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Odd Denominations on Obsolete Currency

Author: Stack's Bowers Galleries / Thursday, August 25, 2016 / Categories: Answers for the Avid Collector

Question: I noticed some examples of obsolete currency denominated in such values as $1.25, $1.50 and $1.75. I understand the reason behind fractional currency and its use instead of coins when coins are scarce, but why would you have these odd denominations that are not represented on any coins.

Answer: During the Hard Times era circa 1837, some state-chartered banks issued odd currency denominations between $1 and $2 as coins were scarce and some states had laws against issuing bills for values less than $1. Therefore, these notes helped to make change and facilitate purchases (although if the item purchased was less than $1, you still would be out of luck if there were no coins to make change).