July 17, 1862 – PASSAGE OF POSTAGE CURRENCY ACT

1862 – PASSAGE OF POSTAGE CURRENCY ACT
The act authorized the issuance of 5, 10, 25, and 50 cent notes – which were needed to substitute for gold, silver and copper coins which were hoarded. These fractional currency US debt-free notes, sold in perforated sheets like stamps, were redeemable by the US Post Offices at face value in postage stamps until 1876.