1873 $500 Obsolete Note from First National Bank from City Business College, Quincy IL. Plate # A. This lovely example earned a grade 66 PPQ (Premium Paper Quality) Gem New by PCGS. Well preserved piece of college currency that has attractive green tint. Printed on white paper with black ink and green underprint, it includes a portrait of George Washington and a vignette of a beehive. The note were printed by A. Gast & Co. St. Louis.
One of the most interesting types of American paper money is "obsolete currency". Defined as privately issued paper money used in United States after the Revolution and through the Civil War. The origins of obsolete currency can be traced to the staggering inflation that made the paper money issued by the Continental Congress from 1775 to 1779 virtually worthless. As they watched their Continental notes become valueless, the American public developed a mistrust of all paper money issued by the Federal Government. This attitude would prevail right on through the Civil War. A void was created by the lack of Federally issued currency, and in order to fill it, states, cities, banks, railroads, insurance companies, merchants of all kinds, and private individuals issued their own notes and scrip (small change notes). Please view our other on FIRE Ebay auctions. If there is something specific you need, please contact us by email or by calling. 11316aoydblc.