1862 Bank of Black River in Ludlow, VT 10 Cent Note CU Remainder

1862 Bank of Black River in Ludlow, VT 10 Cent Note CU Remainder

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This beautiful 10 cents obsolete bank note from the Bank of Black River in Ludlow, Vermont is in Crisp Uncirculated condition. This remainder note would make an excellent addition to any collection!

Currency Highlights:
  • Nice 1862 10 cent scrip drawn on the Bank of Black River in Ludlow, Vermont.
  • Notes will be housed in archival quality currency sleeve.
  • Crisp Uncirculated condition.
  • Ten cents denomination.
  • Face: Nice scene of maidens at left with "10" in red and Gold colors.
  • Back: Blank.
  • Remainder note.
  • Few pinholes.

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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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