1841 Plymouth Bank 1 Dollar Massachusetts Banknote - RARE Massachusetts Obsolete Note - 1841 Plymouth MA One Dollar Early Obsolete Note

This listing is for the photographed 1841 Plymouth Bank 1 Dollar obsolete bank note. Issued by the bank on June 4th, 1841, an early issue date for this bank. Hand dated and signed. Very Fine (VF) grade/condition, some folds and other signs of circulation, with the upper and lower right end corners torn off, as pictured. Surviving obsolete banknotes from this bank rare finds, making this note a valuable and interesting find!

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 Plymouth Bank was chartered in 1803, becoming only the 12th bank chartered in the commonwealth of Massachusetts. They were established with a capital of $100,000. The bank proved successful from the beginning, becoming a prominent financial institution in Massachusetts during the period. In the 1830s the bank began issuing paper banknotes such as this one, much like most other independent banks during the period. They operated successfully as a privately chartered bank until they gained a national bank charter in 1865 under the National Bank Act, changing their name to the Plymouth National Bank.

Thanks so much for stopping by!

1841 Plymouth Bank 1 Dollar Massachusetts Banknote - RARE Massachusetts Obsolete Note - 1841 Plymouth MA One Dollar Early Obsolete Note