1855 Bank of the Republic 1 Dollar Rhode Island Obsolete Note - Very Good (VG) - 1855 RI Republic Bank One Dollar Obsolete Note

This listing is for the photographed 1855 Bank of the Republic Rhode Island 1 Dollar Obsolete Banknote. Fully signed and issued, dated August 2nd, 1855 in Providence, Rhode Island. The obverse of this note features a portrait of George Washington at the center, and an eagle perched on a shield on the left end. Very Good (VG) grade/condition, several visible folds, margin damages, and other signs of circulation, as pictured. Excellent rarer note that that has an interesting history!

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.

The Bank of the Republic was founded in June of 1855 in Providence, Rhode Island. Immediately after their organization they began printing and issuing thier own local currency, such as this banknote. The bank itself was short lived, lasting only one year before they failed and closed on October 27th, 1856, making the notes printed from this bank rare surviving artifacts from the bank's short operation. 

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1855 Bank of the Republic 1 Dollar Rhode Island Obsolete Note - Very Good (VG) - 1855 RI Republic Bank One Dollar Obsolete Note