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Description:

This third issue note was pressed in 1863 in circulated condition with holes. The fractional currency is in the amount of ten cents and features George Washingtons portrait in the center of the note. Secretary of the Treasury Salmon Chase proposed to authorize postage stamps of some type as a new currency. Much of the public were using stamps as in lieu of change due to a severe shortage of coins.The post office did not like selling stamps for currency and they did not provide refunds for soiled stamps.Congress and President Lincoln approved the Postage Currency Act on July 17, 1862, which authorized an issue of 5, 10, 25, and 50 cent notes.