OBSOLETE or BROKEN BANK NOTE:
a FORERUNNER to the MONEY in YOUR POCKET
à Long before the United States government officially issued paper currency in 1861 with the introduction of Demand Notes, paper mediums of exchange existed. Among these were privately-issued and State-issued bank and scrip notes which typically circulated in a narrow radius from their point of release. These carried denominations from one-half cent to several thousand dollars.
Although the term ‘OBSOLETE’ refers to any form of paper money which has been outdated—and oftentimes extricated from circulation—collectors consider ‘OBSOLETE’ banknotes to be those issued by private banks, individuals, towns, or States. Nothing “backed” the banknotes and, in the era before rapid communication, bearers of these notes often held worthless pieces of paper after the issuing bank failed or went broke—hence the secondly most applied designation ‘BROKEN BANK NOTE.’
Many of the most common/available (and most artistically attractive) come from the South.
A VERY HISTORIC—and EMINENTLY COLLECTIBLE—TYPE of PAPER MONEY:
An opportunity to begin or expand a collection at a very attractive cost. Common obsolete notes can be acquired for less than one hundred dollars and many magnificent and likewise scarce pieces can be secured for less than five hundred dollars.
There are TWO MAJOR distinctions among the OBSOLETES:
Issued notes will be fully complete, including signatures, dates, and serial numbers.
Remainders will generally be in high grade (often Crisp Uncirculated) and frequently are incomplete missing all/some of the signatures, serials, date/year, etc. Remainders offer an excellent venue to acquiring attractive examples at affordable prices. Remainders represent notes leftover pieces after a bank failed or after private issues were outlawed.
ALMOST ALL are EXCEPTIONALLY ATTRACTIVE
No collection is complete without an example—yet so few collectors have ventured into this territory.
a fact that surprises many new collectors is that
ALMOST ALL are PRINTED on the FRONT ONLY,
with COMPLETELY BLANK BACKS
this lot contains a
WONDERFUL EXAMPLE of an OBSOLETE BANKNOTE!
The ways to collect OBSOLETE CURRENCY borders on limitless. Some of the more common
ways involve topics or themes, such as:
--by City, County/Parrish, State
--by assembling a denomination set, including such unusual denominations like
$1.25, $1.75, 1/8 dollar, etc
--by certain vignettes, specific printers, or engravers
--by purchasing only issued notes or only remainders
--by limiting the dollar amount spent on any one piece
--by one specific bank including all denominations, years/series
this SPELL-BINDING SPECIMEN preserved in HIGHLY COLLECTIBLE CONDITION, is suitable for even the fussiest of collectors as it is an above-average example for its technical grade
destined to enhance any collection
This Obsolete from New Orleans, LA from the Canal Bank is a nice example that has a wonderful design and vignettes. The note has a beautiful black and deep inks to compliment its clean paper. The note’s reverse features a beautiful red design. This unsigned remainder is an affordable rarity destined to fit seamlessly into any numismatic collection.