Rare Pattern Postage Currency Dime Stars in June 2026 Rarities Night

We are pleased to present the Eliasberg-Cassel specimen of the extremely rare Judd 331 pattern dime in lot 2297 of our June 2026 Showcase Rarities Night session. One of only five known 1863 Pattern Postage Currency dimes, this coin is sure to be an integral part of any advanced cabinet. The early 1860s were dominated by the Civil War, which went hand in hand with a coin shortage of small change along the eastern seaboard, as uncertainty because of the war, economic conditions, and inflationary paper currency led the public to hoard silver coinage. Because silver was scarce in commerce, the Philadelphia Mint managed a paltry mintage of only 11,000 dimes in 1863, down from over 12 million a decade prior. Additionally, the New Orleans Mint was appropriated by the state of Georgia and utilized by the CSA in April and May of 1861 before being shuttered. It would reopen in 1879.

The state of California outlawed the use of paper money early in the Civil War and, while the Legal Tender Act of 1862 authorized the federal government to issue $150 million in “greenbacks,” Californians refused to use paper money until 1870, when the Currency Act of July 12, 1870 allowed special National Gold Banks to issue paper notes directly redeemable in gold coin. As such, the San Francisco Mint continued to run at its pre-war capacity since conditions remained largely unchanged. Nevertheless, the eastern seaboard was home to most of the banking and economic centers in the country. Something was needed to help stabilize the economy and facilitate everyday commerce.

Treasury Secretary Salmon Chase wrote Congress to address the problem in July 1862, proposing two potential solutions: redesign and resize the coinage or legalize the use of postage stamps as money. The second was cheaper and was able to be implemented more quickly. Just three days after Secretary Chase wrote Congress, the Law of July 17, 1862, was signed by President Abraham Lincoln, which authorized the use of postage in transactions under $5. An adjacent law was passed on March 3, 1863, legalizing the use of the already issued Fractional Currency and authorizing the production of a Second Issue, which could be redeemed for postage or used in the place of it in commerce.

These developments, including the withdrawal of silver coinage in the East and Midwest, caused the Mint to experiment with tokens to circulate in the place of silver coinage. In May 1863, U.S. Mint officials illicitly struck a few Postage Currency patterns in various compositions, which were to be sent to Secretary Salmon Chase for consideration. Additional patterns were struck and the series has been cataloged in United States Pattern Coins (10^th Edition) as Judd 325-332 and Judd 640-646, with some struck in multiple compositions. Secretary Chase rejected the proposals, not only because the intrinsic value of the ten cent pieces made them unlikely to circulate, but also because the patterns were remarkably fragile.

The present coin is the Judd 331 variety, of which only five are known. The obverse is undated, adjusted by James B. Longacre in 1858, but otherwise identical to Christian Gobrecht’s Seated Liberty design. The diagnostic mark for this specific die is the diagonal die scratch running from the right field, through Liberty’s foot area, toward where the date would typically be on Seated Liberty dimes. This die was also used on the 1868-dated Judd 641, which David Cassel believes was also struck in 1863, although some believe both Judd 331 and Judd 641 were struck in 1869. Either way, Judd 331 was certainly struck before the Judd 641 patterns as a die gouge develops at the top of the “O” in “OF AMERICA” during the obverse’s use in striking Judd 641 patterns, but is not seen on any of the recorded Judd 331 specimens.

The reverse design marks this pattern as part of the Postage Currency series. At the center of the reverse, the coin is denominated 10 CENTS 1862, while around the periphery is the inscription * POSTAGE CURRENCY * ACT JULY 1862. The diagnostic for die states within the series is the die cracks running through “AGE CUR.” Preliminary findings show that the present example was struck before the Judd 325 variety based on the die state progression among known examples. According to US Patterns, 45 Judd 325 patterns were struck on May 20, 1863, which would indicate the present example was struck on or before that date, confirming Cassel’s assertion that Judd 331 was minted in 1863, not 1869.

Identifying factors for this specific coin are two faint carbon spots on the obverse at and below the base of the rock behind Liberty’s foot. As such, it can be pedigreed to 1905, when it appeared in the Chapman brothers’ sale of the Charles Morris Collection. Since then, it has passed through multiple collections, including our sale of the Eliasberg Collection in May 1996 (lot 193).

It should come as no surprise that this coin once belonged to such a legendary cabinet. Besides the die characteristics already discussed, this Choice Proof example displays few distracting marks on lightly reflective fields, which are a pleasing gray. With a deep history, pleasing surfaces, and outstanding pedigree, this pattern would fit it any specialist’s collection, including those cabinets focused on Civil War or Seated Liberty coinage

For more information about the Stack’s Bowers Galleries June 2026 Showcase auction visit StacksBowers.com. To consign your coins or paper money to one of our future sales call 800-458-4646 or email [email protected].