Fraud was high. It was not fraud by the institutions as such, but counterfeits was a big problem with as many as 7000 unique notes it was next to impossible to

Fraud was high. It was not fraud by the institutions as such, but counterfeits was a big problem with as many as 7000 unique notes it was next to impossible to know which was genuine. Post the civil war as much as half the currency was estimated to be counterfeit. The secret service was given the policing money task as a direct result. There was streamlining of currency issue after that.