1837 $50 Banknote Worth Keeping? - Coin Community Forum

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Author	Replies: 5 / Views: 2,627
Chelbert New Member United States 4 Posts	Posted 05/10/2010 11:31 am found this money ( think its money ) in a book. didnt know if it was worth my time to safe keep it. says bank of mississippi $50 1837. Report this Post to the Staff

Namachieli Pillar of the Community United States 2120 Posts	Posted 05/10/2010 12:30 pm I would say ABSOLUTELY! Might only be worth $20-ish. But its a pretty cool item (from a collectors stand point). If you want to part with it check with some local dealers to see which one will give you the best deal, or most information. I would keep it though. You can buy PVC-free, Mylar slips to put this note in to protect it and prevent further wear and degradation. Report this Post to the Staff
Chelbert New Member United States 4 Posts	Posted 05/10/2010 12:43 pm i know nothing when it comes to values of things. I know I cant go to the bank and trade it in for $50 dollars, but was wondering how somthing can be worth less then face value? Report this Post to the Staff
biokemist6 Bedrock of the Community United States 12437 Posts	Posted 05/10/2010 12:55 pm That is an obsolete bank note, it was issued by a private bank backed by their own capital and not the federal government. Virtually all of the issuers of these types of notes went bust which rendered the currency worthless as far as face value and unredeemable. Many of them are quite inexpensive considering how old they are, a large number of the banks were undercapitalized and issued notes that far exceeded the actual amount of hard money and assets they had on hand. Report this Post to the Staff
wd1040 Pillar of the Community United States 3098 Posts	Posted 05/10/2010 1:57 pm Yup, the top two posts sums it up. It's quite interesting to keep as a conversation piece. This would be a note issued by a wildcat bank, or unchartered bank that issued notes based on their own securities, mortgages, etc instead of specie (gold and silver). But, they issued these notes either at a discount to encourage use, or issued more banknotes than their real backing. Wikipedia's got a quite good interesting article on it. Also, 1837 was the year of a big land panic. Quite interesting! Report this Post to the Staff
ExoGuy Pillar of the Community United States 4415 Posts	Posted 05/14/2010 8:36 pm A thought ... You might try gathering some info about the bank and the signers. You could then perhaps frame a display. Report this Post to the Staff
	Replies: 5 / Views: 2,627

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