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*Auction Highlight* NA Life Ins. Co., 3c Rose, Str.Ê"INSURANCE"EP141 Encased Postage 3c Grades f+ fc

Currency:USD Category:Coins & Paper Money Start Price:25.00 USD Estimated At:NA
*Auction Highlight* NA Life Ins. Co., 3c Rose, Str.Ê INSURANCE EP141 Encased Postage 3c Grades f+ fc
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*Auction Highlight* NA Life Ins. Co., 3c Rose, Str.Ê"INSURANCE"EP141 Encased Postage 3c Grades f+. Not strictly stamps, coins or paper money. Encased Postage became, for a brief period, a medium with which to buy and trade goods and services. In early July 1862, shortly after the beginning of the Civil War, there was virtually no gold, silver or copper coins available for use of trade or to give change. If one was fortunate or wealthy enough to own ÔÕgreenbacks,Ó there was a premium to buy federal coins. Coins were being hoarded, which made it increasingly difficult to pay for daily needs such as haircuts, milk and the like. At this time some enterprising merchants issued scrip with values up to a dollar advertising their wares, and later tokens also came to the market place. It was during this period that Fractional or Postage Currency notes were developed in the form of small pieces of paper. The latter showed current issues of stamps with their values, thus representing an exchangeable and accepted piece of currency. Originally distributed to Army paymasters, it was not until later, September 1862, that these notes were distributed to the general public. Other actions by the federal government eventually led to the Act of July 17, 1862 which provided for the use of postage stamps as monetary vehicles and thus Encased Postage entered the foray. Due to the fragility of postage stamps, a method of protection had to be developed to prolong their useful life, thus came about the encasing of the stamps. John Gault received a patent; No, 1627 on August 2, 1862. His encasing unit comprised two discs of brass about the size of a quarter, the stamp with itÕs four corners folded down was placed between a mica face, a piece of cardboard against the back side, thus sealing the stamp between the two brass discs. The back casing was left blank in order to allow advertisements by interested parties, for a fee of course. So is it a coin, a stamp or a bank note? We do know that these relics of our past are collected by enthusiasts in all fields and that ÒthereÕs still gold in them there hills!Ó A Corey's Pick