Evening Republican, Volume 21, Number 219, Rensselaer, Jasper County, 24 September 1918 — “Shinplasters." [ARTICLE]

“Shinplasters."

One of the curious forms of money to which the United States government has resorted was the “shinplaster currency.” These bits of paper money were called “shinplasters” by reason of their size and not because of the use to which they were put. It was a strange condition of affairs which led to their issue. The Civil war had put a great strain on the finances of the United States. Metallic money grew scarce. In the first place it was exported and in the second place It was hoarded in vast The government had issued “greenbacks” to take the place of silver dollars and five and ten dollar gold pieces, and as dimes, quarters and halves had also grown scarce it was decided to issue fractional paper currency. It was seriously needed, because there was great inconvenience throughout the country from a lack of small change. Merchants used postage stamps, tokens of various forms, their own “promises to pay” or script, and even buttons were employed as small Change, to be later redeemed by the merchant in goods. It was to meet such conditions as these that the government issued small paper notes in denominations of 10,25 and 50 cents.