5 Dollars, Farmers and Exchange Bank Note, Charleston, South Carolina, 1863

5 Dollars, Farmers and Exchange Bank Note, Charleston, South Carolina, 1863

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Description (Brief)
One (1) 5 dollar note
Farmer's & Exchange Bank of Charleston, Charleston, South Carolina, 1863
Obverse Image: An ox cart pulling bales of cotton and a portrait of John C. Calhoun on the right.
Obverse Text: THE FARMERS & EXCHANGE BANK OF CHARLESTON WILL PAY FIVE DOLLARS TO BEARER ON DEMAND / CHARLESTON, S.C. / 4 AUGST 1863 / 5
Reverse Image: Orange geometic designs.
Reverse Text: FARMERS & EXCHANGE BANK / 5
Description
Toppan, Carpenter, Casilear & Company printed this five dollar note for the Farmers and Exchange Bank of Charleston, South Carolina around 1863. The note bears an image of three slaves picking cotton in fields, while another slave drives a team of oxen pulling bales of cotton. The number 5 is in a medallion in the upper right and left corners; the lower left features a portrait of F. H. Elmore, while John C. Calhoun is on the lower right. The signature line for the bank’s cashier is unsigned; the president’s line is signed by William Whaley. The Farmers and Exchange Bank was established in 1852, and operated until the end of the Civil War in 1865.
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.
Location
Currently not on view
Object Name
note
date made
1863
maker
Toppan, Carpenter, Casilear & Co.
place made
United States: South Carolina, Charleston
Physical Description
paper (overall material)
Measurements
overall: 7.5 cm x 17.5 cm x.01 cm; 2 15/16 in x 6 7/8 in x in
ID Number
2014.0016.004
accession number
2014.0016
catalog number
2014.0016.004
serial number
1209
See more items in
Work and Industry: National Numismatic Collection
American Enterprise
Coins, Currency and Medals
Data Source
National Museum of American History
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