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1861 Lawrence MA Pemberton Bank 1 Dollar Banknote - RARE Massachusetts Obsolete Note - 1861 Lawrence Massachusetts One Dollar Obsolete Note

1861 Lawrence MA Pemberton Bank 1 Dollar Banknote - RARE Massachusetts Obsolete Note - 1861 Lawrence Massachusetts One Dollar Obsolete Note

$72.00
$72.00
Aanbieding Uitverkocht
Belastingen inbegrepen.

This listing is for the photographed 1861 Pemberton Bank 1 Dollar obsolete bank note. Issued by the bank on October 2nd, 1861. Hand dated and signed. The obverse of this note shows a vignette portrait of a peasant woman on the left end, a long train vignette at the center, and a portrait of Webster at the right end. Good (G) grade/condition, highly circulated and shows some marginal tears. Stunning artwork and great piece of history. Surviving obsolete banknotes from this bank, and from Lawrence Massachusetts in this period are very rare, making this note a highly 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 Pemberton Bank was incorporated 1854 in Lawrence, Massachusetts with a capital of $100,000. The bank operated at 255 Essex St during its operation. The bank was one of the only two banks that operated in Lawrence before 1864, making obsolete notes from the town before the Civil War a rarer and more valuable find! The Pemberton Bank operated under state bank laws until the establishment of the National Banking System, becoming the National Pemberton Bank in 1865, issuing national bank notes. The National Pemberton Bank operated in the same building as its predecessor until the bank was voluntarily liquidated in 1893, selling the building to the Lawrence Savings Bank. 

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1861 Lawrence MA Pemberton Bank 1 Dollar Banknote - RARE Massachusetts Obsolete Note - 1861 Lawrence Massachusetts One Dollar Obsolete Note
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