50 Francs

The Bank in St. Gallen was one of several Swiss cantonal banks that turned to American security printers in the early 1850s rather than European houses — a commercially driven choice that reflected Toppan, Carpenter, Casilear & Co.'s strong reputation for anti-counterfeiting engraving work, built largely through U.S. banknote contracts. The firm would later merge into the American Bank Note Company in 1858.

Switzerland had no federal currency in 1852; the note-issuing free banking period meant dozens of cantonal and private banks circulated their own paper simultaneously, creating chronic discount and acceptance problems across cantonal borders. A St. Gallen note was not necessarily accepted at face value in Zurich.