Fourth Issue 10-Cent Fractional Currency ("Liberty" Note)

Fourth Issue 10-Cent Fractional Currency ("Liberty" Note)

• Catalog Reference: Friedberg #1257 – #1261 (Fr. 1257–1261 group; specific Friedberg depends on paper watermark and fiber presence)

• Denomination: 10 Cents

• Series / Issue: Fourth Issue (Authorized by the Act of March 3, 1863; issued between July 14, 1869, and February 16, 1875)

• Printers: American Bank Note Company, New York (Face imprint along top frame: American Bank Note Co. N.Y.); National Bank Note Company, New York (Reverse imprint along bottom edge: National Bank Note Company New York)

• Signatures: Allison – Spinner (John Allison, Register of the Treasury; Francis E. Spinner, Treasurer of the United States)

Design Characteristics & Vignette

• Obverse Portrait (Bust of Liberty): Features an idealized portrait of Liberty wearing a Phrygian cap adorned with stars. Because this was a non-historical portrait, it bypassed the Congressional ban enacted in 1866 against depicting living persons on U.S. currency (which was passed after BEP head Spencer Clark famously put his own face on the 3rd Issue 5-cent note).

• Security & Tints: Printed with a delicate pinkish-red surface tint/underprint across the central right field to deter photographic counterfeiting, overlaid with bold black intaglio engraving.

• Receivable Clause: Bears the classic post-Civil War obligation: "Receivable for all United States Stamps" and "ACT OF MARCH 3RD 1863".

• Green Back ("Greenback"): Features an intricate lathe-work web engraved by National Bank Note Company, centered around a Roman numeral X and an exchange clause valid for United States Notes in sums not less than three dollars.

Condition Assessment

• Technical Grade: Very Fine (VF 20 – VF 25)

• Paper & Preservation Breakdown:

  • Structure & Body: Strong, intact paper body with honest circulation. The note retains good internal firmness and lies flat in the sleeve.

  • Margins & Trimming: Shows standard hand-separated margins. Complete design borders on all four sides; top border shows light natural edge roughness from the original sheet-cutting scissors, with no major paper loss.

  • Folds & Handling: Displaying authentic vertical pocket folds and a horizontal center wave, along with natural ambient toning/aging across the unprinted margins.

  • Surfaces: No internal tears, pinholes, or heavy staining; the pink underprint remains distinct behind "UNITED STATES", and Spinner’s facsimile signature is crisp.