shinplaster

noun

shin·plas·ter ˈshin-ˌpla-stər

: a piece of privately issued paper currency

especially : one poorly secured and depreciated in value

: a piece of fractional currency

Did you know?

In the past, shinplaster referred to a small, square patch of paper that was used as a plaster in treating sore legs. In 19th-century America, the term shinplaster was applied to another paper Band-Aid fix: the privately-issued, poorly-secured notes substituted for the coins withdrawn from current circulation. The lexical currency of shinplaster spiked when it began being used for the paper money in denominations of less than a dollar-a.k.a. "fractional currency"-issued by the United States government after the depression of 1837 and during the Civil War. In 1870, the U.S.'s neighbor to the north, Canada, issued its own shinplaster, a 25-cent note, which fell into disuse in the early 20th century.