasury Department produced five issues of these fractional currencies between 1862-1876. This particular note is a second issue 10 cent note, dating from 1863-1867.
The note features a central image of a bust of George Washington. The bust is surrounded by scenes of industry and bordered by legends bearing the note's value and name of issuer.
The reverse of the note bears a stylised numeral "10" upon a shield bearing the stars and stripes of the Northern, Union States. The shield is mounted by an eagle. The image is bordered by a legend explaining that large quantities of the note could be exchanged with the Treasury for higher denomination notes.