This listing is for the photographed 1800s N.D. Tecumseh Michigan 5 Dollar Banknote. Unsigned banknote, no date issued. Great piece of history.
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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1800s N.D. Tecumseh Bank 5 Dollar Paper Banknote - Michigan Obsolete Currency - Unsigned Note - 1837 Five Dollar MI Banknote