For sale is a rare 1861 FIVE CENT FRACTIONAL CURRENCY NOTE from the State of Virginia. This fragile obsolete civil war era currency scrip has some edge loss and has a vintage tape repair on the back of the note. This hand signed note was issued by the Corporation Of Winchester, Virginia and is dated October 24, 1861. The note features a variety of agricultural tools. Note measures about 6 1/2 inches by 2 1/2 inches. A great historic collectible.
This note represents a unique piece of Civil War history, offering a glimpse into the economic realities of towns like Winchester during the conflict. During the Civil War, the “Corporation of Winchester”, a local government entity, issued banknotes, including fractional notes like the 5-cent note, as a form of currency in the town of Winchester, Virginia, which was occupied by both Union and Confederate forces.
To pay for the war, the Confederate government issued a vast array of paper currencies. Making things even more confusing, state governments issued their own currencies — as did banks, insurance companies, and businesses. None of this paper money could be redeemed, or traded for, gold or silver — as was common in the early nineteenth century. The Confederate government had no gold or silver to make coins. Instead, Confederate paper money was like a loan — a promissory note or promise to pay at a later time. At the start of the war, when southerners expected to win the war, they were willing to trust that their paper dollars would continue to hold value. But as the South started to slide towards defeat, they lost faith in not only their chances of victory but their money as well.
