RARE 1856 Tiverton Bank 10 Dollar Rhode Island Obsolete Note - Rare Large Denomination - 1856 RI Tiverton Ten Dollars Obsolete Note

This listing is for the photographed 1856 Tiverton Bank Rhode Island 10 Dollars Obsolete Banknote. This note features a rare higher denomination, making it a very valuable find in any condition! Fully signed and issued, dated October 1st, 1856, in Tiverton, Rhode Island. The vignettes on the obverse of this note include a portrait of Daniel Webster on the right end, and an allegorical woman representing Agriculture sat in a farm with two doves beside her at the center. Very Fine (VF) grade/condition, some visible folds and other signs of circulation. 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.

Tiverton Bank was originally founded in May of 1855 in the city of Tiverton, Rhode Island with a capital of $50,000. It was rumored to have been founded by New York swindlers for the sole purpose of putting large amounts of unsecured money into circulation, giving context to its relatively short-lived run in the town. Many banks in Rhode Island suspended most of their operations as a result of the financial problems stemming from the Panic of 1857, with most of them failing and being liquidated by the end of the year. One of the banks included in this mass exodus of local banks from the state was Tiverton Bank, who failed and liquidated in 1857 with their circulating banknotes announced by the press to be worthless after their official closure. The bank only operated for less than two years, making surviving notes from their brief existence rare and valuable among collectors!

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RARE 1856 Tiverton Bank 10 Dollar Rhode Island Obsolete Note - Rare Large Denomination - 1856 RI Tiverton Ten Dollars Obsolete Note