This listing is for the photographed 1858 McKean County Bank 5 Dollar Pennsylvania Banknote. Issued April 13th, 1858, by the McKean County Bank in Smethport, PA. Good condition for a circulated note of this time. Signed notes of this denomination from this bank are less common, making this an excellent find! Right end vignette of a woman holding a dove, left end vignette of men working in a lumberyard. 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.
This rarer signed and issued note shows the interesting history of Pennsylvania economic history, making it an excellent addition to any collection!
Thanks so much for stopping by!
1858 McKean County Bank 5 Dollar Banknote - Pennsylvania Obsolete Currency - Circulated, Signed Note - 1868 Five Dollar Smethport PA Note