This listing is for the photographed 1850s N.D. Merchants and Planters Bank 1 Dollar obsolete banknote. This is an earlier design of these issued banknotes, issued before 1958 in Savannah, Georgia. Portrait of Ben Franklin printed in the lower left corner of the note. Center vignette depicts wagon and livestock scene. Red block letter "ONE" underprint along the lower center of the note. Great piece of history.
The Merchants and Planters Bank was established in 1856, making this note one of the banks earlier issues. The bank was closed by 1866, likely due to the end of the Civil War.
Obsolete bank notes are also called "broken bank notes." In the days prior to the Federal Reserve, any bank could produce currency for use by the clients and members of the community. Unfortunately, not many safeguards were taken to ensure that banks stood behind the currency they were producing and circulating. Banks, more often than not, failed and their currency was rendered worthless. As a result, most bank notes of the period did not trade at their full retail value. Oftentimes notes were worth 50 cents on the dollar because the public expected the banks to fail.
This rarer denomination obsolete bank note is a great piece of Georgia history and makes for an excellent addition to any collection!
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1800s Merchants and Planters Bank 1 Dollar Banknote - Georgia Obsolete Currency - Savannah, GA - 1850s Undated One Dollar Georgia Bank Note
