This listing is for the photographed 1850's Citizens Bank of Nashville & Memphis 2 Dollar Banknote. Issued before the Civil War, printed at the bank's location in Memphis. Center vignette of cotton bales being pulled by an oxen cart, right end vignette of a seated Native American, and left end vignette of former Governor Aaron V. Brown, which is torn off on this note. Note shows heavy signs of use, with a large corner tear on the bottom left, as depicted. Great piece of history.
The Citizens Bank of Nashville & Memphis operated in its branches across Tennessee from 1852 until it failed in 1858. They had branches in both Nashville and Memphis, along with operations in Knoxville.
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.
Rare find and an excellent piece of history, making this note a must have for any collection!
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1850's Citizens Bank of Nashville & Memphis 2 Dollar Banknote - Tennessee Obsolete Currency - 1850's Citizens Bank Two Dollar TN Banknote