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Collector News
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Fractional Currency
by Dustin Johnston
Of all different types of currency collectors, Fractional collectors are often regarded as some of the most studious and passionate about their collection, and it's no wonder why. Fractional Currency is a fascinating part of Numismatic History.
The raging Civil War created shortages of coinage that were affecting commerce, so much so that postage stamps were being used as currency. Some ingenious merchants encased the postage in a metal, coin-like encasement with a clear mica window to allow viewing of the stamp. Other merchants printed small envelopes in which stamps could be passed. None of these temporary solutions was able to alleviate the shortages, which led U.S. Treasurer Francis E. Spinner to introduce the idea of Fractional Currency. Denominations of 3¢, 5¢, 10¢, 15¢, 25¢, and 50¢ were issued between 1862 and 1876.
Fractional Currency, first issued on August 21, 1862, was printed in far larger quantities than even pre-war coinage. The largest prewar mintage of any Half Dime was in 1853 with more than 13 Million pieces minted. In contrast, between August 21, 1862 and May 27, 1863, nearly 45 million 5 Cent Fractional Notes were issued. This new currency was the heart of the US economy throughout the war and for more than a decade thereafter. In total, $369 million in Fractional Currency was issued in five different issues:
First Issue August 21, 1862 to May 27, 1863
Second Issue October 10, 1863 to February 23, 1867
Third Issue December 5, 1864 to August 16, 1869
Fourth Issue July 14, 1869 to February 16, 1875
Fifth Issue February 26, 1874 to February 15, 1876
Today, a complete Fractional Currency set is a rare accomplishment as there are only two known examples of the Fr. 1255a Third Issue 10 Cent and three known examples of the Fr. 1352 Third Issue 50 Cent Justice. Few Fractional collectors are deterred by these rarities and work towards completing a set of all the Fractional Issues and varieties. Some collectors specialize in a particular issue, design, or errors and varieties. In addition to regular issues, other collectors specialize in Proof and Specimen issues which are readily available to collectors for very fair prices when considering the rarity of the issues. Beyond the scope of the actual notes are the items that preceded their arrival, such as encased postage and postal envelopes.
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Central States Auction Highlights
Our Central States Signature Auction is almost here! Bidding opens next month, yet you can view this auction right now as it takes shape on our website at www.HA.com/Currency. You can even track the lots that interest you now, and these lots will be ready for your bids as soon as the auction opens at MyTrackedLots!
The Central States Signature Auction will open for bidding in Mid-April. Floor sessions will take place in St. Louis, MO, on May 10-12.
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Website Tips
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Phone Bidding
If you've ever been to a Heritage Signature auction, you've probably noticed people near the front of the room,
hard at work during the floor session taking bids over the phone from people all around the country and sometimes
around the world. Now, there is a way to sign up for this service without leaving your computer.
On the individual item page for each lot where phone bidding is available, you will see a small telephone icon,
along with a link that says "Request to Phone Bid on this lot". To sign up, simply click on the link.
This will bring up the familiar Heritage registration page, but with a twist. You will still need to enter
your username (or e-mail address) and password, but there is also a place for you to enter the phone number where
you can be reached the day of the auction. This will allow us to contact you before the auction to best help you
bid on - or even pass on - the lot you want.
We recommend that phone bidding be used in conjunction with a proxy bid from the Heritage website. We will have
the amount of any proxy bids you might have placed from the Heritage website available, in order to ensure that
you cannot bid against yourself. Indeed, it is common for people who have signed up for phone bidding to be on the
phone with a Heritage representative when their Internet proxy bid wins the lot!
Please note also that phone bidding is not necessarily available for all lots. The auction must include a
floor session, of course, but there is often a minimum dollar amount for the item. For coins, phone bidding is
limited to lots valued in excess of $4000, as determined by the current bid. Other Heritage venues will vary;
please check the lot you are interested in to find out more.
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| Around Heritage
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In our April Entertainment auction, Heritage is proud to offer a collection of unique and exciting contracts from true legends of Hollywood and Music. We know autograph collectors will be excited about the more than one hundred rarities being offered... and we suspect that many of our collectors in other areas who are simply "fans" will find some very special pieces signed by their favorite stars and relating to some of their favorite movies.
For those fans of modern classic cinema, we have Mark Hamill's contract to play "Luke" in Star Wars, Al Pacino for "Serpico", Tom Cruise for "The Outsiders", Steven Spielberg for "Raiders of the Lost Ark" and all the featured players in the movie that launched many successful careers, "American Graffiti". We even have Cheech and Chong's contract for their anti-establishment classic "Up in Smoke"... and many more.
In terms of additional star power, how about Marilyn Monroe, Gary Cooper, Walt Disney, Howard Hughes, Humphrey Bogart, Ronald Reagan... and more!
For those fans looking for more vintage classics, how about Clark Gable's contract for "The Misfits", John Wayne for "The Man Who Shot Liberty Valance" and Tony Curtis in "Some Like It Hot"? And, for the "ultra-vintage" fans, Maureen O'Sullivan's contract for "Tarzan the Ape Man" from 1931 is pretty special, as are the contracts signed by Charlie Chaplin, Fatty Arbuckle and Mary Pickford.
In the Music arena, the offerings include numerous contracts by Elvis Presley... from his movies to his Stutz Blackhawk car and even his Harley Davidson motorcycle. The Beach Boys, Sam Cooke, Frank Sinatra, Cass Elliott and others...they are all here at Heritage.
For fans of classic television, how about Johnny Carson, Lucy and Desi, even the Saturday Night Live contracts for George Harrison, Phil Hartman and Jim Henson. Finally, for those who appreciate classic baseball, even television contracts for Yankee sluggers Mickey Mantle and Roger Maris.
This auction is scheduled for April 14-15 in our Dallas headquarters, and will open for Internet bidding soon at www.HA.com/Entertainment. Please take a few minutes and have some fun looking over these very special items. It's an opportunity that won't pass this way again.
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| Consignments Wanted
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Nearly two years of feverish activity in the currency market have led to one record price after another. Heritage-Currency Auctions of America offers you the ideal venue with the largest audience to bid on your notes. Consider taking advantage of this market and HCAA's proven track record to sell your entire collection, or even some duplicates. Please contact one of our currency specialists today:
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Allen Mincho
Director of Currency Auctions
AllenM@HA.com
800-872-6467 ext. 327
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Len Glazer
Director of Currency Auctions
Len@HA.com
800-872-6467 ext. 390
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Jim Fitzgerald
Consignment Director
JimF@HA.com
800-872-6467 ext. 348
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Michael Moczalla
Consignment Director
MichaelM@HA.com
800-872-6467 ext. 481
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Or visit www.HA.com/Currency and click on the "Sell Now" link.
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Quality
Consignments
Wanted
e-mail or Call Today:
Dustin Johnston
1-800-872-6467 x302
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