Set Description:
Usually when I tell people that I collect fractional currency, I have to explain what fractional currency is as most folks are unfamiliar with the term. Fractional currency came into existence because of the civil war (1861-1865). After the war started, the people living in the country (I would say the United States, but we really weren’t united at that moment of time), started to hoard all the hard currency made of gold, silver and even copper.
As a result, small change was scarce, making simple transactions difficult. People turned to many substitute items, such as using postage stamps for change. The stamps worked, but became worn and sticky very quickly from use. Some people put several stamps in a small envelope with a stated value printed on them to use for change. Better, but the practice created a postage stamp shortage.
Taking the idea of using images that the people already knew, the US Treasurer Francis E. Spinner, designed the first Postage currency by pasting up some samples with actual stamps. The first of five series were named postage currency since they used the same images as current stamps of the time. The remaining 4 series were designated as fractional currency by the US Treasury.
Postage currency notes were perforated just like stamps or with straight cut edges. Different size notes and odd denominations like 3 cents and 15 cents were printed with a variety of different color inks and papers makes this an interesting set to collect. Some of the notes are even hand signed by the US Treasurer and Register. The last fractional currency was printed in 1876, about a dozen years after the war ended.
Counterfeiting of the new fractional currency notes became a problem. New designs were issued every few years to thwart counterfeiters. Images of Washington, Jefferson, Lady Liberty and Columbia as well as many others are on the 128 varieties of the notes that make up the complete PMG set.
The Los Gatos Collection is working set: I am always trying to update the notes I have with better ones, when I can afford to do so. Key attributes for upgrading the collection include notes that are printed clear with bright surcharges; centered well on both the front and back; cut straight and not into the design; good clear margins; signed without the ink burning holes through the paper; and notes with exceptional paper quality. Finding notes with all these attributes is quite challenging.
The collection has taken many years to put together as some of these notes are very scarce, especially so in uncirculated condition. Reaching for the difficult ones when they become available is a common theme. 105 of the notes (76%) in this set are graded EPQ by PMG. Three have the elusive star and 20 are Top Pop notes. All but 11 of the notes are CU notes. My favorite note is the 15-cent Fr. 1269 with the image of Columbia on it. Not the highest graded note or rarest, but a design I like with an interesting denomination. All have images, so please take a look, enjoy and maybe even start your own set.
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