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Description:

This lot features a United States ten cent fractional note in well circulated condition with rips and tears. The note is a 5th issue series of 1874 and is stamped at the side. The note features William Meredith. This type of note was issued for stamps and other smaller purchases.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.