This listing is for the photographed 1860 Citizens' Bank of Louisiana at Shreveport 10 Dollar Obsolete Banknote. Dated August 23rd, 1860, but is unsigned. Issued during the Civil War, when Louisiana was part of the Confederacy. Plate B. Center vignette depicts Benjamin Franklin showing a young boy a bust of George Washinton, an allegory for teaching history. Left end portrait of Millard Fillmore, the 13th President of the United States. Vignette of the goddess Athena sitting with a shield, helmet, and spear in the lower right end. Reverse of this note is printed in red and says, "Banque des Citovens de la Louisiane" and "Nouvelle Orleans", alluding to the French influence in Louisiana. Great piece of New Orleans history in excellent condition!
The Citizens' Bank of Louisiana was chartered in 1833 and became the 2nd largest financial institution of its kind, beaten only by the Second Bank of the United States. The banknotes of this institution are also known as "Redbacks" because of their reverse red print that shows the states French influence. The Shreveport branch of the Citizens' Bank was established in expansion attempts during the bank boom of the mid-19th century. Due to constant economic turmoil, especially after the defeat of the Confederacy in the Civil War, the Citizens' Bank of Louisiana and its branches closed in 1902.
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 beautiful note provides great insight into the interesting economic history of New Orleans and its urban development. Excellent addition to any collection!
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1860 Citizens Bank at Shreveport 10 Dollar Note - Louisiana Obsolete Currency - Issued 1860 Louisiana Ten Dollar Shreveport Banknote
