State Bank Notes were paper money issued by banks authorized by a state to conduct business. The banks may have been chartered, whereby a state legislature authorized its existence, or free banks, whereby individuals who had sufficient capital could organize and file articles of incorporation with the state. The earliest state banks began in the 1780s. The note-issuing function of state banks effectively ended when a federal tax on the outstanding circulation of state banks went into effect in 1866.
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Obsolete Notes
More like this
- State-Owned Banks, the Pet Banks, and their Bank Notes
- The Feel of Steel- The Art and History of Bank-Note Engraving in the United States, 2nd ed.
- United States Obsolete Bank Notes 1782-1866, Vol. 4, Pennsylvania Through Wisconsin (incl. Bank of U. S.)
- National Bank Note Sale, State Seals, State Capitals, 1976
- Standard Catalog Of United States Obsolete Banknotes 1782-1866, Vol. 4
