About Shinplaster Banknotes
Shinplaster was paper money of low denomination, typically less than one dollar, circulating widely in the economies of the 19th century where there was a shortage of circulating coinage. The shortage of circulating coins was primarily due to the intrinsic value of metal rising above the value of the coin itself. People became incentivized to take coins out of circulation and melt them for the true intrinsic value. This left no medium of exchange for the purchase of basic consumer goods such as milk and newspapers. To fill this gap, banks issued low-denomination paper currency.
The term shinplaster came into use during the American Revolutionary War. Shinplaster was a piece of paper soldiers put inside their boots to cushion their shins against chafing and rash. Common, low-denomination notes, perceived as almost worthless compared to hard currency such as gold and silver, came to be known by this term.Source: https://en.wikipedia.org/wiki/Shinplaster
Canadian Shinplaster Denominations
|1870, 1900, 1923
Shinplasters, 25-cent Dominion government notes that were first issued in 1870 as a temporary measure to counteract the effects of an excess of American silver coinage circulating in Canada. Shinplasters were popular and were reissued in 1900 and 1923. Over 5 million were in circulation in 1929, but in 1935 the new BANK OF CANADA began recalling them. The term may have been used initially in American revolutionary times by soldiers who used similar bills to pad their shoes.Source: https://www.thecanadianencyclopedia.ca/en/article/shinplasters#:~:text=Shinplasters-,Shinplasters%2C%2025%2Dcent%20Dominion%20government%20notes%20that%20were%20first%20issued,reissued%20in%201900%20and%201923.