For collectors of U.S. paper money, few notes are as intriguing as the 1869 United States 10 Cents Fractional Currency (Fr#1257). Issued during the post-Civil War era, this fractional note played a crucial role in American commerce when coin shortages led to the widespread use of small-denomination paper currency. Today, it remains a prized collectible among numismatists.
A Glimpse into America’s Monetary History
Country: United States
Catalog Number: Fr#1257
Year of Issue: 1869
Denomination: 10 Cents
Fractional currency was introduced during the U.S. coin shortage of the 1860s, when people began hoarding silver and gold coins due to economic uncertainty. The federal government responded by issuing small-denomination paper money, known as fractional currency, in values ranging from 3 cents to 50 cents. These notes circulated widely from 1862 to 1876.
What Makes This Banknote Special?
The Fr#1257 10-cent note from 1869 is part of the Fourth Issue of U.S. fractional currency. Notably, this series introduced a red Treasury seal and anti-counterfeiting measures such as intricate designs and fine engraving. The note features a prominent vignette of William M. Meredith, who served as the U.S. Secretary of the Treasury (1849-1850) under President Zachary Taylor. On the reverse, the intricate green print and geometric patterns were designed to deter counterfeiting.
Historical Significance of Fractional Currency
Did you know? Before the issuance of fractional notes, businesses and banks resorted to issuing their own private currency or using postage stamps in everyday transactions. Fractional currency stabilized commerce and set the stage for future federal paper money innovations.
PMG Population Report: How Rare Is This Note?
As of March 2025, the PMG Population Report records the following for Fr#1257:
- Total graded: 668 issued examples
Grading and Market Performance
- PMG Highest Grade: PMG 68 EPQ Superb Gem Uncirculated EPQ (only one known example)
Why This Banknote Deserves a Spot in Your Collection
The 1869 United States 10 Cents Fractional Currency (Fr#1257) is a historically significant and visually striking note that represents a critical period in U.S. financial history. With its intricate design, Treasury signature, and anti-counterfeiting features, this piece of fractional currency remains a highly desirable collectible for both seasoned numismatists and new collectors alike.
Explore More Collectible U.S. Banknotes
Interested in expanding your collection with rare and graded banknotes? Browse our extensive selection of U.S. fractional currency, large-size notes, and national banknotes. Stay informed with market trends, auction results, and expert numismatic insights.
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