5 Dollar Merchants and Planters Bank Proof Note, ca 1832

5 Dollar Merchants and Planters Bank Proof Note, ca 1832

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Description
Rawdon, Wright, Hatch & Company of New York printed this five dollar proof note for the Merchants and Planters Bank of Magnolia, Florida, in 1832. The top of the note has an image of Mercury spreading coins from a cornucopia, while the allegorical figure of Agriculture is at the bottom of the note. The three punches on the signature lines mean this note is a proof, printed to confirm that the design is 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 Numismatics Collection.
Location
Currently not on view
Object Name
note
date made
ca 1832
maker
unknown
place made
United States: Florida, Magnolia Springs
Physical Description
paper (overall material)
ink (overall material)
Measurements
overall: 7.2 cm x 17.8 cm x.01 cm; 2 27/32 in x 7 in x in
ID Number
NU.66.11156
catalog number
66.11156
accession number
266906
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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