Second Issue Fractional Currency
Widespread counterfeiting of the first issue of fractional currency (Postage Currency) led Spencer Morton Clark to state that in order to protect the public, a new issue was needed. The second issue (sometimes referred to as the first issue of Fractional Currency) was released on October 10, 1863 and ended on February 23, 1867. The total of all four denominations was 161,341,194 notes with a face value of $23,164,483.65. It was estimated that 27,567,597 notes were still extant in 1884.