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A first-issue 50¢ ($0.50) note of U.S. fractional currency, depicting George Washington on the obverse. Issued between 21 August 1862 and 27 May 1863 in response to a coin shortage caused by the American Civil War, this first issue was based on Treasurer Francis E. Spinner's handmade examples of a currency based on postage stamps and included four denominations. Though not legal tender, postage currency could be exchanged for United States Notes in $5 lots and was receivable in payment of all dues to the United States, up to $5. Four additional issues followed before fractional currency was discontinued in 1876.
Other denominations: 5¢, 10¢, 25¢Banknote: National Banknote Company & the Treasury Department (image courtesy of the National Numismatic Collection, National Museum of American History)