This $2.00 note was issued by the New England Commercial Bank of Newport, RI. Truly a well-executed note that is the epitome of the engraver's art.
- Issued by the New England Commercial Bank of Newport, RI.
- Notes will be housed in archival quality currency sleeves.
- Graded Crisp Uncirculated.
- Listed in Haxby as G36.
- Face: Beautiful allegorical central vignette of manufacturing, shipping and industry.
- Back: Intentionally left blank.
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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 fifty cents on the dollar because the public expected the banks to fail.