• 1856 Western Exchange Fire & Marine Insurance Co. 2 Dollar Banknote - Rare Nebraska Obsolete Currency - 1856 Two Dollar Rare NE Note
  • 1856 Western Exchange Fire & Marine Insurance Co. 2 Dollar Banknote - Rare Nebraska Obsolete Currency - 1856 Two Dollar Rare NE Note
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1856 Western Exchange Fire & Marine Insurance Co. 2 Dollar Banknote - Rare Nebraska Obsolete Currency - 1856 Two Dollar Rare NE Note

1856 Western Exchange Fire & Marine Insurance Co. 2 Dollar Banknote - Rare Nebraska Obsolete Currency - 1856 Two Dollar Rare NE Note

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$136.00
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This listing is for the photographed 1856 Western Exchange Fire & Marine Insurance Co. 2 Dollar Obsolete Banknote. This note was issued when Nebraska was only a territory of the United States. The central vignette depicts a Native American travelling with a spear and horse, and the bottom right depicts another Native American sitting by a tepee. This note was issued before the company was taken over by the Bishop Hill colony, as identified by the partially handwritten date and signatures. This version of the note is rarer than the ones made after the Bishop Hill Colony takeover.

The Western Exchange Fire & Marine Insurance Company was chartered by the Nebraska Territory Government in 1855, only lasting until 1857. After the company had closed, the Bishop Hill colony of Illinois bought the charter a few months after the original bank had closed. They attempted to reinstitute the bank, printing very similar banknotes to those printed before the banks closure, but with a few minor differences. Banknotes from this company that were printed before their original closure in 1857, such as this one, are much rarer than their Bishop Hill printed counterparts, making this note a great find for any collector.

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 piece offers a great deal of insight into the economic history of Nebraska and the Unites States in general before the Civil War, making it an excellent addition to any collection!

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1856 Western Exchange Fire & Marine Insurance Co. 2 Dollar Banknote - Rare Nebraska Obsolete Currency - 1856 Two Dollar Rare NE Note
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