Catalog
5 Dollars
| Issuer | Bank of Clifton |
|---|---|
| Year | 1860 |
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| Value | 5 Dollars |
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| Obverse description | The obverse is dominated by a central intaglio vignette of a classical female figure astride a rearing seahorse, rendered in fine line engraving against a bold black impression. Large ornate numeral '5' appears in the upper left and upper right corners, with red guilloche underprint rosettes flanking the central vignette on both sides. The bank title 'THE BANK OF CLIFTON' is set in bold serif lettering across the top, with the promise text 'Will pay to bearer on demand' and the denomination 'FIVE DOLLARS' repeated in script at lower left and right, above the issuing location 'CLIFTON' and date '1st 1860'. |
|---|---|
| Obverse lettering | THE BANK OF CLIFTON Will pay to bearer on demand FIVE DOLLARS FIVE DOLLARS CLIFTON CLIFTON FOR THE Bank of Clifton |
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| Comments |
The Bank of Clifton operated for a remarkably brief window in the late 1850s and early 1860s, chartered under the Free Banking Act of Upper Canada — legislation that allowed almost anyone with sufficient bond collateral to establish a note-issuing institution. The Act was permissive enough that dozens of small, undercapitalized banks briefly entered circulation before failing or being absorbed. Clifton itself, sitting directly opposite Niagara Falls, New York, was a border town where American and Canadian currencies circulated interchangeably, making locally issued notes especially vulnerable to discount.
Surviving examples from this issuer are scarce. The bank's operational life was short enough that redemption was erratic at best.