This listing is for the photographed 1874 E.M. Thompson 5 Dollar Vermont merchant scrip. Issued September 22nd, 1874. Signed by store owner E.M. Thompson. Good condition for a circulated note of this time. Higher denominations of merchant scrips from this store are rare, making this a great find! Left end vignette of Lady Liberty holding the American flag, right end vignette of roman goddess of agriculture Ceres. Portrait of an unidentified roman goddess in the center. Beautiful green design on the back of this note. Great piece of history.
E.M. Thompson and Co. was a dry goods, hardware, clothing, and grocery store on Main St, North Pownal, VT. It operated during the 1870s, owned by Elijah M. Thompson.
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 rare merchant scrip provides great insight into the history of Vermont economics and small business, making for a unique and interesting addition to a collection!
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1874 E.M. Thompson 5 Dollar Obsolete Merchant Scrip- Vermont Obsolete Currency - North Pownal, VT - 1874 Five Dollar Vermont Merchant Scrip