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1 Dollar, Bank of Washtenaw Note, Ann Arbor, Michigan, 1854

1 Dollar, Bank of Washtenaw Note, Ann Arbor, Michigan, 1854

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Description (Brief)
Ann Arbor Michigan
Description
The Bank of Washtenaw in Ann Arbor, Michigan, issued this one dollar note in May 1854. The center of the note is decorated with three allegorical images of women—Liberty, Commerce, and Industry—seated under an eagle. The lower left of the note has an image of two farmers with rakes. The note is signed by the bank’s cashier, C. A. Newton, and its president, E. R. Tremaine.
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 Numismatics Collection.
Location
Currently not on view
Object Name
note
date made
1854
maker
Danforth, Wright & Co.
place made
United States: Michigan, Ann Arbor
Physical Description
paper (overall material)
Measurements
overall: 7.1 cm x 18 cm x.01 cm; 2 25/32 in x 7 3/32 in x in
ID Number
2014.0016.005
accession number
2014.0016
catalog number
2014.0016.005
serial number
3203
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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