MetalStacks proudly presents a rare and historically significant piece of 19th-century American currency with this 1874 10-Cent Fractional Currency Note from the Fifth Issue, featuring the portrait of William M. Meredith — the 19th U.S. Secretary of the Treasury under President Zachary Taylor. Issued by the United States Treasury during the post-Civil War era, this small-denomination note represents one of the most fascinating and short-lived chapters in American monetary history: the period when paper money replaced coinage for everyday transactions due to nationwide coin shortages caused by the Civil War.
(PSV 20)
Commonly known as "shinplasters" by 19th-century Americans, fractional currency notes were issued in denominations of 3, 5, 10, 15, 25, and 50 cents to provide small-change paper money during a time when gold, silver, and even copper coins were being hoarded and melted for their intrinsic metal value. This 1874 10-cent example bears the distinctive red Treasury seal characteristic of the Fifth Issue, along with the signatures of U.S. Treasurer John C. New and Register A.U. Wyman.
This particular example is housed in a protective rigid currency holder and elegantly presented within a handsome wood display frame with a black matted backdrop, transforming it into a finished showcase piece ready for immediate display. The note exhibits significant signs of age, wear, and circulation consistent with its 150-year-old vintage — including toning, creasing, and edge wear that authentically reflect its journey through American history. These natural characteristics enhance its authenticity and historical character as a genuine artifact of the Reconstruction era. Only one note is available, making this a truly one-of-one collectible offering.
Note Information
- Year: 1874
- Issue: Fifth Issue Fractional Currency
- Denomination: 10 Cents
- Type: U.S. Fractional Currency ("Shinplaster")
- Seal Color: Red Treasury Seal
- Portrait: William M. Meredith (19th U.S. Secretary of the Treasury)
- Signatures: John C. New (Treasurer) / A.U. Wyman (Register)
- Grade: Circulated (Heavy Wear / Authentic Vintage Condition)
- Issuer: United States of America (Direct Treasury Issue)
- Paper Type: Government-issued cotton/linen blend (19th-century stock)
- Era: Post-Civil War / Reconstruction
- Presentation: Rigid currency holder mounted within a wood display frame
- Availability: One (1) note only
Design Details
Obverse: Features an engraved portrait of William M. Meredith on the left, framed by ornate scrollwork and the inscription "UNITED STATES" along the top. The denomination "10 CENTS" appears prominently to the right, anchored by the distinctive red Treasury seal — a defining visual element of the Fifth Issue. The phrase "FRACTIONAL CURRENCY" runs vertically along the left border, while the bold numeral "10" appears at the upper left corner. Signatures of the Treasurer and Register appear at the lower right beneath the red seal.
Reverse: Displays an ornate green engraved design with the inscription "FRACTIONAL TEN CENTS CURRENCY" arched across the top, and the bold numeral "10" at each corner. The center features the official Treasury redemption text: "This Note is Receivable in Payment of all Dues to the United States Less Than Five Dollars, and is Exchangeable at the United States Treasury and the Designated Depositories for United States Notes Provided Such Notes Shall be Presented in Sums Not Less Than Three Dollars." The intricate green scrollwork and lathe-engraved background reflect the elaborate anti-counterfeiting techniques of 19th-century Bureau of Engraving and Printing production.
Historical Significance
U.S. Fractional Currency holds a singular place in American monetary history. With the outbreak of the Civil War in 1861, public hoarding of gold and silver coins — and even copper-nickel cents — created a severe shortage of small change throughout the country. Daily commerce ground to a halt as merchants and citizens had no way to make change for purchases. In response, the U.S. Treasury authorized the issuance of small-denomination paper currency in 1862, beginning with Postage Currency (literal postage stamps printed on Treasury paper) and evolving through five distinct issues of Fractional Currency between 1862 and 1876.
The Fifth Issue — produced from 1874 through 1876 — was the final and shortest-lived series, issued specifically in denominations of 10, 25, and 50 cents. This 1874 10-cent note features the portrait of William M. Meredith, who served as Secretary of the Treasury from 1849 to 1850 under President Zachary Taylor. By 1876, the U.S. government had restored sufficient silver coinage to circulation that fractional paper currency was no longer needed, and the program was officially discontinued — making Fifth Issue notes like this 1874 example among the last fractional currency ever issued by the United States.
These notes earned the nickname "shinplasters" from Civil War-era soldiers, who reportedly used the small, often-tattered notes as padding for the inside of their boots and shin guards. Surviving examples in any condition are increasingly rare today, particularly given the fragile nature of the paper, the heavy circulation they endured, and the fact that millions were redeemed and destroyed by the Treasury once coinage returned. As a result, any genuine 1874 Fractional Currency note represents a tangible piece of post-Civil War and Reconstruction-era American history — a category of U.S. currency that lasted only 14 years and has never been produced since.
Presentation
This 1874 note is securely housed in a protective rigid currency holder and elegantly mounted within a wood display frame with a black matted background, ready for immediate display on a desk, shelf, mantel, or wall. The framed setup protects the fragile 19th-century paper while allowing full visibility of its design, vibrant red seal, Meredith portrait, and historic Treasury inscriptions. As with all MetalStacks offerings, the note has been carefully handled and verified for authenticity.
Because only one example is available, the exact note shown — including its individual condition, wear patterns, and historical character — is the 1874 note you will receive. Please note that condition reflects authentic 150-year-old circulation wear and is part of what makes this artifact a genuine survivor of the era.
For additional details or collector inquiries, please contact MetalStacks at (561) 529-3001.