Counterfeit Fractionals

In the 19th century, all one needed was a printing press and decent artistic skills to create counterfeit currency. This was especially true when it came to fractional currency, which was produced in 1862-76 as a stopgap measure for the severe shortage of circulating coins. 

The first issue of postage currency was a fundamentally simple design and rather easy to replicate. The Treasury was painfully aware of the forgers’ activity, which explains why in the short span of 16 years, it produced five different issues to combat the bogus fractionals being produced.  

A National Problem

Why fractionals were so prone to counterfeiting is subject to some conjecture. Their diminutive size and the low denominations being less prone to scrutiny are the most obvious explanations. Regardless, it was a national problem. Some fakes were well executed, and to this day dealers sometimes sell counterfeits as genuine notes. And on a few occasions, even the grading companies were fooled and have slabbed counterfeits as genuine! I will showcase two examples. When compared side-by-side, it is easy to distinguish the real deal from the fake.

10-Cent Fractional Note

Above is a pair of 1st issue 10-cent postage currency notes; one is real and the other is a counterfeit. The portrait is most telling. On the genuine note, it closely resembles George Washington. The president’s image is cartoonish on the fake. His coat and shirt are crude, his hair looks like a wig, and his eyes and nose are poorly executed. The rest of the counterfeit note also lacks the precise printing we find on a genuine example.

50-Cent Fractional Note

Shown is an authentic and counterfeit 2nd issue 50-cent fractional. The rendering of Washington’s portrait on the counterfeit is rough. The eyes are usually the key. On the counterfeit, they are mere black discs. The dock scene on the counterfeit lacks the fine detail we find on a genuine fractional, and the mountains in the distance have simply disappeared. Also note how the lettering is soft and how the scrollwork inside the “50” cartouches lacks the uniform detail that can only be achieved using an expensive geometric lathe.

While I have highlighted only two examples, an estimated one percent of the fractional notes produced were counterfeit during the Civil War (1861-65) and its aftermath.