This listing is for the photographed 1837 Bank of Manchester Michigan 3 Dollar Banknote. Framed portrait of Ben Franklin printed in the upper center. Has been repaired with a thin piece of paper, as seen on the back of the note. 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.
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1837 Bank of Manchester 3 Dollar Paper Banknote - Ben Franklin Issue, Repaired - Michigan Obsolete Currency - 1837 Three Dollar MI Banknote