This listing is for the photographed 1828 New Jersey Manufacturing and Banking Company 2 Dollar obsolete bank note. Issued on October 10th, 1828 in Hoboken, NJ; a rarer issue of this bank. Vignette of Washington on the left end of note, former Governor of New York DeWitt Clinton vignette on the right end. The top center vignette depicts roman goddesses Justice and Ceres. The bottom center vignette shows a maiden holding a ribbon with "two" and "Rawdon, Wright & Co., N. York". Circulated note in very good condition for being almost 200 years old. Great piece of history.
The New Jersey Manufacturing and Banking Company was chartered in 1823, closing in 1829. This banknote was likely one of the last printed from this 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.
This busy and beautifully designed banknote provides insight into the fascinating history of the economy of New Jersey, making it an excellent addition to any collection!
Thanks so much for stopping by!
1828 New Jersey Manufacturing and Banking Company 2 Dollar Banknote - New Jersey Obsolete Currency - 1828 Two Dollar Hoboken NJ Bank Note