{"product_id":"1856-western-exchange-fire-marine-insurance-co-2-dollar-banknote-rare-nebraska-obsolete-currency-1856-two-dollar-rare-ne-note-copy","title":"RARE 1856 Portage Canal and Manufacturing Company 1 Dollar Obsolete Note - Akron, Ohio - 1856 Summit City Canal OH One Dollar Obsolete","description":"\u003cp\u003eThis listing is for the photographed 1856 Portage Canal and Manufacturing Company Akron, OH 1 Dollar Obsolete Banknote. This note was issued as a bond to be used as local currency in Akron, Ohio, in an attempt to fund the construction of the Portage Canal that would connect northern and southern Akron. The note is fully signed and issued, making this a rarer and valuable find among collectors, as most of the surviving notes from this company are unissued remainders. The note was dated February 1st, 1856. The vignettes featured on the obverse of this note include a canal scene with a boat being pulled by horses in the foreground, and a steam engine train in the background at the center, two medallions depicting the bust of Mercury on either side of the central scene, an allegorical woman representing Hope holding the number \"1\" in a frame on the left end, and a bald eagle and U.S. shield in front of the number \"1\" in a frame on the right end. Very Good (VG) grade\/condition, several visible signs of circulation, rough margins and some tears, as pictured. Excellent rare heavily circulated note from a rarely seen historical company! Great piece of local Ohio history!\u003c\/p\u003e\n\u003cp\u003eBeginning in the 1830s, local businessman and physician Dr. Eliakim Crosby acquired 2500 acres of land in the northern part of Akron, Ohio, with the goal of establishing a manufacturing town on the land. He planned to designate at least 200 of these acres, where the \"North Hill\" section of Akron is today, as \"Summit City\", which was intended to become the heart of the manufacturing town. He invited several investors from along the East Coast of the US to visit the area in hopes that they would invest in the initiative. On February 27th, 1837, a charter for the Portage Canal and Manufacturing Company was granted to Crosby and his investors. The company was established to sell bonds in the form of local currency in order to fund the construction of a dam and canal in Akron with the purpose of providing water power to the manufacturing developments in Summit City. Construction began shortly after these bonds were first introduced, continuing until its completion in 1844, finally bringing water to Summit City. But soon after the opening of the dam and canal, further maintenance of the project by the Portage Canal and Manufacturing Company ceased due to internal arguments among members of the company. Summit City, along with the canal and dam built by the company were left abandoned after the company failed in late 1844, leaving their remains to be reused or abandoned to the elements.  \u003c\/p\u003e\n\u003cp\u003eObsolete 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.\u003c\/p\u003e\n\u003cp\u003eThis piece offers a great deal of insight into the economic history of Nebraska and the Unites States in general before the Civil War, making it an excellent addition to any collection!\u003c\/p\u003e\n\u003cp\u003eThanks so much for stopping by!\u003c\/p\u003e\n\u003cp\u003eRARE 1856 Portage Canal and Manufacturing Company 1 Dollar Obsolete Note - Akron, Ohio - 1856 Summit City Canal OH One Dollar Obsolete\u003c\/p\u003e","brand":"Treasure Hunter Co","offers":[{"title":"Default Title","offer_id":67748206641449,"sku":"OC-OH-PCMC-1856-1D-VG","price":92.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0793\/1540\/3049\/files\/IMG_9656.jpg?v=1793812500","url":"https:\/\/treasurehunterco.com\/el\/products\/1856-western-exchange-fire-marine-insurance-co-2-dollar-banknote-rare-nebraska-obsolete-currency-1856-two-dollar-rare-ne-note-copy","provider":"Treasure Hunter Co","version":"1.0","type":"link"}