This listing is for the photographed 1854 (53?) Bank of Yanceyville 4 Dollar Banknote. Rare denomination. Issued during the Civil War, printed with tobacco factory scene in the left center. Portrait of Yanceyville founder and U.S. senator Bartlett Yancey Jr. in the lower right corner. Significantly degraded with holes and tears as shown in photos. Confederate issued currency, great piece of history.
The Bank of Yanceyville, chartered in 1852, funded significant portions of the Confederacy during the Civil War after North Carolina seceded from the Union in 1861. Even after their secession, many private issued banknotes were being printed in northern states, including this one. This explains the intricate designs on each of the banknotes, such as this one's factory scene.
During the Civil War the Confederate States of America attempted to establish an independent currency system in order to fund their war efforts, resulting in an array of Confederate currency from each of its states. Many of these banknotes were made out of necessity during the war, which causes them to be varied in condition and design throughout the states. One design many of these notes had in common was detailed vignettes, often of prominent Confederate leaders or imagery supporting their war efforts.
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 piece offers a great deal of insight into the Civil War era political and economic aspects of the United States, making it an excellent addition to any collection!
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1854 Bank of Yanceyville 4 Dollar Civil War Era Banknote - Rare North Carolina Obsolete Confederate Currency - 1854 Four Dollar Rare NC Note