1800s $5.00 Phenix Bank New York, New York CH CU-63 PMG Proof

1800s $5.00 Phenix Bank New York, New York CH CU-63 PMG Proof

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Product Details
This beautiful $5 obsolete bank note from the Phenix Bank at New York, New York has been certified Choice Uncirculated-63 by PMG. This Proof note would make an excellent addition to any collection!

Currency Highlights:
  • Notes will be housed in archival quality currency holder by PMG.
  • Graded Choice Uncirculated-63 by PMG.
  • Five dollars denomination.
  • Face: Main vignette of Agriculture, Industry and Navigation together in the center. Small cameo of George Washington at the bottom.
  • Back: Blank.
  • Proof note.

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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 50 cents on the dollar because the public expected the banks to fail.

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