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The First "United States" Banknotes


nutmegcollector
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busfx.jpg

 

The first Bank of the United States (1791-1811) was the first bank chartered by the U. S. Congress. Secretary of Treasury Alexander Hamilton conceived the idea of a central bank, and President George Washington signed the bill into law on February 25, 1791.

 

The bank, serving as quasi central bank of the Unites States, was authorized to issue paper money, to conduct commercial business and to serve as U. S. Treasury's fiscal agent.

 

The bank issued the first "United States" banknotes. Earlier banknotes were chartered either under The Continental Congress (Continental currency) or by the 13 Colonies (Colonial currency).

 

The $50 note shown above was issued on January 16, 1801, exactly midway in the bank's twenty-year charter. Apparently it was redeemed on August 20, 1811 (see endorsement on the back.), just before the bank closed its operation.

 

 

busbxx.jpg

 

willing.jpg

 

The first Bank of the United States was headquartered in Philadelphia with branch offices in eight major cities: Baltimore, Boston, Charleston, New York, Norfolk, Washington D. C., Savannah and New Orleans.

 

Thomas Willing, whose signature appears on the note, was the bank's president 1791-1807. Previously, he held offices as President of the Bank of North America, Mayor of Philadelphia, the Secretary to the Congress of Delegates at Albany, and Judge of Pennsylvania Supreme Court.

 

George Simpson, whose signature also appears on the note, was the bank's cashier and in that capacity served as the day-to-day manager of the bank.

 

The bank closed in 1811 when Congress failed to renew its charter.

 

I haven't seen one for sale anywhere to establish a market value.

The note is historically significant and probably very rare. My own off the head estimate is $50,000. What do you think?

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busfx.jpg

 

The first Bank of the United States (1791-1811) was the first bank chartered by the U. S. Congress. Secretary of Treasury Alexander Hamilton conceived the idea of a central bank, and President George Washington signed the bill into law on February 25, 1791.

 

The bank, serving as quasi central bank of the Unites States, was authorized to issue paper money, to conduct commercial business and to serve as U. S. Treasury's fiscal agent.

 

The bank issued the first "United States" banknotes. Earlier banknotes were chartered either under The Continental Congress (Continental currency) or by the 13 Colonies (Colonial currency).

 

The $50 note shown above was issued on January 16, 1801, exactly midway in the bank's twenty-year charter. Apparently it was redeemed on August 20, 1811 (see endorsement on the back.), just before the bank closed its operation.

 

 

busbxx.jpg

 

willing.jpg

 

The first Bank of the United States was headquartered in Philadelphia with branch offices in eight major cities: Baltimore, Boston, Charleston, New York, Norfolk, Washington D. C., Savannah and New Orleans.

 

Thomas Willing, whose signature appears on the note, was the bank's president 1791-1807. Previously, he held offices as President of the Bank of North America, Mayor of Philadelphia, the Secretary to the Congress of Delegates at Albany, and Judge of Pennsylvania Supreme Court.

 

George Simpson, whose signature also appears on the note, was the bank's cashier and in that capacity served as the day-to-day manager of the bank.

 

The bank closed in 1811 when Congress failed to renew its charter.

 

I haven't seen one for sale anywhere to establish a market value.

The note is historically significant and probably very rare. My own off the head estimate is $50,000. What do you think?

 

 

Nice looking note.

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Is this your note? If so, nice!

 

I'd say because of the rarity and historical significance, $50,000 is a good estimate. If this were a coin, it'd be closer to $250,000.

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That's an amazing note to have, congrats :ninja:

 

I'm curious to know how you came about to have something like that? It sounds like it was a lucky addition, not something that you poured out thousands of dollars for... maybe?

 

Yes, a very lucky addtion. I bought it from a non paper money collector about 10 years ago. Originally I thought it must be one of those common replicas. Non of us really knew how much it's worth. He asked for $100.

 

The only other banknote from the first Bank of the United States I've come across is a 1792 $10 note at the Federal Reserve Bank of San Francisco's American Currency Exhibit. The note has the same two signatures: G. Simpson and Thomas Willing. See scan below.

 

bus-10x.jpg

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