This listing is for the photographed 3 Cent note, issued by the Bank of Geneva out of Geneva New York. Rare type of obsolete currency. Very cool note.
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.
1862 Bank Of Geneva 3 Cent Paper Scrip Note - Rare Obsolete Note - Geneva New York Paper Currency 1862