100 Dollar Quassaick Bank Proof Note, 1854

Description
Bald, Adams & Company of New York printed this 100 dollar proof for the Quassaick Bank of Newburgh, New York, around 1854. The Quassaick Bank was formally adopted on March 31, 1852, taking the aboriginal name of the town of Newburgh. The center of the note has an image of Native Americans pointing toward an industrialized Newburgh. The left side has an image of a man and a boy holding rifles, hiking up a mountain. The punches on the signature lines for the bank’s cashier and president made it unusable. This note is a proof done by Bald, Adams & Company, printed to confirm that the design was suitable for mass printing.
From 1790 to 1863, states and private banks issued their own currency to supply capital in a young nation without a national currency. This currency was backed by the hard money the banks had on deposit, and was only used locally where the bank and its operators were trusted in the community. However, banks often oversupplied notes, and this overextension caused bankruptcy among private and state banks when financial panic struck, particularly in 1837. Currencies from these failed banks are known as “obsolete bank notes” or “broken bank notes,” and several are held in the National Numismatic Collection.
Object Name
paper money
date made
1854
maker
Bald, Cousland & Co.
Physical Description
paper (overall material)
place made
United States: New York, Newburgh
ID Number
1992.0281.0524
catalog number
1992.0281.0524
accession number
1992.0281
catalog number
92.281.524
subject
Coins, Currency and Medals
American Enterprise
See more items in
Armed Forces History: National Numismatic Collection
American Enterprise
Exhibition
American Enterprise
Data Source
National Museum of American History, Kenneth E. Behring Center

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