INTRODUCTION

The Civil War (1861-65) caused widespread hoarding of coins and the diversion of metals to support the war effort. Retail businesses needed to find substitutes for small change to keep their doors open including paper scrip, stamps and tokens. Because stamps were government-issued and held intrinsic value as postage, they were a natural choice. Unfortunately, they did not fare well in circulation. However, the scarcity was so great that U.S. Treasurer, Joseph Spinner, urged Congress to authorize fractional paper currency to ease the shortage of stamps and small change. From 1862 to 1876, $368,000,000 in fractional currency was issued in 3¢ to 50¢ denominations through five series.