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
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
Owner: Andrew Dexter Jr.
President: John Harris
Cashiers: Mowry Smith (1804)
William Colwell (1808)
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