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2 Dollars New England Commercial Bank - Rhode Island
| Issuer | New England Commercial Bank |
|---|---|
| Year | 1864 |
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| Composition | Log in to see details |
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| Printer | New England Bank Note Co., Boston |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | 2 TWO DOLLARS 2 2 2 THE PRESIDENT, DIRECTORS & CO., OF THE NEW ENGLAND COMMERCIAL BANK Will pay TWO DOLLARS on demand TWO to the bearer NEWPORT____________18___ NEW ENGLAND BANK NOTE CO., BOSTON. 2 _____________ Cash.ʳ______________Pres.ᵗ 2 RHODE ISLAND |
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| Protection description | Green letterpress underprint of the word TWO on the obverse, intended to deter counterfeiting by complicating reproduction |
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| Comments |
The New England Commercial Bank operated out of Newport, Rhode Island, and this 1864 issue comes from the closing years of the free banking period — the National Banking Acts of 1863 and 1864 were already squeezing state-chartered banks out of the currency business by imposing a ten percent federal tax on their notes. Most state bank circulation dried up within a few years of that legislation passing, which means notes like this had a very short window of active use.
New England Bank Note Co. was a Boston firm that handled a substantial volume of New England state bank work before the federalization of currency rendered most of it moot almost immediately after printing.