3¢ U.S. Obsolete Notes

In the May, June, and July 2025 issues of Bank Note Reporter, I took an in-depth look at 1¢ and 2¢ notes. The next article in this series is the 3¢ note. As the value of the notes escalates, the quantity of examples available to the collector increases. Also, the designs become more developed, yet most remain rudimentary.

We take it for granted that government-issued money is accepted everywhere and without question. Following the economic depression after the War of 1812, many low-denomination fractional notes were issued due to widespread coin hoarding. In most cases, they were made by private companies, banks, or municipalities.

The same economic circumstances arose during the Civil War, when coins of intrinsic value were in short supply. Exacerbating the situation was the lack of gold and silver available, caused by the drying up of mines out West upon the end of the Gold Rush.

With the scarcity of coins, merchants and financial institutions had to issue their own currency to continue doing business. When a day’s wage in 1862 was $1, 3¢ represented some purchasing power. In 1862, 3¢ would buy a loaf of bread, a postage stamp, or a half-gallon of fuel.

A sizable downside of privately issued money was its solvency and acceptability. A privately issued note would not be accepted in many locations, and if a business went bankrupt, its own issued currency would be worthless.

It stands to reason that privately issued currency was met with considerable cynicism by the general public. By 1862, the situation was so fraught with uncertainty that the U.S. Treasurer at the time, Francis Spinner, created fractional currency. While it was not met with much enthusiasm (the public preferred coins), it was a much better alternative and was backed by the U.S. government. 

Privately issued currency virtually disappeared by the end of the Civil War, with fractionals taking their place. Sufficient coins were produced at the end of the fractional currency era in 1876, eliminating the need for currency valued at less than $1.

(Left) November 1, 1816, State of New York at the Western Turnpike Gates remainder. Presumably, a toll note. Well executed with a menacing eagle in the center. (Right) December 27, 1814, Germantown and Perkiomen Turnpike Road Company, Philadelphia, signed by J. Bullock. An early, simple toll note.

(Left) July 11, 1816, note issued in Poughkeepsie in Duchess County, New York. (Right) Signed January 1, 1816, merchant note from an unspecified tavern and store in Princetown, on the Great Western Turnpike, 16 miles from Albany, New York. There were three turnpikes feeding Albany, built between 1799 and 1811. These roads were profitable until the opening of the Erie Canal in 1825, which provided a quicker and more efficient means of moving people and freight across New York state. The establishment of railroads in the 1830s further diminished the commercial value of turnpikes. By the mid-1850s, toll collection had ended, and maintenance of the roads passed to local jurisdictions.

(Left) Signed and dated (December 15, 1814) merchant note by D&R Horne of Minden. (Center) Signed and dated (December 26, 1814) municipal note from the Corporation of the City of New York. (Right) Unsigned September 1814 New York mystery note.

(Left) Signed November 1864, James Weiler merchant scrip from Macungle, Pennsylvania. Two hands shaking. (Right) Signed and numbered November 25, 1862, scrip from A. Puwelle. He was thought to have run a newspaper or periodical business.

(Left) Signed and numbered Atlantic City, New Jersey, note dated December 10, 1862. Liberty holding a patriotic shield on the left. A pair of dogs graces the middle. (Center) Signed and dated Dover, New Hampshire, note dated February 1, 1863. The note was issued by the Oyster House, Central Square, and signed by Frank Truman. (Right) Signed and numbered merchant note dated January 1, 1864. Signed by a Mr. Sylvester; there is no hint of a store name.

(Left) Brookline, New Hampshire—J.C. Tucker at Townsend Bank, dated July 4, 1862. A dapper man in a top hat is looking right at us. (Center) Mystery remainder note that was given when no change was available (a frequent occurrence in the coin-strapped United States in the 1860s). No mention of the location, the merchant, or the bank. (Right) While the note is not dated, we know it was issued on November 6, 1862. A merchant note from F.W. Hurlburt of 188 Genesee St. in Utica, New York.

(Left) Signed, numbered, and dated January 10, 1863, merchant note from L.G. Clock from Manchester, New Hampshire. A dour-faced lady with flowers in her hair is the central image. (Center) Undated merchant note, with a printed signature of W.O. McClure from 177 Genesee Street, Utica, New York. (Right) A striking note, with seals, is signed (J.G. Curtis & Co.) and dated January 1, 1865, from the New England Oyster Co. in Haymarket Square, Faneuil Hall Bank, Boston.

(Left) Signed merchant note dated January 1, 1863, from J. B. McCreary & Co. of Audenried, Pennsylvania. On the left is a Native American brave brandishing a tomahawk. (Right) Signed and numbered merchant note dated January 1, 1864, from F. Batchelder from London, New Hampshire.

(Left) Elegant December 1, 1862, bank note from Mechanics Bank of New York. The note is numbered and signed by D.S. Perry. A lovely woman is sitting with her harvest. (Center) Signed and numbered 1862-dated merchant note from Chagrin Falls, Ohio. Issued by I. Lampson. Lady Justice, holding her scales, sits behind a patriotic shield. (Right) Signed, numbered, and dated (November 2, 1863), merchant note by Moses Schneck of Allentown, Pennsylvania.

(Left) Undated, signed (Piper Haskins) merchant note from a confectionery and fancy goods store in Concord, New Hampshire. (Center) Undated, signed merchant note from Davis & Gilbert in Utica, New York. (Right) Signed and dated February 1, 1864, note from an unnamed store in Chichester, New York.

(Front/back) R.R. Higgins Oyster House note. Dated January 1, 1863, boldly signed by Mr. R. R. Higgins. Redeemable at the Maverick Bank in Boston. Bust of a young woman with laurel in her hair. The back features high-end scrollwork rarely seen on denominations this low. Superb note!

(Top) Front/back of the only U.S. Treasury-issued 3¢ fractional note. From the 3rd issue—released in December 1864. 
(Bottom Left) Uniface mimic note from L.W. Wallace & Co. and Miller, Davis & Webster of Ann Arbor, Michigan. Signed and dated January 1863. (Bottom Right) The note on the left mimics the design of the first issue 5¢ U.S. Treasury postage currency.

(Left) Signed, numbered, and dated (July 21, 1862), merchant note from Van De Bogert Brothers of Schenectady, New York. A military-dressed man is in the bottom left. (Right) Signed, dated (March 1, 1863) merchant note from Wing’s Flour Store in Albany, New York.

(Top Left) A well-designed note showing Harvey J. Eastman in the central portrait. The college was founded in 1859. (Top Right) This undated example features a pretty woman wearing a star headband. (Bottom Left) Undated rare note backed with a 3¢ postage stamp. (Bottom Right) A college note dated March 1, 1863. A proud rooster is the central image.

(Left) Undated college currency note from Yale Business College of New Haven, Connecticut. The bust of Columbia is the same design as on the 4th issue 15¢ Treasury-issued fractional note (right). The Yale note is only redeemable in school funds.

(Left) November 1, 1862, bank note from the Brooklyn Bank in New York. The note bears the engraved signature of the famous industrialist J. P. Morgan. (Center) Signed, numbered, and dated (November 26, 1862), bank note from the Bridgeport Bank of Connecticut. A seated woman is in the center. (Right) Signed, dated, and numbered merchant note from C.M. Putney Dining Rooms, Manchester, New Hampshire.

(Left/Center) Front/back of a well-designed scrip note from Frank Leslie’s Publishing House. Founded in 1855, Frank Leslie Publishing ran a highly successful illustrated magazine in New York City for 72 years. The magazine had exquisite artwork and a staff of talented artists. (Right) Undated note from Quimby’s Periodical Mart based in Manchester, New Hampshire. The patriotic shield clearly indicates Quimby’s allegiance during the Civil War.

(Left) Signed and dated (January 24, 1863) merchant note from Franklin Knauss, dealer in ready-made clothing, of Allentown, Pennsylvania. A booted, running elephant triumphantly carries in his trunk a banner stating, “CHEAP FRANK.” (Center) Signed, numbered, and dated (January 1, 1864) merchant note from John P. Peabody’s Ladies Furnishing Store, of Salem, Massachusetts. (Right) January 1, 1863, remainder note from Eben Whitney of Glassboro, New Jersey, showing a pair of horses.

A pair of 20th-century savings scrip marketed to children. (Left) Numbered, 1912-dated scrip from the Stork Systems of Savings underwritten by the Union Savings Bank and Latz’s Trustee. In the upper left is an image of a stork carrying a baby. (Right) Circa 1923 Savings Script (sic) issued by the National Children’s Savings Association. Underwritten by Pronger Bros.

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