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50 Dollars New Orleans Canal and Banking Co.
| Issuer | Canal and Banking Co., New Orleans |
|---|---|
| Year | 1850-1859 |
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| Composition | Log in to see details |
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| Shape | Rectangular |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | THE New Orleans Canal & Banking Co. Will pay Fifty Dollars on demand to __________ or bearer. NEW-ORLEANS _____ 18__ __________ Cash.ʳ __________ Pres.ᵗ |
| Reverse description | The reverse shows a show-through impression of the obverse vignettes and text, visible in mirror image on the salmon-tinted paper ground, with four circular counter medallions bearing the numeral 50 positioned at the corners. The note is uniface, carrying no independent reverse printing. |
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| Comments |
The Canal and Banking Company was chartered by Louisiana in 1831 primarily to finance the construction of the New Orleans Canal — the navigation channel linking the city to Lake Pontchartrain — with banking privileges attached as the revenue mechanism. By the 1850s the canal itself was largely a commercial disappointment, but the bank had become one of the more solvent institutions in the South, operating under Louisiana's notably rigorous 1842 Banking Act, which mandated one-third specie reserves against circulation. That law made Louisiana banks unusually resilient heading into the panics of the decade.
Rawdon, Wright, Hatch & Edson held some of the most sophisticated engraving equipment in North America at mid-century before their 1858 merger into the American Bank Note Company.