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Coin and Paper Money Collecting/1862 Ten Cents Summit County Bank Note
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Question
I just recently acquired this bank note and I don't know much, if anything about it. I've looked all over the Internet, but all I can find is old auctions and no history. Could you by chance give me some brief history and a possible value? I will most likely be selling it because I mainly collect coins. Thank you for your time, and I really appreciate your help.
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Eric Brown
Hi Eric:
Thanks for the opportunity to answer your question.
From your photo, the note you have is unnumbered (upper left hand corner), so it was never issued for circulation. It is identified as PM1714 (Standard Catalog of World Paper Money) in "Obsolete Currency", it was issued by a private firm or local bank rather than the U.S.
Obsolete Currency is defined as privately issued paper money used in United States after the Revolution and through the Civil War. From http://reviews.ebay.com/Understanding-Obsolete-Currency_W0QQugidZ100000000036546... "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. 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).".
From http://www.coastcoin.com/ "After the end of the American Revolutionary War, the U.S. government struck coinage, but did not issue any official paper currency for circulation. This made everyday commerce difficult, as large transactions would be difficult if completed solely with coins. To ease the situation, private banks and institutions began to issue banknotes.
These notes are referred to as "Obsolete Currency" because they ceased circulating during the Civil War. Between 1810 and 1865, countless banks, railroads, states, canal companies and private merchants issued currency in many different denominations. Some are very colorful and all are historic: odd denominations include 2 cent, $1.50, $3, $4, etc. Obsolete currency is some of the most attractive and historically interesting currency produced in this nation."
From: http://www.cuyahogafallshistory.com/busbanking.htm "At the commencement of the Civil War, all the gold, silver and copper currency of the country disappeared as if by magic. National Fractional Currency scheme was adopted shortly afterward. William A. Hanford, while a part of the paper mill at the Falls, kindly presented the town with paper bills. The denominations were of 50, 25, 10 and 5 cents."
As far as value, I'd say it would likely have a retail value of between $20 to $35, depending on condition. For a four set group, see: http://www.deerrunmercantile.com/ohioobsoletecurrencysummitcountybankchangesetun... or http://www.allensinc.com/coins/currency/obsolete_currency.htm
If you live close to a local shop, they should offer an opinion as to it's value and if it is authentic at no charge. Remember, should you choose to sell your note, get at least two estimates from professional coin dealers (PNG). I've listed a link for you to find them in your area. Link: http://www.pngdealers.com/dealersearch.php
Dealers normally pay between 50% to 60% of retail for items they want.
Please remember to go to the experts site to rate this answer. Check the nomination box on the rating page below any comments you may have.
Thank You and Good Luck in your collecting.
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Answers by Expert:
Ronald Fern
Expertise
I can answer most all questions relating to US coins, tokens, and currency. I'm not strong on world coins or ancients. Primary field of expertise is errors and varieties. Over 55 years experience in coin collecting. Part time dealer since 1976. Employed by McDonnell Douglas/Boeing for over 34 years as an Industrial Engineer/Technical Specialist before retiring in 2002.
Experience
Worked weekends for "Lonesome" John in the late 1960's to mid 1970's processing error coins, packaging, and preparing orders. Worked with John Devine and Fred Weinberg on several California Error A Rama's in the early 1970's. Served as display judge at annual Error-A-Rama coin shows. Opened and operated mail order coin business DBA "CAL ERRORS" in 1976. Contributer to Alan Herbert's "Official Price Guide To Mint Errors" and Fivaz/Stanton "Cherrypickers' Guide". Worked Saturdays at Huntington Beach Coin Exchange 1980-1999. Had table and sold coins at a number of coin and gun shows in So CA, AZ and NV. Sell coins, tokens and currency currently at my space in the Pomona Antique Center. Past "Errorscope" Editor. Presently CONECA Examiner.
Organizations
ANA, CONECA, CWTS, NLG
Publications
Errorscope, Numismatic News, Civil War Token Journal, Error and Variety News
Education/Credentials
AA Degree LBCC pre Engineering, 1964
BS Degree CSULB Ind Technology, 1968
Awards and Honors
1st Place EAR Trophy for Civil War Token Errors, NLG Author of Year Award for best monthly coin column "Error News and Views" in small Numismatic paper, owned and published by Ray Anthony.
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