United States 1875 - Fourth Issue Fractional Currency, 25 Cents, Watermarked Paper, 40mm Seal (Friedberg 1301, Allison-Spinner)
The large red seal dominates the face not merely as ornament but as an anti-counterfeiting device and declaration of federal authority. Watermarked paper added an additional layer of protection against imitation, reflecting the Treasury’s evolving response to widespread contemporary counterfeiting of earlier fractional issues. Read more →