This listing is for the photographed 1848 County of Allegheny 2 Dollar Philadelphia Obsolete Note. Very torn and in fragile condition. Right center vignette of a woman and an ox. Detailed designs on the left and right ends of the obverse of this note. Hand signed and dated. Great piece of history!
This note was issued on May 1st, 1848, in Pittsburgh, PA. Signed by four different officials, more than usual for these kinds of obsolete notes. Exact obsolete note issued from the County of Allegheny for 2 Dollars could not be found online, adding to its rarity and value! Must have for any collection!
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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1848 County of Allegheny 2 Dollar Banknote - Pennsylvania Obsolete Currency - Very Torn - 1848 Two Dollars Philadelphia Obsolete Bank Note