This listing is for the photographed 1862 John B. Rhodes Rockdale, Delaware County 10 Cent Pennsylvania Banknote. Issued during the Civil War, beautiful maiden and eagle vignettes displayed on left and center of note. John B. Rhodes was a Rockdale businessman from this period, coming from a very prominent Pennsylvania family. 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.
Thanks so much for stopping by!
1862 John B. Rhodes Rockdale, Delaware County 10 Cent Civil War Era Banknote - Pennsylvania Obsolete Currency - 1862 Ten Cent PA Banknote