Neil writes: My friend has had a piece of paper money given to him. It is marked “3 cent act of March 3rd 1863 Furnished only by The Assistant Treasurers & Designated Depositaries of The United States” Any idea of worth? Thanks..
Few people today know that during the Civil War period and for years after the United States issued fractional currency. Fractional currency took the place of coins that rapidly disappeared from the flow of commerce as their intrinsic metal value exceeded face value. The note that your friend has was really issued between 1864 and 1869 and was part of the third issue. The date at the top of the note was the date of the original law. Fractionals are very popular with U.S. paper money collectors and a average example would bring about $15 in the current market. Uncirculated notes are heavily in demand and ones in this condition would bring $50 and more.
See: U.S. Fractional or “postage” currency
