1862 Missisquoi Bank 2 Dollar Obsolete Note - Vermont Obsolete Currency - Sheldon, VT - 1862 Vermont Two Dollar Obsolete Banknote

This listing is for the photographed 1862 The Missisquoi Bank 2 Dollar Vermont Obsolete Banknote. Dated January 1st, 1862, issued in Sheldon, Vermont. Hand signed and issued. Vignette portraits of two women on the left and right ends of this note. Vignette in the center of an allegorical woman representing America holding the nation's flag carried by an eagle. Beautiful and clear designs! Very Fine (VF) grade/condition, some folds and signs of circulation. Great piece of history!

The Missisquoi Bank was incorporated in 1849 in the town of Sheldon, VT. The bank operated successfully in the town until its cashier Mr. H. G. Hubbell was found to be embezzling a large part of its assets, which lead to the banks closure in 1866. The bank paid its noteholders 50 cents on the dollar at the time of its closure, as other banks would not accept their notes. 

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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1862 Missisquoi Bank 2 Dollar Obsolete Note - Vermont Obsolete Currency - Sheldon, VT - 1862 Vermont Two Dollar Obsolete Banknote