1862 US Fractional Currency 5c First Issue fr-1230 Thomas Jefferson W/ Monigram Graded cu63 PPQ By PMG. ...

1862 US Fractional Currency 5c First Issue fr-1230 Thomas Jefferson W/ Monigram Graded cu63 PPQ By PMG. Fractional or postage currency has a rich history. At the beginning of the Civil War people starting hoarding coins for their precious metal content. Coins became difficult to find because of the hoarding. People started to try to use stamps instead of coins as a means of commerce. The government decided to help ease the hoarding issue by issuing “paper coins” also known as postage currency or fractional currency. Fractional currency was first issued on August 21, 1862 and they were last issued on February 15, 1876. Three cents, five cents, ten cents, twenty-five cents, and fifty cents notes were all issued. Fractional currency is physically smaller than other United States money. It also does not have a serial number.