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Detroit Bank Ten Dollar Broken Bank Note

Detroit October 14, 180 Oblong 2.75 x 6.25", patent copper stereotype plate, printed on one side only. Light wear/creasing else very good condition. The Detroit Bank (sometimes referred to as the Bank of Detroit) was chartered on September 19, 1806 and closed on December 10, 1808. The Detroit supporters of this bank saw it as an opportunity to gain a larger share of the lucrative fur trade business, but unknown to them, the Boston bankers whom Michigan's Governor Hull had contacted about starting up a bank in Detroit had a different reason. Once the bank opened they flooded the East Coast with $165,000 of bank notes. When they ran out more notes were printed eventually totaling $1,500,000 of what would be worthless currency. The bankers who owned stock in the bank quickly sold their shares, the notes eventually were not redeemable because the bank ran out of money. It was so bad that the Secretary of War warned the head of the Detroit garrison not to pay his men with Detroit Bank notes. There was not a happy ending for Detroit's first bank. Signed by the (Boston) cashier Wm. Elangan and Judge August B. Woodward as bank president. Grade: 65, by PMG.


Book Id: 99-4430

Price: $225.00

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