This listing is for the photographed 1800s N.D. New Orleans Canal Bank 20 Dollar Louisiana uncut sheet of 4. A vignette of three allegorical women representing Agriculture, Commerce, and Textiles is displayed at the center of the note. The right end vignette of an allegorical liberty. Left end vignette of mermaids and a steamboat. Unissued, blank notes. Uncut sheets of obsolete currency are rarer finds as people often cut them to sell the notes individually. Great piece of New Orleans history.
The Canal & Banking Company was chartered by the Louisiana state legislature in 1831 with the agreement to fund the construction of the New Basin Canal. Many banks in Louisiana during this time were only chartered in order to secure capital for infrastructure construction and other community improvements, so agreements such as this were very common. The bank went through a number of mergers and title changes during its operation, such as officially changing to "Canal Bank" in 1895 and later closing as "Canal Bank & Trust Company" in 1933. The bank served the New Orleans community for over a century, much longer than the expected 5-year lifespan of other private banks during this time.
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.
This note provides great insight into the interesting economic history of New Orleans and its urban development. Excellent addition to any collection!
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1800s N.D. New Orleans Canal Bank 20 Dollar Uncut Sheet - Framed Uncut Sheet of 4 - 1800s Twenty Dollar Canal Bank Louisiana Obsolete Sheet