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During the Civil War, the high demand for precious metals such as gold, silver, and copper resulted in a shortage of coins. Those that were minted were routinely horded by a nervous public. In response, in 1863, the U.S. government issued Fractional Currency in 3, 5, 10, 15, 25, and 50-cent denominations.

Fractional Currency, which was printed in four issues and circulated until 1876, is widely...

But for the most part, Fractional Currency was a success, thanks in no small part to the leadership of Francis E. Spinner, Treasurer of the United States. The denominations were his idea, but he didn’t stop there. Instead, Spinner used the need to print small notes as opportunities to experiment with different types of papers, inks, and anti-counterfeiting measures.

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