1862 Essex Bank 10 Dollar Haverhill Obsolete Note - Massachusetts Obsolete Currency - Haverhill MA - 1862 Massachusetts Ten Dollars Banknote

This listing is for the photographed 1862 The Essex Bank 10 Dollars Massachusetts Obsolete Banknote. Dated August 1st, 1862, issued in Haverhill, Massachusetts. Fully hand signed and issued. The obverse of this note features several vignettes, one of a Native American man posed with a bow and arrow framed at the right end, and two allegorical women representing Agriculture and Industry stood beside a marble bust of George Washington on the left end. Beautiful and clear designs! Very Fine (VF) grade/condition, fully intact note with some marginal folds and other signs of circulation. Great piece of history, making for the perfect addition to any collection!

The Essex Bank of Haverhill, Massachusetts was founded in 1799, making it one of the earliest banks in the state. The bank was located and operated within the city of Haverhill but issued notes that could be used throughout all of the surrounding Essex County in the state. The bank was founded by the leading merchants of the county in order to create an easily manageable monetary system for local commerce. The bank acted under an independent bank charter through the first half of the 19th century until 1865 when it became a National Bank under the National Bank Act of 1865, renamed The Essex National Bank.

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 Essex Bank 10 Dollar Haverhill Obsolete Note - Massachusetts Obsolete Currency - Haverhill MA - 1862 Massachusetts Ten Dollars Banknote