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1 Dollar Mechanics & Traders Bank
| Issuer | Mechanics & Traders Bank, New Orleans |
|---|---|
| Year | 1873 |
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| Composition | Cotton paper |
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| Obverse description | Printed in green and black on white cotton paper, the obverse carries a central intaglio vignette of a steam locomotive at a station with figures on the platform, executed in fine line engraving characteristic of the American Bank Note Company. To the right, an oval guilloche frame encloses a bust portrait of a young woman in classical drapery, with a second allegorical female figure holding a staff positioned at the lower right corner. Denomination counters with ornate numeral "1" appear at the lower left and lower right, while a green lathe-work underprint reading "ONE" spans the lower portion of the note. |
|---|---|
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| Reverse description | Printed entirely in green, the reverse is composed of an intricate geometric lathe-work design with a central oval medallion bearing the legend "PAYABLE IN CURRENCY AT MECHANICS & TRADERS BANK NEW ORLEANS" set within radiating engine-turned guilloche patterns. Ornate scalloped cartouches at each corner contain numeral counters, and the words "CERTIFICATE" and "OF DEPOSIT" arc above and below the central medallion respectively, all framed by an elaborate interlocking border of fine geometric engraving. |
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| Comments |
The Mechanics & Traders Bank was one of the few New Orleans institutions to survive both the Civil War and the brutal contraction of Louisiana's banking sector that followed Reconstruction-era legislation. By 1873, the bank was operating under severe strain — that year's national financial panic, triggered by the collapse of Jay Cooke & Company in September, sent credit markets into freefall and forced dozens of Southern banks to suspend specie payments almost immediately.
American Bank Note Company's engraved work on Louisiana state-chartered issues from this period is among the finest commercial printing of the era, though what makes this particular note worth attention is its survival: most 1873 New Orleans bank paper was redeemed, cancelled, or simply destroyed during the liquidity crisis that followed.