Existing comment:
Bank-issued currency notes, from Pennsylvania, Rhode Island and Maryland:
Until the mid 1860s, private-issue currency was common place. Operating under a charter from the state, private banks would issue their own paper notes in a range of denominations. With thousands of banks all over the country the system was confusing and not very reliable. Functioning more like checks these bills were only as good as long as the institution was still in business. During the Civil War the private-issue notes were phased out in favor of the new more stable federal currency. |