10 Cent FRACTIONAL 3rd ISSUE Fr. 1254 PMG CH. ABT UNC 58 EPQ

10 Cent, Third Issue Fractional Currency Fr. 1254 Red Back Hand signed Jeffries and Spinner. Note grades PMG Choice About Uncirculated 58EPQ Fractional currency was introduced during the Civil War and were issued from August 21, 1862 to 15 February 1876. These notes were issued in denominations of 3 cent, 5 cent, 10 cent, 15 cent, 25 cent and 50 cents. The U.S. government hoarded coins for their bullion value and stopped exchanging paper money for silver and gold coins. U.S. Treasurer Francis E. Spinner helped create a solution to the coin shortage with the creation of postage currency, which later led into Fractional Currency. The introduction of these notes played a key role in economy during the Civil War.