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From: wkh@hou5a.UUCP
Newsgroups: net.misc
Subject: Re: What's the world coming to? :-) - (nf)
Message-ID: <495@hou5a.UUCP>
Date: Fri, 20-Jan-84 17:34:28 EST
Article-I.D.: hou5a.495
Posted: Fri Jan 20 17:34:28 1984
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An earlier item asked why there was no 50-cent US note.
Well, there was, once upon a time.
At the outbreak of the Civil War, people began hoarding
their gold and silver.  As a result, all coins quickly
disappeared from circulation.  Day-to-day business
nearly ground to a halt due to the lack of small change.
Dozens of substitutes appeared, from barter to paper IOU's
and even postage stamps.  Finally the US gov't relieved
the chaos by printing millions of notes in small denominations,
known as "Fractional Currency".  Denominations were
3, 5, 10, 15, 25, and 50 cents.  They were produced
into the late 1870's and remained in circulation as late
as the turn of the century.  They are still legal tender,
although most are worth more than face value to a collector.