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2 Dollars Bank of Macomb County
| Issuer | Bank of Macomb County |
|---|---|
| Year | 1858 |
| Type | Log in to see details |
| Value | 2 Dollars (2 USD) |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | STATE OF MICHIGAN The Bank of MACOMB County Will pay TWO DOLLARS on demand to________________or bearer. Mt. Clements April 1st 1858 Rawdon, Wright, Hatch & Edson |
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| Protection type | Coloured underprint |
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| Comments |
The Bank of Macomb County operated out of Mount Clemens, Michigan, during the Free Banking era — a period when individual state-chartered banks could issue their own currency against bond deposits, with wildly inconsistent results. Michigan's free banking law of 1837 had already produced one spectacular collapse, and by 1858 the system was under sustained pressure from both over-issuance elsewhere in the state and the lingering contraction following the Panic of 1857.
Rawdon, Wright, Hatch & Edson dissolved into the American Bank Note Company that same year, making this among the final notes to carry that firm's imprint before the consolidation.