Obsolete Currency: 2011

Merchant's Bank Of New Jersey

The Merchant's Bank of Trenton, New Jersey was a short lived bank, incorporated in 1861 and closed in 1862 (Source: Wait). Denominations of $1, $2, and $3 were printed.

$1 Merchant's Bank of Trenton, NJ (1861)

Wait: 2342

Image Contribution: Handini

Wait ID Denomination Haxby ID Wait Rarity

2342 $1.00 NJ-555-G2a 2

2343 $2.00 NJ-555-G4a 3

2344 $2.00 NJ-555-N5 6

2345 $3.00 NJ-555-G6a 3

Merchants' Bank Of South Carolina

By: Handini

The Merchants' Bank Of Cheraw, South Carolina was chartered on December 19, 1833 (Source: Sheheen) and operated between 1835 and 1865 (Source: Haxby).

$5 Merchants' Bank Of South Carolina, Cheraw, SC (1858)

Sheheen 127

Haxby SC-60-G4a

Image Contribution: Handini

Sheheen ID Denomination Haxby ID Sheheen Rarity

126 $ 5.00 SC-60-G2 14

----- $ 5.00 SC-60-G2a ---

----- $ 5.00 SC-60-C2a ---

127 $ 5.00 SC-60-G4a 4

128 $ 6.00 SC-60-G6 15

129 $ 7.00 SC-60-G7 15

130 $ 8.00 SC-60-G8 15

131 $ 9.00 SC-60-G9 15

----- $10.00 SC-60-G10 ---

132 $10.00 SC-60-G10a 13

----- $10.00 SC-60-C10 ---

133 $10.00 SC-60-G12a 6

----- $20.00 SC-60-G14 ---

134 $20.00 SC-60-G14a 14

----- $20.00 SC-60-G16 ---

135 $20.00 SC-60-G16a 13

----- $50.00 SC-60-G20 ---

136 $50.00 SC-60-G20a 14

The following additional information is from Sheheen:

Presidents:

1833 - 1838 J. C. Coit

1838 - 1855 James Wright

1855 - 1857 J. C. Coit

1857 - 1859 J. Eli Gregg

1859 - 1865 William Godfrey

Cashiers:

1838 - 18?? Hiram Hutchinson

18?? - 1859 William Godfrey

1859 - 1865 J. F. Matheson

The First And The Last Banks To Fail In The United States

By: Handini

A little over a week ago the S&P downgraded the credit rating of the United States. Many people are complaining about the Federal Reserve System as it is unconstitutional and having a fiat form of money as unscriptural. Although all currency of the United States from 1861 to the present is still legal tender and therefore not included as subject matters of this blog, will they eventually become obsolete? Will the Federal Reserve Banks go under just as a lot of banks did during the Civil War?

THE FIRST BANK TO FAIL IN THE UNITED STATES

$3 Farmers Exchange Bank, Gloucester, RI (1806)

Durand 452

Haxby RI-120-G10

Image Contribution: Handini

WILL THIS BE THE LAST BANK TO FAIL IN THE UNITED STATES?

A Fake 1 Trillion Dollar Note

Image Contribution: Handini

Note that the 0's following the 1 in the denomination does not match with the denomination of this note - just as how the government does not know how to apply math to correct their own finances.

Bank Of Georgetown

By: Handini

The Bank of Georgetown, South Carolina operated from 1837 until it failed in 1865 (Source: Haxby).

$5 Bank of Georgetown, SC (1857)

Haxby SC-80-G6a

Image Contribution: Handini

Sheheen ID Denomination Haxby ID Sheheen Rarity

097 $ 5.00 SC-80-S5a 13

----- $ 5.00 SC-80-G2 ---

099 $ 5.00 SC-80-G4 12

098 $ 5.00 SC-80-G4a 12

100 $ 5.00 SC-80-G6a 5

----- $ 5.00 SC-80-G6b 5

101 $ 5.00 SC-80-G6c ---

103 $10.00 SC-80-G10 10

----- $10.00 SC-80-C10 ---

102 $10.00 SC-80-G10a 10

104 $10.00 SC-80-G12a 8

----- $10.00 SC-80-G12b ---

105 $10.00 SC-80-G12c 10

106 $20.00 SC-80-G14 14

----- $20.00 SC-80-C14 ---

----- $20.00 SC-80-G16 ---

----- $20.00 SC-80-G16a ---

----- $ 6.00 SC-80-A5 ---

----- $ 8.00 SC-80-A10 ---

----- $50.00 SC-80-A15 ---

107a $20.00 SC-80-S10 15

107 $20.00 SC-80-S15 14

The First Bank To Fail In The United States

By: Handini

The Farmers Exchange Bank of Gloucester, Rhode Island was incorporated in 1804 and failed in 1809 (Source: Haxby). Not only did it operate for a very short amount of time but it also was the first bank to fail in the United States (Source: Durand). Durand further states that more than $650,000 in notes were put into circulation but the bank only had $86.46 in assets when it failed. Moreover this banks failure created a wave of other banks failing (Source: Durand).

$3 Farmers Exchange Bank, Gloucester, RI (1806)

Durand 452

Haxby RI-120-G10

Image Contribution: Handini

$5 Farmers Exchange Bank, Gloucester, RI (1808)

Durand 455

Haxby RI-120-G18

Image Contribution: Handini

$10 Farmers Exchange Bank, Gloucester, RI (1808)

Durand 456

Haxby RI-120-G22

Image Contribution: Handini

Durand ID Denomination Haxby ID Durand Rarity

448 $ 1.00 RI-120-G2 3

449 $ 1.00 RI-120-G4 1

450 $ 2.00 RI-120-G6 3

451 $ 2.00 RI-120-G8 1

452 $ 3.00 RI-120-G10 3

453 $ 3.00 RI-120-G12 1

454 $ 5.00 RI-120-G14 7

----- $ 5.00 RI-120-G16 ---

455 $ 5.00 RI-120-G18 1

----- $10.00 RI-120-G20 ---

456 $10.00 RI-120-G22 1

The following additional information is from Durand:

Owner: Andrew Dexter Jr.

President: John Harris

Cashiers: Mowry Smith (1804)

William Colwell (1808)

Recognizing Real Vs. Fake Signatures

By: Handini

Most of the signatures on the antebellum obsolete notes were hand written. The ink usually used at the time was brown, although some examples with blue ink are found, such as the signature of the Register on some notes from the Dubuque Central Improvement Company.

Shown below are a couple of notes bearing a real signature, and a third one is from a genuine note which was signed in modern times.

Signature from a 12.5 note (Phenix Manufacturing Company, 1837)

Image Contribution: Handini

Signatures from a $1 note (Merchants and Planters Bank)

Image Contribution: Handini

Fake Signature from a $4 note (Bank Of Augusta, Remainder)

Image Contribution: Handini

Note the difference between signing with a pen from the 1800's versus a modern day ball point pen. Many notes were printed and escaped being issued by their respective bank. These notes are known as remainder notes and on rare occasion an example may be found where someone decades later decides to hand sign the note. Thus the fake signatures on a remainder note are not genuine from the period but rather, graffiti on the note, and detracts from it's value.

Bank Of Macomb County

By: Handini

The Bank Of Macomb County, Mt. Clemons, Michigan, operated from 1836 - 1841 and again from 1851 - 1858 when if finally failed so there are two kinds of notes from this bank, the earlier ones before it closed in 1841, and the later ones, from 1851 - 1858 (Source: Haxby). The early issues came in denominations from $1 - $10. The later issues came in denominations of $1 to $50.

$1 Bank of Macomb County, Mt. Clemons, MI (1855)

Haxby MI-295-G22a

Image Contribution Handini

Although the date is legible on the $1 note shown above, the main difference between the earlier issues and the later issues is the fact that the later issues have the red overprint and the earlier ones are lacking in that regard.

City Bank

By: Handini

The City Bank of August, Georgia ran from 1855 until the 1860's when it failed (Source: Haxby). In addition to the notes listed below, some fractional issues also exist which are payable in Confederate Treasury Notes instead of banknotes (Source: Haxby). Only 5 varieties of notes from this bank are listed in Criswell. Criswell doesn't discriminate between Haxby numbers GA-50-G2a and GA-50-G2b since the only difference between the two is that Haxby GA-50-G2a has the printers imprint of TCC and company whereas Haxby GA-50-G2b is attributed to the American Bank Note Company.

$1 The City Bank, Augusta, GA

Haxby GA-50-G2a

Image Contribution: Handini

Criswell ID Denomination Haxby ID

-------- $ .05 GA-50-G15

-------- $ .10 GA-50-G18

-------- $ .25 GA-50-G20

C-289 $ .50 GA-50-G22

-------- $ .75 GA-50-G24

C-291 $ 1.00 GA-50-G2a

C-291 $ 1.00 GA-50-G2b

-------- $ 2.00 GA-50-G4a

-------- $ 2.00 GA-50-G4b

C-299 $ 5.00 GA-50-G6a

-------- $ 5.00 GA-50-R5

C-304 $ 10.00 GA-50-G8a

C-307 $ 20.00 GA-50-G10a

-------- $ 20.00 GA-50-G10b

-------- $ 20.00 GA-50-G10c

-------- $ 50.00 GA-50-G12a

-------- $ 50.00 GA-50-G12b

-------- $ 50.00 GA-50-G12c

-------- $100.00 GA-50-G14a

-------- $100.00 GA-50-G14b

-------- $100.00 GA-50-G14c

Exchange Bank

By: Handini

The Exchange Bank of Columbia, South Carolina issued notes ranging in denomination from $5 to $100. It was chartered on December 16, 1852 (Source: Sheheen) and operated from 1853 until 1865 when it got destroyed by Union troops (Source: Haxby).

$10 The Exchange Bank, Columbia, SC (1853)

Haxby SC-75-G4a

Image Contribution: Handini

Sheheen ID Denomination Haxby ID Sheheen Rarity

--- $ 5.00 SC-75-G2 ---

81 $ 5.00 SC-75-G2a 4

82 $ 5.00 SC-75-G2b 4

83 $ 5.00 ------------- 8

84 $ 5.00 ------------- 8

--- $ 10.00 SC-75-G4 ---

85 $ 10.00 SC-75-G4a 4

86 $ 10.00 ------------- 4

87 $ 20.00 SC-75-G6 5

88 $ 50.00 SC-75-G8 12

89 $100.00 SC-75-G10 13

--- $ 5.00 SC-75-A5 4

--- $ 10.00 SC-75-A10 4

--- $ 5.00 SC-75-N5 4

City Of Richmond

By: Handini

The City of Richmond, Virginia issued currency during the Civil War in denominations including 10 cent, 25 cent, 30 cent, 50 cent, 60 cent and 75 cent notes. Shown below is a 25 cent note from April 14, 1862. These notes are not rare and are usually priced between $20 - $50.

25 cents, City Of Richmond, VA (1862)

Image Contribution: Handini

Allegany County Bank

By: Handini

The Allegany County Bank of Cumberland, Maryland was established in 1858 and closed in 1864 (Source: Haxby). Notes ranged in denominations from $1 to $10.

$10 Allegany County Bank