BROKEN BANK NOTE:
a FORERUNNER to the MONEY in YOUR
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which has been outdated—and oftentimes extricated from circulation—collectors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
ALL are PRINTED
on the FRONT
COMPLETELY BLANK BACKS
this lot contains a
WONDERFUL EXAMPLE of an OBSOLETE BANKNOTE from:
THE FARMERS and MECHANICS BANK
from the city of CANNELTON in PERRY COUNTY
in the denomination of:
August 25, 1858
this lovely specimen has:
STRONG SIGNATURES; especially of the bank president
wonderful images and vignettes of:
AMERICAN MAID at right in OVAL
SEATED MAID with SHIELD & SPEAR at left
TWO SEATED MAIDS as CENTRAL IMAGE.
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
$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
HIGH grade note with some paper toning.
please study the hi-resolution image yourself
REFER to the SCAN to EVALUATE the CENTERING, INKS, ALIGNMENT,
to formulate an
independent opinion as to the quality and suitability of the piece,
then use your own
impression to determine the suitability of this piece for you own collection
based upon dealers' price lists, eBay, and other auctions,
this note carries a marketplace estimate of
we encourage you to verify this for yourself
the note illustrated is the exact one you will receive
believe our price is very fair in the current market, it is our desire to place
quality banknotes into appreciative collections. Feel free to make an
intelligent counter-offer if a discount will land this
note into your collection.