***Auction Highlight*** J Gault Encased Postage EP-32, The Currency to Pass AYER’S Cathartic PILLS,

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  Lot #150  (Sale Order: 108 of 583)  
Sold for: $625.00 to onsite
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***Auction Highlight*** J Gault Encased Postage EP-32, The Currency to Pass AYER’S Cathartic PILLS, Graded vf30 By SEGS. Up for Auction is One of The Civil War’s Foremost Rarities, The “Encased Postage” coin. While not Technically a Coin, a Note or a Stamp, John Gault’s Encased Postage was king of currency For a Brief Year in 1862. When The Civil war Broke out in 1861, all of the “Hard Currency” quickly Disappeared. But people still needed to purchase a 3¢ loaf of bread, a 1¢ newspaper, a 5¢ quart of milk and countless other goods that required coins. And vendors had to make change when an item’s price was less than a nickel, a dime or a quarter. In some cities, businesses gave customers I.O.Us, private companies created “Civil War tokens” and paper money was cut into several pieces to represent a fraction of a dollar. Clever remedies for sure, but none that were widely used or accepted. All of this radically changed on July 17, 1862, when Congress decided to address the coinage shortage and passed a law that allowed postage stamps to satisfy debts of less than $5. People began to carry stamps in their purses and pockets and used them repeatedly for daily purchases. Vendors gladly accepted the stamps as payment. But all of this hand-to-hand usage quickly resulted in damaged stamps with denominations sometimes unrecognizable. The local post offices would not exchange damaged stamps for new ones, so a remedy was needed. John Gault, a New York entrepreneur, decided he had the best solution. On August 12, 1862, Gault obtained a patent for a “postage stamp case”, or as he named the item in a newspaper advertisement, the “New Metallic Currency. Gault didn’t sell the encased stamps to the public. Instead, he sold them to stores and businesses that needed “coinage” to make change for customers’ purchases. Gault’s profit came from the 20% markup over the face value of the stamp. To increase his potential profit, Gault’s second idea was to inscribe advertising on the back of the encased stamp. He would charge companies who purchased the metallic currency an additional 2¢ for each item. Encased stamps were widely accepted in the general commerce realm until later in 1862 when the government issued “fractional currency”. This legitimate, government-sanctioned currency quickly eliminated the coin shortage. Having no other value than the stamp, people tore apart the encasements of their metallic currency to remove the stamp to use as postage. Thus the scarcity of the 1862 encased stamps today. The Example being offered today is EP-32, The Currency to Pass AYER’S Cathartic PILLS, 3 cent Pink Washington Stamp. The case has nice patina and is in great shape, he mica is intact with a bit of caring and one small crack, but all there, and the stamp is intact but a bit faded. All in All a sold vf30 A Corey's Pick, Bid to Win, Don't let it get Away Coin

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This item is part of Breathtaking Spring Coin Consigns Auction 6 of 6
 Thursday, Jun 17, 2021 | 5:45 PM  Eastern
 
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***Auction Highlight*** J Gault Encased Postage EP-32, The Currency to Pass AYER’S Cathartic PILLS,
***Auction Highlight*** J Gault Encased Postage EP-32, The Currency to Pass AYER’S Cathartic PILLS,
Lot number: 150
Seller: Key Date Coins
Event: Breathtaking Spring Coin Consigns Auction 6 of 6
Ends: Thursday, June 17 | 5:45 PM  Eastern

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