US 10 Cent Fr#1257 Fourth Issue Fractional Currency PMG 65 Gem Uncirculated EPQ

• Country: United States
• Denomination: 10 Cents
• Series: Fourth Issue (1869-1875)
• Catalog Reference: Fr#1257
• Type: Fractional Currency
• Signatures: Allison & Spinner
• Certification: PMG 1623412-001
• Grade: Gem Uncirculated 65 EPQ
• Seal Type: 40 mm Red Treasury Seal
• Paper: Watermarked (U S)
• Portrait/Vignette: Liberty Bust
• Printer: Bureau of Engraving and Printing (BEP)

A superbly preserved example of 10 Cent Fourth Issue Fractional Currency, cataloged as Fr#1257 and certified PMG Gem Uncirculated 65 EPQ. Printed on watermarked paper with a distinctive 40 mm red Treasury seal, this note features intricate engraving, brilliant color, and exceptional originality.

Issued during the post–Civil War period when coin shortages forced the U.S. government to issue small-denomination paper substitutes, this piece represents one of the most visually appealing and historically important series of American fractional notes.

The note’s design displays the allegorical bust of Liberty, symbolizing strength and unity, alongside ornate typography and complex anti-counterfeiting detail. Its superb condition and Exceptional Paper Quality (EPQ) certification make it an elite example for advanced collectors of U.S. fractional currency or early government issues.

Background Information

Fractional currency, or “shinplasters,” was issued by the United States between 1862 and 1876 to replace silver coins hoarded during the Civil War. The Fourth Issue (1869-1875) introduced colorful printing, Treasury seals, and watermarked paper to deter counterfeiting.

Cataloged as Friedberg #1257, this 10 cent note bears the Allison–Spinner signatures and the watermark “U S” embedded in the paper — a technological innovation at the time. Surviving high-grade examples like this are scarce and prized for their beauty and historic significance.