Fractional Currency--The Beginning
Hello and welcome to the Fractional Currency (FC) blog. I am excited about blogging about my favorite series of US Currency. I hope to keep it interesting by adding the intriguing along with the historical. If you have any topics of interest, let me know and we will explore it. This blog is just setting up the series. I hope to have a new one posted dealing with an overview of FC soon.
SPMC Membership Meeting at FUN
The SPMC membership meeting is Saturday January 7th. The time is 8:30 a.m. until 10:00 a.m. in room S330E
Bob Schreiner will be the speaker.
Stacks Bowers Sale Yields Cache of Epic Obsoletes
The recent Stack’s Bowers Galleries official auction of the Whitman Coin and Collectibles Baltimore Expo on November 15 to 19, 2011 netted $15.6 million in total sales. Among the paper money highlights were a cache of 19 obsolete bank notes from Minnesota, four of which are unique and six more that are semi-unique. Practically all the notes are at the top of their census for condition. Described by cataloger Bruce R.
Remainder Note
Remainders were unissued notes that were left over after a bank (or other kind of issuer) ceased issuing notes.
Issued Note
An issued note, unlike a proof or remainder, is a note that was actually used a money. It will have signatures, normally hand signed by the bank cashier and president, and a serial number. Sometimes dates were written in by hand. In the case of State Bank Notes, there is often a third signature from the authorizing official at the state level.
State Bank Note
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.
