RARE 1853 Fall River Union Bank 1.25 Dollar Rhode Island Obsolete Note - Very Good (VG) - 1853 RI Tiverton Fall River $1.25 Obsolete Note

This listing is for the photographed 1853 Fall River Union Bank Rhode Island 1 Dollar and 25 Cents Obsolete Banknote. This note features a rare denomination, making it a very valuable find in any condition! Fully signed and issued, dated April 9th, 1853, in Tiverton, Rhode Island. The obverse of this note features a train locomotive on the left end, ships sailing at the center left, and an eagle perched in the lower right corner of the note. Very Good (VG) grade/condition, several visible folds, margin damages, and other signs of circulation, as pictured. Excellent rare note that that has an interesting history! 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.

The Fall River Union Bank was originally founded under the name "Bristol Union Bank", located in Bristol, Rhode Island, in 1823. When the managers of the bank realized that there were better banking opportunities in Fall River, Massachusetts, and along the river dividing Rhode Island and Massachusetts, they decided to move the bank closer to this opportunity hub. The bank moved just over the river and state line in Tiverton, RI, and was renamed the Fall River Union Bank in 1830. The bank operated in the area until they became the National Union Bank under the National Bank Act of 1865. 

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RARE 1853 Fall River Union Bank 1.25 Dollar Rhode Island Obsolete Note - Very Good (VG) - 1853 RI Tiverton Fall River $1.25 Obsolete Note