1856 Bank of the Republic, Providence, RI $5 RI-385 VF (G8a)
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- Product Details
Product DetailsThis $5.00 note was issued by the Bank of the Republic of Providence, RI. Great depiction in a central oval of an unfinished United States Capitol with a nice red " Five" overprinting on the back of this Note.
- Issued by Bank of the Republic of Providence, RI.
- Notes will be housed in archival quality currency sleeves.
- Graded Very Fine.
- Listed in Haxby as G8a.
- Face: Vignettes of two maidens appear on either side. Depiction in a central oval of an unfinished United States Capitol.
- 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.
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