RARE 1860s West River Bank 2 Dollar Obsolete Note - Jamaica Vermont Obsolete - Unissued Remainder - 1800s Jamaica Two Dollars Banknote

This listing is for the photographed 1860s West River Bank 2 Dollars Jamaica Vermont Uncirculated Remainder Obsolete Banknote. No date or signatures, unissued remainder note. The vignettes on the obverse of this note include two cherubs playing with spears and using seated liberty coins as shields at the center, a milkmaid churning butter at the right end, and two men holding up an allegorical Peace holding an olive branch at the left end. The text "TWO" is printed in red at the lower center of both sides of the note. Beautiful design! Uncirculated (UNC) grade/condition. Excellent find for notes of this age! Great piece of local New Hampshire history!

The West River Bank was chartered in 1853 with a capital stock of 2000 total shares at $50 per share. They began operations the next year in Jamaica, Vermont in 1854. The first banknotes were issued by the bank on July 20th, 1854 in $1, $2, $3, $5, $10, $20, and $50 denominations. They continued in operation as a local private bank until August of 1865 when it was reorganized as The West River National Bank under the National Banking Act of 1865. 

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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RARE 1860s West River Bank 2 Dollar Obsolete Note - Jamaica Vermont Obsolete - Unissued Remainder - 1800s Jamaica Two Dollars Banknote