Fractional currency is worth about $17-50 for a typical worn 5, 10, 25 or 50 cent note issued between 1862 and 1876, as of October 2026. Crisp uncirculated common notes bring roughly $75-300, the 3 cent and 15 cent notes start nearer $35-50, a few rare varieties sell for thousands of dollars, and gray fractional currency shields have sold for roughly $3,000-5,000 at Heritage in recent years.
The US Treasury printed paper money in denominations of 3 to 50 cents because the Civil War made people hoard coins. Five issues were made, from the stamp-like postage currency of 1862 to the fifth issue that ended in 1876. Most notes survive in worn condition and are common; a few signature, paper and back-color varieties are the ones that bring real money.
Quick answer
- Common 5, 10, 25 and 50 cent notes, worn: about $17-50 each.
- Choice uncirculated common notes: roughly $75-300.
- 3 cent Washington: from about $35. 15 cent Columbia: from about $50, and $2,160 for a PCGS 64 PPQ in 2025.
- Rare varieties such as some third issue 50 cent Justice notes: thousands to over $30,000.
- Fractional currency shields: gray roughly $3,000-5,000, pink about $20,000.
How do you identify and value a fractional currency note, step by step?
Read the denomination, match the design to its issue, then check the variety details and grade.
- Confirm it is US fractional currency. It is a small paper note, roughly 2.5 to 4.5 inches wide, with a denomination in cents and the words UNITED STATES or FRACTIONAL CURRENCY or POSTAGE CURRENCY. The 3 cent third issue note is about 66 by 40.5 mm; the largest 50 cent notes are about 114 mm wide.
- Name the issue from the design. Use the table below. A note with images of postage stamps is first issue. Washington's head in a bronze oval is second issue. A large portrait of a named person on the face, Clark, Fessenden, Spinner or a seated Justice, is usually third issue. Liberty, Columbia, Washington, Lincoln, Stanton or Dexter is fourth issue. Meredith, Walker or Crawford is fifth issue.
- Check the first issue edges. Postage currency was made with perforated edges and with straight cut edges. Perforated notes are generally scarcer.
- Check the back. Second issue notes have small bronze surcharge letters and numbers such as 18-63 in the corners. Third issue backs are green or red. The color, the surcharges and small letters on the face set the Friedberg number.
- Check whether it is printed on one side only. Single-sided notes are specimens, printed for reference and sold separately; they are collected as narrow margin and wide margin pairs and priced apart from issued notes.
- Find the Friedberg number. Fractional notes run from about Fr. 1226 to Fr. 1381. The number captures the denomination, design, back color and variety, and price guides list by it.
- Grade it. Fractional notes were small and thin and circulated hard. Look for folds, tears, missing corners and trimmed margins; full, even margins on all four sides add a lot to an uncirculated note.
- Price from sold results for the exact Fr. number and grade.
What were the five fractional currency issues?
| Issue | Dates | Denominations | How to recognize it | Common notes, worn |
|---|---|---|---|---|
| First, postage currency | Aug 1862 to May 1863 | 5, 10, 25, 50 cents | Images of 5 and 10 cent Jefferson and Washington stamps; perforated or straight edges | From about $17-45 |
| Second | Oct 1863 to Feb 1867 | 5, 10, 25, 50 cents | Washington's head in a bronze oval; bronze surcharges on the back | From about $17-40 |
| Third | Dec 1864 to Aug 1869 | 3, 5, 10, 25, 50 cents | 3c Washington, 5c Spencer Clark, 10c Washington, 25c Fessenden, 50c Spinner or Justice; green or red backs | From about $17-40; 3c from $35 |
| Fourth | July 1869 to Feb 1875 | 10, 15, 25, 50 cents | 10c Liberty, 15c Columbia, 25c Washington, 50c Lincoln, Stanton or Dexter; red seal | From about $17-50; 15c from $50 |
| Fifth | Feb 1874 to Feb 1876 | 10, 25, 50 cents | 10c Meredith, 25c Walker, 50c Crawford | From about $17-20 |
The 5 cent Spencer Clark note is a famous one. Clark ran the currency bureau and put his own portrait on the note, which led Congress on April 7, 1866 to ban the portrait of any living person on US currency. The notes are common today, starting near $17.
What is fractional currency worth?
Values as of October 2026. The low end is the lowest value in the Greysheet and Friedberg price guide (CPG); the uncirculated column is for choice notes with decent margins and is an estimate where sales vary.
| Note | Example Fr. numbers | Worn (Good to Fine) | Very Fine to Extremely Fine | Choice uncirculated |
|---|---|---|---|---|
| 5c, 10c, 25c common types, any issue | Fr. 1230, 1251, 1257, 1264, 1295, 1308 | $17-30 | $30-60 | Roughly $75-200 |
| 50c common types, first, fourth and fifth issue | Fr. 1312, 1376, 1379, 1380, 1381 | $20-45 | $45-100 | Roughly $125-300 |
| 3c Washington, third issue | Fr. 1226, 1227 | $35-50 | $50-90 | Roughly $125-250 |
| 50c Spinner, third issue, common varieties | Fr. 1324, 1326, 1328, 1331 to 1335 | $32-50 | $60-120 | Roughly $150-350 |
| 50c Justice, third issue, common varieties | Fr. 1343, 1355, 1358, 1360 to 1366 | $35-55 | $60-130 | Roughly $175-400 |
| 15c Columbia, fourth issue | Fr. 1267 to 1271 | $50-80 | $80-200 | Roughly $300-800 |
| 50c Lincoln, fourth issue | Fr. 1374 | $40-70 | $80-200 | Roughly $300-900 |
| Rare third issue 50c Justice varieties | Fr. 1351, 1352, 1353, 1354 | From about $4,500-30,000 | Higher | Five figures |
| Rare 50c Spinner variety | Fr. 1330 | From about $1,500 | Higher | Several thousand |
Real sales show where the top sits. At Heritage's July 2025 fractional currency sale, a fourth issue 15 cent note, Fr. 1268, graded PCGS Banknote Choice Uncirculated 64 PPQ sold for $2,160, and a narrow margin 15 cent third issue specimen in PMG 65 EPQ sold for $2,400, as reported by Numismatic News. Those are top-condition notes; the same designs worn sell for well under $100.
What are fractional currency shields worth?
A shield is a framed board in the shape of a shield with single-sided specimens of first, second and third issue notes mounted on it. The Treasury made them, using notes printed between June 1867 and May 1868, to help banks and post offices spot counterfeits, and offered them for $6 each. Few sold. According to PMG, an estimated 200 to 400 gray shields survive, 20 to 25 pink shields and 10 to 14 green ones.
| Shield | Friedberg | Known, per PMG | Recent result |
|---|---|---|---|
| Gray background | Fr. 1382 | About 200-400 | Roughly $3,000-5,000 at Heritage, depending on condition |
| Pink background | Fr. 1383 | About 20-25 | $20,400 at Heritage, May 2022 |
| Green background | Fr. 1383a | About 10-14 | Rarely offered; priced at auction |
Condition decides shield prices: missing or replaced notes, water stains and a damaged frame all cut the value. Modern reproduction shields exist, made with printed copies rather than real specimens, and are worth decorative money only.
A worked example
Say you find a small paper 50 cent note in a family album, with a seated woman holding scales and a sword on the face. That is the third issue 50 cent Justice. The back is green, the note has several folds, a small tear at one edge and narrow but complete margins. Most Justice varieties start at about $35-40 in that condition, so it is worth roughly $35-55 as of October 2026. Before stopping there, check two things. First, whether it is printed on both sides; if not, it is a specimen and priced differently. Second, the small letters, numbers and autographed signatures on the face, which a specialist uses to set the Friedberg number. Four Justice varieties are rarities worth thousands, so a note in that family deserves a careful look against a reference.
Common mistakes
- Expecting every Civil War note to be rare. Most fractional notes are common in worn grades.
- Mistaking a specimen for an issued note, or the reverse. Single-sided specimens are priced in pairs and as their own category.
- Ignoring margins. On uncirculated notes, cut-in or uneven margins cut the price sharply.
- Buying or keeping replica notes as real. Modern copies of fractional notes and shields are common in gift shops. They are often printed on stiff, bright paper with flat printing.
- Missing contemporary counterfeits. Period fakes of 50 cent notes were common. They are collectible but worth less than the genuine note in most cases.
- Mixing them up with Confederate notes. Southern states and cities issued their own small change notes during the war; our guide to confederate money value covers those.
- Treating a printing flaw as an error. Off-center cuts and ink smudges are common on fractional notes. Genuine major errors exist, and our guide to misprinted money value shows what qualifies.
How WorthPic reads fractional currency photos
WorthPic runs on the newest and most capable AI model available, tuned for exactly this kind of identification. From photos of a fractional note it reads the denomination, the design and issue, the back color, any surcharges and edge type, whether it is a single-sided specimen, and narrows it toward a Friedberg number. It estimates a grade range from the folds, margins and paper, then gives an honest value range with a most likely figure and says which detail moves it. Some details are too small or faint for a photo: the tiny position letters and autographed signatures that separate the rare Justice and Spinner varieties, and repairs or trimmed margins. It says so and asks for a close-up. It identifies and estimates. It does not authenticate, grade or appraise; for rare varieties and shields, a specialist dealer or grading service settles it.
What to photograph
- The face flat in daylight, the whole note with all four margins visible.
- The back the same way, for color and surcharges.
- A close-up of any small letters, numbers or signatures on the face.
- A close-up of the edges, for perforations, trimming and tears.
- For a shield, the whole shield plus close-ups of several notes and the frame.
When should you get it looked at in person?
| Option | Cost | What you get | Best for |
|---|---|---|---|
| Local coin or currency dealer | Usually no charge to look | A quick identification and an offer | Worn common notes, small groups |
| PMG or PCGS Banknote | Roughly $25-65 per note for most notes, more for high values | A numeric grade and attribution | Uncirculated notes, specimens, possible rare varieties |
| Heritage or Stack's Bowers auction | Seller's commission | Fractional specialists bidding | Shields, rare varieties, collections |
The Fractional Currency Collectors Board is the specialist club. If the fractional notes came with other old paper, our guide to old dollar bills worth money covers the large notes that often keep them company.
Sources
- Wikipedia: Fractional currency: the five issues and their dates, denominations, portraits, sizes and the April 7, 1866 ban on living persons.
- Greysheet: Fractional Currency, Third Issue: Friedberg numbers and CPG value ranges, including the rare Justice and Spinner varieties.
- Greysheet: Fractional Currency, Fourth Issue: CPG value ranges for the 10c, 15c, 25c and 50c fourth issue notes.
- PMG: Fractional Shields: shield production, the $6 price and the estimated numbers of gray, pink and green shields.
- Numismatic News: Heritage fractional currency and encased postage sale: 2025 prices realized for top-grade notes.