Obsolete Paper Money Issued by Banks in the United States 1782-1866 by Q. David Bowers
||Obsolete Paper Money Issued by Banks in the United States 1782-1866
||Q. David Bowers
Foreword by Eric P. Newman. This book is a Hardcover, Leather-Bound, Limited Edition
. There were only 500 of these Special Edition
copies printed. The book comes with a Signed Certificate of Limited Edition
. It is an illustrated 616 pages.
Award-winning author and historian Q. David Bowers explores the fascinating world of "obsolete currency" - the colorful, ornate paper money that first circulated in the 13 colonies and served American commerce up through the Civil War. Prior to the Civil War, no paper currency was issued by the United States government. Paper money was issued by thousands of different banks, companies, merchants, and municipalities. Many of the banks failed or were fraudulent, and their notes became worthless. This is why they are sometimes called "broken" banknotes. Others were redeemed and canceled. Many were legitimate and survived past the 1860s, and continued to redeem their notes as they were presented.
During the mid 1860s, these notes were taxed out of circulation. About the same time the Federal government started to issue paper money. One type of new Federal currency was national banknotes. If a bank wanted to continue to circulate its own currency, it would have to obtain a charter from the Federal government, and also obtain their notes from the government. Some obsolete banknote issuers became national banks and still survive, and all their notes, obsolete and national, are still redeemable. Many merchants, towns, cities, and counties also issued notes in denominations less than $1, and these are called "scrip".
Many people collect obsolete notes from their home state or county. Some collect unusual denominations or notes that depict coins. Others collect by subjects including trains, Indians, or unusual vignettes like whaling scenes or Santa Claus. With thousands of different designs, there are many possibilities. The scenes pictured on this old money give a unique view into the way of life and just what was important to the early Americans who used them.