This listing is for the photographed 1862 Young, Edwards & Co. 10 Cent Fractional Obsolete Merchant Scrip Note. Issued in Albany, NY on October 28th, 1862. Note is signed, indicating that it was issued and circulated. Obverse of the note depicts the Old State Capitol Building at Albany, NY at the center of the note. Very Fine (VF) grade/condition, signs of circulation and stains due to age. Very interesting piece of history and a must have for any collection!
Young, Edwards & Co. was a produce commission merchant company that operated throughout the Civil War period in Albany, New York. Companies like Young, Edwards and Co would issue merchant scrips as a mode of advertisement in order to boost their sales. Merchant scrips would act as a present-day coupon, giving the customer a certain denomination off of their purchase at the said store.
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.
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1862 Young, Edwards & Co 10 Cent Merchant Scrip Note - New York Obsolete Note - Signed - 1862 Albany Ten Cents Fractional Obsolete Note
