![obsolete bank note obsolete bank note](https://i.pinimg.com/originals/47/94/8b/47948be4af32f348e196644e4bece0ca.jpg)
The scenes pictured on this old money give a unique view into the way of life and just what was important to the early Americans who used them.Ī Word about "Counterfeit", "Altered" and "Spurious" Notes: These all have specific and different meanings and none of these terms should be confused with "replica", "reproduction" or "reprint" which all refer to modern products. With thousands of different designs, there are many possibilities. Others collect by subjects including trains, Indians, or unusual vignettes like whaling scenes or Santa Claus. Some collect unusual denominations or notes that depict coins. Many people collect obsolete notes from their home state or county. Many merchants, towns, cities, and counties also issued notes in denominations less than $1, and these are called "scrip". Some obsolete banknote issuers became national banks and still survive, and all their notes, obsolete and national, are still redeemable. If a bank wanted to continue to circulate its own currency, it would have to obtain a charter from the Federal government, and also obtain their notes from the government. One type of new Federal currency was national banknotes. About the same time the Federal government started to issue paper money. During the mid 1860s, these notes were taxed out of circulation. Many were legitimate and survived past the 1860s, and continued to redeem their notes as they were presented. This is why they are sometimes called "broken" banknotes. Many of the banks failed or were fraudulent, and their notes became worthless. Paper money was issued by thousands of different banks, companies, merchants, and municipalities. Prior to the Civil War, no paper currency was issued by the United States government.
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What is obsolete currency or broken banknotes?