1862 Brandon Bank 5 Dollar Obsolete Note - Vermont Obsolete Currency - Brandon, VT - 1862 Vermont Five Dollar Obsolete Banknote

This listing is for the photographed 1862 The Brandon Bank 5 Dollar Vermont Obsolete Banknote. Dated May 1st, 1862, issued in Brandon, Vermont. Signed and issued, serial number 6601. Vignette displaying a field of cows in the upper left corner. Vignette in the right center of the note displays a cow, tree, and haybales within an ornamented frame. The right end of this note shows a vignette of an allegorical woman representing America holding the nation's flag and surrounded by cherubs. Beautiful and clear designs! Very Fine (VF) grade/condition, some folds and signs of circulation. Great piece of history!

The Brandon Bank was chartered by the Vermont State Legislature in 1848 with a capital of $75,000. The president of the bank throughout its entire period of operation was John A. Conant, who signed this note. This note was also signed by a cashier who worked at the bank, Lorenzo Bixby. The bank was liquidated in 1864, likely because of the ongoing regulations on independently issued banknotes by the Federal Government during this period. 

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.

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1862 Brandon Bank 5 Dollar Obsolete Note - Vermont Obsolete Currency - Brandon, VT - 1862 Vermont Five Dollar Obsolete Banknote