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5 Dollars The Arlington Bank
| Issuer | The Arlington Bank |
|---|---|
| Year | 1855 |
| Type | Local banknote |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | THE ARLINGTON BANK DISTRICT OF COLUMBIA No. [Serial Number] WASHINGTON, [Date] Will pay FIVE DOLLARS to the bearer on demand. Cashier President |
| Reverse description | The reverse carries no intentional printed design; faint show-through impressions of the obverse vignettes and lettering are visible through the thin paper stock, and a manuscript endorsement in ink appears on the plain surface. |
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| Comments |
Danforth, Wright & Co. operated out of New York during a relatively brief window before merging into the American Bank Note Company in 1858 — making any note bearing their imprint dateable to a narrow production period. The Arlington Bank was a state-chartered institution operating under the looser regulatory framework of the Free Banking Era, when virtually any group meeting minimum reserve requirements could issue currency backed by deposited bonds rather than specie.
Bond-backed free bank notes were only as sound as the securities behind them. If the deposited bonds lost value — as many state bonds did — the notes became worth less than face, and holders had little practical recourse.