The economic chaos of the legal tender notes, backed only by the credit of the government, and by mid-1862, gold and silver coins had vanished from circulation in much of the nation, their place taken by such makeshifts as fractional currency and postage stamps.
32.
By war's end, a total of $ 431 million in greenbacks had been issued, and authorization had been given for another $ 50 million in small denominations, known as fractional currency or " shin plasters . " The issuance of greenbacks caused inflation during the period.
33.
According to sources, drawings of the new building, photos of scenes on the Bund, various local newspapers, various fractional currencies, exchange certificates from Bank of China, list of employees, recent yearbooks of the bank, and among others, are hid inside the box.
34.
Since fractional currency in three-cent denominations did not appear until late 1864, the cent was the only means then circulating of making change from the five-cent note, and came, in 1862 and 1863, to command a premium when sold in lots, of about 4 %.
35.
The new fractional currency notes were different from the 1862 postage currency issues . { { # tag : ref | The payment obligation for the second issue was slightly different : " Exchangeable for United States Notes by the Assistant Treasurer and designated depositories of the U . S . in sums not less than three dollars.
36.
;Articles in which these images appear : Fractional currency ( all images ) + 11 others ranging from stable to recently added ( Spencer M . Clark, William H . Crawford, Samuel Dexter, William P . Fessenden, William M . Meredith, Francis E . Spinner, Edwin M . Stanton, Robert J . Walker, Nickel ).
37.
According to commentary in the " Red Book ", the twenty-cent piece failed because " the public was confused over the coin's similarity to the quarter dollar, which was better established as a foundation of American commerce ", that fractional currency satisfied the need for small change in the East, and because " the twenty-cent piece was essentially just a substitute for two dimes ".
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