1857 Bank of Orleans 3 Dollars Irasburgh Obsolete Note - Vermont Obsolete Currency - Irasburg, VT - 1857 Vermont Three Dollar Banknote

This listing is for the photographed 1857 Bank of Orleans 3 Dollar Vermont Obsolete Banknote. Dated July 4th, 1857, issued in Irasburgh, Vermont. Signed and issued. Center vignette displays an allegorical woman representing Hope feeding an eagle perched on an anchor with factories and a port scene in the background. Left end vignette of a farmer holding a scythe, right end vignette of a sailor holding his hat with a ship in the background. Fine (F) grade/condition, visible folds and signs of circulation, more fragile on the right end of the note. Rarer denomination of obsolete note, making this an excellent find! Great piece of history.

The Bank of Orleans was chartered on November 8th, 1832, with a capital of $60,000. The bank formerly operated as the Bank of Orleans County until their initial charter expired in 1848. After the expiration of their charter the bank operated under the name displayed on this note. In 1865 the bank was succeeded by the Irasburgh National Bank, which then moved its operations to Barton, VT, changing its name again to the Barton National Bank in 1874. The Bank of Orleans was the first bank to be established in the county!

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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1857 Bank of Orleans 3 Dollars Irasburgh Obsolete Note - Vermont Obsolete Currency - Irasburg, VT - 1857 Vermont Three Dollar Banknote