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20 Dollars Eastern Bank of Alabama
| Issuer | Eastern Bank of Alabama |
|---|---|
| Year | 1858 |
| Type | Log in to see details |
| Value | 20 Dollars (20 USD) |
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| Composition | Log in to see details |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | 20 THE Eastern Bank of Alabama Will pay TWENTY DOLLARS on demand to the bearer. EUFAULA ________ 18__ AMERICAN BANK NOTE COMPANY |
| Reverse description | The reverse is unprinted, leaving the paper plain. |
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| Comments |
The Eastern Bank of Alabama was chartered in Eufaula, a river town on the Chattahoochee that served as a cotton-shipping hub for the surrounding plantation economy. By 1858, Alabama had more than two dozen note-issuing banks, many of them thinly capitalized and operating on optimistic reserve ratios that would collapse within a few years. The Eastern Bank was among the more solvent of the state's antebellum institutions, but it did not survive the Civil War — Confederate monetary disruption and the postwar repudiation of Southern bank obligations rendered all such notes worthless by the mid-1860s.
The American Bank Note Company imprint places this note among the better-engraved issues of the period. ABNC had consolidated several competing engraving firms in 1858, the very year of this issue.