1823 Eagle Bank 1 Dollar Connecticut Obsolete Note - Connecticut Obsolete Currency - 1823 New Haven CT One Dollar Early Obsolete Note

This listing is for the photographed 1823 Eagle Bank Connecticut 1 Dollar Obsolete Banknote. Printed date, July 4th, 1823, a rarer, early obsolete bank note issue! The obverse of this note features two portraits of Roman men on the left and right end, a coin with a helmeted woman profile at the lower center, and a perched eagle with an anchor and sailing tools with sailing ships in the background at the center of the note. Choice Fine (F+) grade/condition, visible folds and signs of circulation, fragile note. Excellent note that that has an interesting 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.

The Eagle Bank was the second bank to be established in the city of New Haven, Connecticut, receiving a state charter in October 1811. Towards the end of their operation, they proposed the construction of a six columned building, but construction was never completed past the buildings foundation because the back failed and closed before its completion. The bank failed and officially closed their doors in 1825 due to poor management. This note was issued only two years prior to the banks closure!

Thanks so much for stopping by!

1823 Eagle Bank 1 Dollar Connecticut Obsolete Note - Connecticut Obsolete Currency - 1823 New Haven CT One Dollar Early Obsolete Note