Fractional Currency 5 Cents 1863 Third Issue Spencer M. Clark

Fractional Currency 5 Cents Spencer Clark
March 3, 1863 Five Cents Fractional Currency
US Fractional Currency 5 Cents Third Issue

United States Fractional currency 5 Cents 1863 Third Issue, Spencer M. Clark

Obverse: Bust of Spencer M. Clark, First Superintendent of the National Currency Bureau (now the Bureau of Engraving and Printing).
Reverse: Red reverse.
Signatures: (as depicted) S. B. Colby (Register of the Treasury) Francis Elias Spinner (Treasurer of the United States).

Front Text: Act of March 3d 1863 – United States Fractional Currency Five Cents – Receivable For All U.S. Stamps Furnished Only by the Assistant Treasurers And Designated Depositories of the United States – Regr – Treasr – Engraved and Printed at the Treasury Department

Back Text: Exchangeable for United States Notes By Assistant Treasurers & Designated Depositories Of The United States in the sums not less than Three Dolls. Receivable In Payment Of All Dues To The United States Less Than Five Dollars Except Customs.

Spencer M. Clark
   Spencer M. Clark (June 3, 1811  – December 10, 1890) was the first Superintendent of the National Currency Bureau, today known as the Bureau of Printing and Engraving, from 1862 to 1868.
Spencer Morton Clark was born in Vermont and was involved in a variety of business activities until 1856 when he became a clerk in the Bureau of Construction of the Treasury Department in Washington, D.C. According to a history of the Bureau of Printing and Engraving, Clark became interested in the work of finishing new currency notes at the Treasury and gradually assumed increasingly greater responsibilities in the engraving, printing, and processing of U.S. Government currency and securities. He was a strong advocate for a distinct bureau within the Treasury Department for the production of currency and securities, and took over as the first Superintendent of the National Currency Bureau in 1862.
On August 29, 1862, Clark commenced work with one male assistant and four female operatives, according to a 1977 Washington Post article. Clark is said to have developed the original "Treasury Seal," a variation of which still appears on U.S. notes, according to a 1979 Washington Post article. Clark is also credited with proposing that facsimile signatures for the Treasurer of the United States and the Register of the Treasury be imprinted on U.S. notes using a "peculiar process and with peculiar ink." Prior to that, the signatures were penned by an army of clerks "For the" appropriate official, the Post article added.

Fractional Faux Pas
In 1864, Congress authorized the issuance of a series of fractional currency notes in denominations of 3, 5, 10, 15, 25 and 50 cents, with Clark’s office being given responsibility for production of the notes.

A firestorm ensued when it was discovered that Clark's image had been put on the 5-cent note. There are a couple of different versions of how this occurred.

In one, the 5-cent note was supposed to bear a portrait of “Clark,” as in explorer William Clark of Lewis and Clark fame. But because no one had distinctly specified exactly which Clark, the currency superintendent took it upon himself to put his own portrait on the bills.

In another version, Clark ordered that the portrait of Francis E. Spinner, treasurer of the United States, be placed on the 50-cent note without consulting him. Spinner was pleased with it, and as he had authority to select portraits on new notes, approved it. Other designs were selected at random and when it came to issuing the 5-cent note, Spinner was asked whose portrait was to be selected.

Clark is said to have replied, “How would the likeness of Clark do?” “Excellent,” said Spinner, thinking that reference was made to Freeman Clark, the Comptroller of the Currency. The matter escaped further notice until the notes had been printed in enormous quantities.
    Whatever the story, Congress was outraged when the notes, which had already been mass-produced, came out. According to numismatic historian Walter Breen, Congress’s “immediate infuriated response was to pass a law retiring the 5¢ denomination, and another to forbid portrayal of any living person on federal coins or currency.”
Clark only kept his job because of the personal intervention of Treasury Secretary Salmon P. Chase.

    Clark resigned from the National Currency Bureau in 1868 amidst a congressional investigation into record-keeping and security within the agency. He went on to work at the Department of Agriculture in the Statistical Division. He later headed the Bureau of Vital Statistics in the Agriculture Department until his death in 1890. He is buried in Hartford, Connecticut.