This listing is for the photographed 1852 Cochituate Bank 1 Dollar obsolete bank note. Issued by the bank on January 1st, 1852. Vignette of the goddess of peace on the right end of note. Thetis, sea goddess and mother of Achilles is portrayed on the left end. The center vignette depicts an eagle with wings splayed and facing Peace. The smaller red-brown overprint is displayed on this note, differentiating it from other issues. Circulated note with signs of wear, as depicted in photos. Stunning artwork and great piece of history.
The Cochituate Bank was established in 1849 and operated in Boston and Cochituate, a small town right outside of the city, until it failed in 1854. The name Cochituate comes from the Algonquin word for "place of rushing water." The Cochituate bank is a prime example of banking practices during the United States free banking era (1837-1862).
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 beautifully engraved banknote provides insight into the fascinating free banking era and U.S. economic history, making it an excellent addition to any collection!
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1852 Cochituate Bank 1 Dollar Banknote - Massachusetts Obsolete Currency - Eagle and Goddess Issue - 1852 One Dollar Boston MA Bank Note