The Postage Currency issue (8/1862-5/1863) consisted of 5, 10, 25 and 50 cent notes. The 5 cent note features a picture of the 5 cent Jefferson stamp then in use. The 10 cent note features the 10 cent Washington stamp. The 25 cent and 50 cent notes picture rows of five 5 cent and five 10 cent stamps, respectively. As with rare coins, collector notes are now being graded by third-party services and encapsulated in archival plastic. The scans above show both sides of a 5 cent note that received a grade of 66 out of 70 on the industry standard scale. Over the past three years, values of first issue specimens at that grade level are up 19-67% (avg=31%).

The second issue of notes (10/1863-2/1867), re-named Fractional Currency, was composed of the same four denominations as the first. The obverses of all four feature the face of George Washington and a scene of commercial activity. The portrait is surrounded by a bronze oval frame that was applied after printing. The reverses are similar, but for color, denomination and minor surcharge markings. The 10 cent note shown is a "gem uncirculated" 66 example. At that level, second issue prices are up 9-60% (avg=29%) in three years.

The third issue (12/1864-8/1869) involved the same denominations as before, along with a 3 cent note unique to the issue. The latter piece was only printed for a few months, however. Early 1865 legislation authorizing a nickel 3 cent coin prohibited any further issue of the note. Each denomination bears a different design. The scans show one of the 3 cent specimens, in "superb gem uncirculated" 67 condition. Pieces rated this high are quite rare and only trade occasionally. Still, there is a reasonable well-defined price trend. Third issue 67s are up 12-128% (avg=48%), in the past three years.

The fourth issue (7/1869-2/1875) consisted of 10, 15, 25 and 50 cent denominations, each of different design. A 15 cent bill appeared for the first and only time in the series and the Treasury Department began applying its seal. The 10 cent note features a female depiction of Liberty, a figure commonly seen on U.S. coins. She is, of course, wearing the traditional Liberty Cap. The example pictured is a particularly nice "gem uncirculated" 66 note. Fourth issue 66s are now selling for 65-113% (avg=83%) more than they did three years ago.

The fifth issue (2/1874-2/1876) only included 10, 25 and 50 cent denominations. Again, each was of a different design. The collecting of such bills had become a popular pastime and many were sold by banks to dealers. The 50 cent piece carries a portrait of William H. Crawford, an early 19th century Georgia senator, who also served as the U.S. ambassador to France, the Secretary of War and the Treasury Secretary. It's a collector favorite, because of Crawford's remarkable resemblance to comedian Bob Hope. Fifth issue 66s are up 94-161% (avg=124%), in three years.

By the mid-1870s, coins were again in general circulation and the need for the small notes had passed. The Specie Resumption Act of 1874 and a supplemental act in 1876 allowed for the currency's retirement by redemption in silver coin. Altogether, the Treasury had issued over $369 million in small notes and it is estimated that just under $2 million remains in the hands of collectors. As appropriate to their denominations, the sizes of the notes are small... 2 1/2 to 4 1/2 inches wide by 1 1/2 to 2 1/4 inches high. Values are likewise smaller than those associated with large U.S. notes. Current auction levels for the group of five bills pictured above is something in the neighborhood of $1,650-$1,850. Recent price percentage gains, however, rival those of the big bills.

Larry Schutts has invested in high grade collectibles for over twenty years and recently opened an online Collectible Investment Store.