{"product_id":"rare-1843-5-dollar-banknote-madison-and-indianapolis-railroad-scarce-five-dollar-note-i-m-railroad-1840s-copy","title":"Rare 1800s Boone County Bank Indiana 1 Dollar Note - Scarce Remainder Note - 1860s Lebanon Indiana One Dollar Banknote","description":"\u003cp\u003eThis listing is for the photographed 1860s Boone County Bank Indiana 1 Dollar Obsolete Remainder Note. This note, like most other issues from this bank, is an unissued remainder, meaning that it was never officially circulated and has no written date or signatures. All of the banknotes issued from this bank were involved in the scandal that ensued shortly after the banks establishment, making each one a rare and valuable piece of Indiana and national economic history! The obverse of this note displays a vignette of a laborer seated holding a hammer in the lower left corner, a vignette of three Native Americans gathered beside farming tools at the center, and a vignette of a man chopping down a tree in the lower right corner. Very Good (VG) grade\/condition, significant tears and folds throughout this remainder note, making it very fragile. Obsolete notes from this bank are rare and sought after finds in any condition, making this a must have for any collection! More information on the interesting history of the Boone County Bank below.\u003c\/p\u003e\n\u003cp\u003eObsolete 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.\u003c\/p\u003e\n\u003cp\u003eThe Boone County Bank opened as a \"Free Bank\" on September 19th, 1860, in Lebanon, Indiana. Shortly after opening the bank became embroiled in scandal that reached newspapers across the country, becoming involved with shady practices in regard to their issuance of paper banknotes. The engraver of the banks paper currency, Waterman Lily Ormsby, was notorious during the Free Banking Era for his dealings with shady bank operations, several of which involving the illegal overprinting of banknotes. Ormsby printed the notes issued by the Boone County Bank, printing a total of $289,000 worth of banknotes. But rather than taking the standard, legal route of delivering all of the notes directly to the State Auditor to be authorized before circulation, Ormsby delivered the notes to the bank itself, allowing the bank leaders to choose the number of banknotes they wished to be delivered to the State Auditor. Representatives from the bank only delivered a box with $54,000 worth of banknotes to be authorized by the State Auditor. The other $235,000 worth of unauthorized notes were forged with the auditor's signature and illegally circulated. Authorities in Indianapolis were soon notified of the banks scheme through an anonymously written letter, and the bank's paper currency was soon removed from Indianapolis banks following an investigation led by local authorities. Shortly after the notes were removed from Indianapolis circulation, concern grew among citizens who had money tied to the Boone County Bank, leading to large crowds requesting withdrawals of large amounts of money that the bank could not pay, which eventually led to the bank's failure. The state auditor issued an official notice stating that he would only redeem notes from the bank that he authorized at par value. Ormsby, the printer of the banknotes, was exonerated by the state in this case, stating that he was innocent of any knowing involvement with the bank's criminal activities, but his track record with other shady banks during the era suggests that at the very least his lenient business practices drew in the wrong crowd of criminally intended bank operations.\u003c\/p\u003e\n\u003cp\u003eThanks for stopping by!\u003c\/p\u003e\n\u003cp\u003eRare 1800s Boone County Bank Indiana 1 Dollar Note - Scarce Remainder Note - 1860s Lebanon Indiana One Dollar Banknote\u003c\/p\u003e","brand":"Treasure Hunter Co","offers":[{"title":"Default Title","offer_id":53422619197737,"sku":"OC-IN-BCB-1860s-1D-VG","price":90.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0793\/1540\/3049\/files\/DSC_0059_95588bd7-8ab4-4a9d-9a7d-dff3513fb452.jpg?v=1786549440","url":"https:\/\/treasurehunterco.com\/ar\/products\/rare-1843-5-dollar-banknote-madison-and-indianapolis-railroad-scarce-five-dollar-note-i-m-railroad-1840s-copy","provider":"Treasure Hunter Co","version":"1.0","type":"link"}