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The
period between 1858 and 1876 |
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Confederate
patriotic cover used in 1861 before Confederate stamps were issued. |
Fractional
currency issue of 1874 |
In
1857 foreign coins had been declared to be no longer legal tender. The
outbreak of the Civil War caused a whole new set of problems regarding coins
and currency. Silver was hoarded in the North and by July, 1862 had almost
disappeared from normal channels of commerce. Adhesive postage stamps were
declared to be legal tender resulting in the advent of postage envelopes and
encased postage. After the stamps were ordered to be redeemed in 1863,
fractional currency was issued. Tokens saw abundant circulation. In the South
silver virtually disappeared instantly and emergency measures such as paper
currency were used.
As
postal conventions with other nations required accounting in silver, and
silver was valued above fractional currency values, rates on certain due mail
from abroad had to be accounted for with special depreciated currency markings.
After the Civil War had ended the effects of the fiscal strategy of the
government in financing the war were still felt. Fractional currency continued
to be issued until 1875.
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