FREE: 1894 1¢ Franklin, unwatermarked - US Scott # 246

The listing, 1894 1¢ Franklin, unwatermarked - US Scott # 246 has ended.

U.S. #246
1894 1¢ Franklin

Issued: October 10, 1894
Issue Quantity: 67,361,380 (estimated)
Printed by: Bureau of Engraving and Printing
Watermark: None
Perforation: 12
Color: Ultramarine

With the issue of the 1894 series, the United States Bureau of Engraving and Printing (BEP) began printing postage stamps for the first time. Until this date, contracts had been awarded to private companies for the production of stamps.

U.S. #246 is the 1¢ Franklin of the 1894 “Bureau Issue.” The series is noted for poor perforations.

A New Era in Stamp Production
The BEP was established in 1862, following the outbreak of the Civil War. When the firing on Fort Sumter began, the nation was already on the verge of bankruptcy and was in no position to finance a war. This matter, along with other war issues, prompted President Lincoln to call a special session of Congress. During this session, Secretary of the Treasury Salmon P. Chase suggested issuing non-interest bearing notes that would circulate as money and a system of domestic taxation.

Congress adopted the Chase plan, and as a result the first government-issued paper money came into existence. The notes were printed by the New York Bank Note companies and were then signed by the Treasurer of the United States and the Registrar of the Treasury. This procedure was soon found to be impractical. The designated officers had no time to do much else than sign their names on the notes! Therefore, it was decided that the notes should be imprinted with copies of the required officers’ signatures, as well as the Treasury seal. In addition, it was decided that this printing would be done in the Treasury building. The necessary machines for imprinting were obtained, and on August 29, 1862, the Bureau began its work, which would later lead to the printing of postage stamps.