---

Fractional Currency

---

---

Fr. 1281 25c First Issue
Grade: PCGS XF 45    

---

This is an interesting First Issue Fractional note. It is obviously pen cancelled but you might ask why? We have no proof one way or another, but offer this plausible explanation. If one looks closely you can read the letters "M" and "C" on either side of the cancellation. This is where the envelope (also part of the lot) ties in. When originally purchased, the note was in this envelope. The addressee, Henry G. Hyde, Esq. was apparently a U.S. Congressman from San Francisco. The envelope was posted on September 6, 1862 from the Treasury Department, Elisha Whittlsey, Comptroller. Perhaps the "MC" stands for "member of Congress" and Mr. Hyde was on a committee having something to do with the design of this first issue. After all, the Fractional Currency Act was approved on July 17, 1862 so this note must have been one of the very first printed and sent immediately to Mr. Hyde. If you agree, then this is an important piece for the Fractional currency specialist. Two piece lot.

---