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The Midwest Winter Sale 2009
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Please Note: A 15% Buyers' Premium is added to the hammer price of all lots in this sale.

(About The Images)

Lot Title:	1863 Fractional Currency Shield.
Description:	Over the years of production from 1862 through 1876, the U.S. Treasury managed to issue about $360 million face value in fractional notes. (To this very day, about $2 million remains unredeemed, partially accounted for, of course, by notes that have found their way into collections.) The small size permitted only limited area for artwork, and so the printed designs were necessarily kept simple by comparison to large sized notes. In light of the sheer number of the diminutive notes being issued, counterfeiters soon entered the arena of issuing "fractional paper money" of their own, realizing that the simple designs could be easily duplicated, and knowing that unfamiliarity of the unpopular "shinplasters" and their small denomination might lead to excellent probability of fakes being successfully passed off on unsuspecting victims. To combat these nefarious deeds, the Treasury from 1866 through 1869 issued framed shields showing all thirty-nine types of fractional currency then in use. These were intended for sale at $4.50 each to national banks, who in turn could display the notes on a wall, allowing patrons to compare their notes to the genuine examples. Construction of the framed shields was relatively straightforward. Upon a background of grey, green or pink paper (the latter two colors being very rare), a shield motif was imprinted, surmounted by an arc of thirteen stars and an alighting eagle. The notes, specially printed one-sided "specimens", were pasted onto the paper in a certain, prescribed order. Indeed, the paper backing came preprinted with the selected order in which they were to be attached to the shield. Format of the pasted notes with the grey background consisted of twenty fronts and nineteen backs, all from the first, second and third issues, plus Grant and Sherman specimens. Prior to shipment, most (or possibly all) of the shields were damaged during storage in a basement room when the Treasury Building was flooded to a depth of an inch or so, and therefore most shields display water stains along the bottom border. These stains are sometimes hidden by the frames later used to mount the shields (the shields were stored unframed). In addition, a significant number of extant Fractional Shields have suffered damage, trimming, pasting or removal of unintended notes, and other forms of vandalism. The present grey example is not perfect. Although entirely intact, a thick crease vertically bisects the shield, and two additional mild vertical creases further quarter the shield. A small area on the right side has been mishandled, and a few of the notes have pulled corners or other minor damage. However, the shield outline is uncorrupted, and the notes themselves are all present and easily readable. The frame is an older type that could use replacement, as it is worn at the corners. Modern mint products notwithstanding, the Fractional Currency Shields have a special distinction of being perhaps the most easily displayed item every issued by a government body. This lot may contain an item not certified by ANACS, PCGS, or NGC. While Scotsman Auction Co. is typically conservative in our descriptions of items not certified by one of these companies, we cannot guarantee our grading estimation will match their grade. We highly recommend that collectors seeking items certified by a third-party grading service only bid on items that have already been certified. No lot can be returned because of a variance in judgment with regards to grade.
Low Estimate:	$1,800.00
High Estimate:	$2,000.00
Lot Status:	Bidding has been closed for this lot.
Hammered Price:	$1,700.00
Price Realized:	$1,955.00

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