Before there were National banknotes (1790-1865), many private banks issued their own paper money without US Government backing. Many of these notes become worthless when banks closed. Many of them were counterfeited and altered.
When the national bank system was created (1864) privately issued paper money was taxed to the point of being effectively
outlawed. Unlike US Government paper which has always remained legal tender, obsolete banknotes are now... obsolete. Their only value is the collectible value.
Obsolete notes are more affordable than national banknotes and more interesting, and with thousands of banks issuing them there are many more available. I have picked up 3 from the State Bank of NJ at New Brunswick as the notes were printed on both sides, many banks only printed the face. Here is an example of $1 dollar.
If you are interested in picking up some, I can vouch for Denly's.https://www.denlys.com/inventory/state.asp?table=
Edited by hfjacinto
10/23/2020 11:43 am