Fr. 1236 5¢ Third Issue Red Back - Fine
Fr. 1236 5¢ Third Issue Red Back - Fine. This note is a great piece to add to any collection and not just for fractional collectors because it is the sole reason that living people are not allowed on currency or stamps. Spencer Clark is the "Bad Boy" of all currency collecting and is infamous for his exploits in his role as Superintendent of the National Currency Bureau the precursor to the Bureau of Engraving and Printing. When congress authorized the printing of fractional currency the 5 cent note it was originally supposed to display a vignette of Freeman Clark but instead Spencer Clark printed his own portrait. The notes went out into circulation before the switch was discovered and Congress was infuriated with his bold move. They passed a law invalidating the 5 cent note and further added that no living person can be printed on USA Coins or Currency which still stands today. The Grant/Sherman 15 cent notes became the first casualty of this law and were never printed thus creating one of the greatest currency rarities in fractional collecting. This note has pinholes in the corners and a tear that reaches into the bottom of the design but a bold red back to make up for it.