and may not improbably be one of the wretched little pieces which disgraced the English mints in India at the commencement of this or the latter part of the last century.

Before passing on to speak of the issues struck at different times by the English in India, we must glance hurriedly at those of the Dutch, whose power at one time was very considerable in the southern portions of the Peninsula.

The chief operations of their East India Company were of course carried out in the island of Ceylon, but the number of their coins still found in the adjacent portions of the main-land plainly enough prove how considerable were their dealings with it, while the inscriptions on some show that they were actually struck here. From the time of their first appearance in Indian waters, the chief aim and object of the Dutch appears to have been to become masters of Ceylon. At the very commencement of the seventeenth century, partly by alliances with the Sinhalese, partly by the constant warfare that they waged with the Portuguese who had already taken and fortified the capital Colombo, they left no means untried to gain their end. It was not, however, till the middle of that century, when a Sinhalese army completely routed the Portuguese forces, that they obtained a firm foothold in the island.

This victory, coupled with their alliance with the victors, turned the tables in their favor, and from this time we find their power steadily increasing, till their final conquest of the Portuguese in 1656 made them complete masters of Ceylon, the natives (to whose coinage I alluded in the first part) thenceforward sinking into utter nonentities, a position which they have ably maintained ever since.

The early issues of the Dutch were of intensely coarse make, without definite shape and of the rudest possible design. Figure 50 is a fair specimen of their earlier productions. This series consisted of 2, 1, 4, 4, and stiver pieces. They were stamped with the value of the coin, the initials ST. (the Tor both letters inverted) being used as an abbreviation of the full word stivers (or as it was then spelt stuiver). This style of coin was succeeded by one bearing the monogram of the Company, formed by the three letters V.O.C. (Vereinigte Ostindische Compagnie) in which the O and the C are superscribed each on one side line of the V. This monogram will very soon become a familiar sight to the coin collector in the south, from the fact of its almost invariably occurring on the small thin copper issues, a quarter stiver in value, known as "duits," or "challis," which are still met with in great quantities both in Ceylon and all over the extreme south of India (Figure 51); indeed, according to Sir Walter Elliot, "the copper money now current in Cochin consists entirely" of them. The V.O.C. half stiver of 1644, struck at Batavia, is also occasionally met with in Ceylon. It is a thin coin about the size of a "challi," having the "ST" above the monogram, and on the reverse the field occupied by a sword around which runs the inscription BATAVIA ANNO 1644.

Under the monogram invariably appears the year of issue, and from the list given in De Munten van Nederlandsch Indie of Messrs. Netscher and Vander Chijs, these appear to range from 1726 to 1798. The side bearing the monogram is always the same, with the exception of the mint mark (a star or other small device) which surmounts it, and of course the year of mintage;

but on the reverse the coats-of-arms vary considerably. In those of Holland we find the whole shield occupied by a lion rampant facing left; for Zeeland a demi-lion rampant alone appears, and beneath it three waving lines, representing the sea, sometimes on a plain field, at others having the legend "Luctor et emergo" circumscribed. Another series, that of Gelderland, with the usual monogram obverse, bears two rampant lions facing each other (combatant?) within a divided shield, the inscription around these being "In Deo est spes nostra," a motto which also occurs around the ship on some specimens of the silver 6 stiver pieces. The Utrecht series again extending from 1744 to 1794 has a plain divided shield supported by a lion rampant on either side, while that of Friesland, with dates varying from 1731 to 1792 has two lions "passant guardant," but neither of these bears any motto. Challis also occur bearing the arms of Zeeland and Gelderland, the obverse of which have the names of the State, ZEELANDIA or D. GEL-RAE, instead of the arms of those provinces, the former being occasionally surmounted by a castle supported by two stars. Half challis are comparatively rare, and are usually only of two varieties, some bearing the plain arms, but unsupported, others the shield with lion rampant. Both in the whole and half challis the coat-ofarms is invariably surmounted by a crown, which, however, varies considerably and rather apparently with the dates than with the form of arms. Before leaving this series of curious thin coins, I may mention specimens occasionally met with, bearing on one side the usual monogram with the words Java Indiæ or BATAV or NEDERL-INDIE on the reverse, and under it the date.

[To be continued.]

FRACTIONAL CURRENCY.

Mr. H. RUSSELL DROWNE read the following paper on Fractional Currency at one of the "Numismatic Meetings" of the American Numismatic and Archaeological Society. It contains so much information on the subject in a condensed form, that we take pleasure in placing it before our readers. EDS.

THE issue of fractional currency by the United States Government was caused by the great scarcity of silver coin, and the want of any other reliable substitute.

By currency we mean standard of payment, whether of coins, circulating notes or any other commodity; in fact anything that freely circulates as a common acceptable medium of exchange in any country, even though it ceases to possess any value on passing into another, may be regarded as currency.

Previous to the "Act of Congress" authorizing the issue of the United States Fractional Currency, the country had been flooded with paper money familiarly called "shin-plaster currency," issued by banks, corporations and private individuals. In many cases very little was known as to the responsibility of the parties, and oftentimes absolutely worthless notes circulated because they looked good. Postage stamps were also used; these were either passed singly or in amounts varying from ten cents to one dollar, enclosed in small envelopes. They soon became sticky, dirty and torn, and were a great nuisance.

The taking of this matter in hand by the Government, was not only very opportune, but proved very beneficial. It established the currency on a firm basis, caused the suppression of all the paper money which had previously been issued for circulation without proper authority, and enabled the Government to raise nearly three

hundred and seventy millions of dollars. Besides these advantages, it put in the hands of the people a medium of exchange in which all had perfect confidence.

The "Act of Congress" of July 17, 1862, authorized the issue of postage stamps in exchange for United States notes; under this act the "Postage Currency" was introduced. Mr. Spinner was the originator of the design for the new paper money. Procuring stamps from the Post Office Department, with the understanding that they would be redeemed with new ones, he cut bond paper of the required size and pasted thereon the then current postage stamps, to the amounts respectively of 5, 10, 25 and 50 cents. Congress authorized the issue of currency similar to his pasted notes, and so the idea was followed, as we see, quite literally, and the edges similarly perforated. The notes also bore the name of "Postage Currency" and the words "Receivable for postage stamps." The new money was gotten up in the most expeditious way possible. The American Bank Note Company furnished the paper and engraved and printed the backs of the notes, and on them appears their cypher "A. B. N. Co." The faces were engraved and printed by the National Bank Note Company, who controlled the old contract for the 1861 issue of postage stamps which appear thereon. It was usual to award Government work of this character to two parties, and there was an Act of Congress to that effect, thus making one serve as a check on the other. These were printed in sheets, and the perforation used for convenience in separating the notes. The demand for the currency, however, became so great that in order to save time in supplying them, the perforation was afterwards omitted (the perforated notes stuck together so, they could not be counted in bunches), and the remainder, such as were not issued in sheets, were cut up with shears until the separating machines came into use.

The currency, when first issued, was so sought after in New York City, that permits were issued to responsible parties, reading as follows:

UNITED STATES TREASURY.

NEW YORK, Nov. 13, 1862. This will entitle the holder to receive in exchange for United States Notes Postage Currency each Monday and Thursday at 12 o'clock until further notice.

JOHN J. CISCO,

Dollars in

Ass't Treas'r U. S.

This not only tended to increase the distribution, but kept it out of the hands of speculators.

After the contracts for printing had all run out, the plates were delivered to the Government, and they subsequently erased the cipher "A. B. N. Co." on the reverse, and printed some additional notes with both perforated and cut edges.

Of the First Issue we consequently have four sets; that is, the four notes perforated, with and without the monogram "A. B. N. Co."; also the same with cut edges, with and without the monogram. This issue began Aug. 21, 1862, and ceased May 27, 1863, during which time over twenty million dollars were put into circulation.

The Second Issue was the first to bear the name of " Fractional Currency," and was issued in lieu of "Postage Currency" under Act of Congress, March 3, 1863. The same values, 5, 10, 25, and 50 cents were continued, but all were of the same design, with head of Washington, and, although the notes were scarcely any better looking than the "First Issue," still the engraving was much finer. Of this issue we have three sets; the first without any gilt letters and figures on back, the second with the letters and figures, and the third printed on paper with silk fibre, commonly called split-paper notes.

The object of these letters and figures, which appear in great variety on the reverse of a portion of the second issue, was to indicate the year of the issue, the number of the plate and (by the letter) the location of the note on the plate. This was continued on a part of the third issue, the year being indicated by "64" and "65." It was, however, soon abandoned; but on the later issues the number of the plate and the letter indicating the location of the note on the plate appear more prominently on

the obverse. These combinations were used as checks by the Treasury Department for the better regulation of the work.

Several varieties and experiments of the Second Issue exist, of which some are unique. Thus we find 25c. (back not dated) with "Treas. Dpt." surrounded by a line border in gilt on the face of the note; also 50c. obverse blank, nothing printed but gold ring, while the reverse is as usual; also the same note but with the gilt printing reversed: that is, the ring which should be on the obverse is on the back of the note, and still another variety blank on both sides, with only the gilt printing. There are also several others of minor interest. I have prepared a list enumerating these as well as all the varieties of the later issues. This issue began Oct. 10, 1863, and ceased Feb. 23, 1867. Over twenty-three million dollars were circulated.

The Third Issue comprised 3c. Washington, 5c. Clark, 10c. Washington, 15c. Grant and Sherman (issued only as an essay), 25c. Fessenden, 50c. Liberty, and 50c. Spinner. The 3c. Washington are with and without a dark background behind the head, and the 50c. Spinner have the fifty cents on back, at each end, and with a different design in the centre. There are three different sets, first, green backs; second, red backs; and third, autograph signature, red backs. These appear respectively not dated, dated on back, and on heavy fibre paper dated, making quite a number of varieties. In the autograph signatures we have both Jeffries' and Allison's names in place of Colby's as Register, as well as New's in place of Spinner's as Treasurer. The notes of the third issue for circulation were all with the green backs. A number of both kinds were signed by Treasurer and Register merely for use as specimens.

The Act of March 3, 1865, provided for the coinage of the three cent nickel, and prohibited the further use of fractional currency of a denomination less than five cents; the Act of May 16, 1866, which provided for the coinage of the five cent nickel, prohibited the issue of fractional notes less than ten cents. The fifteen cent notes with vignettes of Generals Grant and Sherman were prepared early in 1866; the use of portraits of living persons on notes or bonds of the United States was prohibited by an Act of Congress of April 7, 1866; they consequently appear only as proofs, and the issue of this denomination was abandoned until several years later. These appear with both green and red backs and with different lithograph and autograph signatures, making altogether six varieties, all of which are quite scarce. The third issue began Dec. 5, 1864, and ceased April 16, 1869, over eighty-six million dollars being circulated.

The Fourth Issue follows with 10c. and 15c. heads of Liberty, 25c. Washington, 50c. Lincoln, and later 50c. Stanton, and are much more attractive in design. They first appeared on plain watermarked paper, but later, paper with silk fibre was used and a smaller size treasury seal also introduced, so that we have altogether four sets. These are as follows: plain white paper and white paper with pinkish silk threads; also blueish paper with blue silk fibre, and smaller size treasury seal on the same paper. This issue began July 14, 1869, and ceased Feb. 16, 1875; of it over one hundred and seventy-six million dollars were circulated, which was by far the largest

amount.

The Fifth Issue first appeared with 10c. Meredith and 50c. Dexter with green seals. Later the 10c. Meredith was issued with a red seal, together with 25c. Walker and 50c. Crawford. Both the 10c. and 25c. appear with long and short keys in the treasury seal, and the 50c. Crawford with autograph of John C. New across the face of the note. A variety also appears with the autograph of New written twice across the face of the note, which is claimed to be unique. This issue began Feb. 26, 1874, and ceased Feb. 15, 1876, during which time nearly sixty-three million dollars were circulated.

The issue of fractional currency ceased, as the appropriation for printing the same had become exhausted. The Act of April 17, 1876, "to provide for a deficiency in the printing and engraving bureau, etc.," provided for the issue of fractional silver coin in redemption and substitution of the fractional currency, "until the whole amount of fractional currency outstanding shall be redeemed." Altogether a grand total of $368,724,079 was issued, of which amount $15,355,999 remained out

standing June 30, 1884. Of this sum only about one million dollars can be accounted for, which leaves quite a profit to the Government from notes which have either been destroyed or lost.

On the various issues we find the names of the following gentlemen who were in office as indicated:- F. E. Spinner was Treasurer of the United States from March 16, 1861, to June 30, 1875, and John C. New from June 30, 1875, to July 7, 1876. S. B. Colby was Register of the Treasury from August 11, 1864, to Sept. 21, 1867; N. L. Jeffries from Oct. 5, 1867, to March 15, 1869, and John Allison from April 3, 1869 to March 23, 1878. These dates call attention to the fact that some of the Third Issue notes bearing on back dates "64" and "65," as well as the Grant and Sherman 15c. essays, must have been old stock on hand when they received the signatures of Mr. Allison. This same remark will also apply to a 50c. head of Spinner bearing autograph signature of John C. New as Treasurer of the United States. S. C. Clark, whose face appears on the 5c. third issue, was Chief of the Bureau of Engraving and Printing, and Wm. Pitt Fessenden, whose portrait is on the 25c., was Secretary of the Treasury from 1864 to 1865.

Mr.

As regards the art of engraving as exhibited on the fractional currency, but little can be said; they were all issued within so brief a period and such expert artists were employed that all display about equal merit. The work was quite widely distributed, for on some notes appear prominently the names of the American Bank Note Company, N. Y., National Bank Note Company, N. Y., Columbia Bank Note Company, Washington, D. C., and Joseph B. Carpenter, Philadelphia, Pa.; others have Engraved and Printed at the Treasury Department, but nevertheless the writer is informed that for engraving the 50c. Liberty, Third Issue, one of those so designated, the Treasury Department paid the American Bank Note Company fifteen hundred dollars. Really quite a round sum for that small amount of work. I have recently seen a proof from a design for the "Postage Currency" which was not adopted. It is somewhat larger than the First Issue and has a picture of the 1863 Half Dollar in the centre of the note. The obverse and reverse were all printed in black, and in general appearance it was much inferior to the adopted design. The 50c. Lincoln, engraved by Mr. Charles Burt, is generally regarded as the finest example of portraiture in the entire line, and in fact it has been referred to as one of the finest engraved portraits of Lincoln. Two portraits were engraved for this note; the first was without the beard and much better looking, but was condemned and preference given to the later picture, which was considered more accurate.

The fractional currency unfortunately was largely counterfeited, and it was principally this fact that necessitated the frequent changes. The First Issue in particular fell an easy prey to the counterfeiters; so to avoid this, an entirely different style of engraving was employed in the second, and the gold band adopted as a preventive, but even this was soon imitated. It is said that counterfeits of the 50c. Lincoln, Fourth Issue, appeared almost as soon as the genuine notes, and were so deceptive that the issue was abandoned, consequently but few went into general circulation. In the last issues the silk-mixed paper proved more efficacious, and counterfeits were seldom seen. Notwithstanding this and other slight disadvantages, I think a great many regretted the disappearance of the paper currency and the substitution of silver coin in its place; for silver cannot be regarded as equally convenient, as it involves so much more bulk and weight. In sending small amounts by mail we also miss the paper money; for the only substitute now available is the postal note, the use of which involves considerable inconvenience, although its recent introduction supplies a want which has long been felt.

In closing, I think we can safely draw the conclusion that fractional currency, although called into existence by the necessity of the times, was certainly one of the most successful substitutes ever employed in the United States as a medium of exchange.