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7 Dollars Peoples' Bank of Paterson
| Issuer | Peoples' Bank of Paterson |
|---|---|
| Year | 1830-1839 |
| Type | Local banknote |
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|---|---|
| Obverse lettering | STATE OF N. JERSEY THE PRESIDENT DIRECTORS & CO OF THE PEOPLES' BANK OF PATERSON Promises to pay SEVEN DOLLARS on demand to____________ or bearer PATERSON_____18__ Casilear, Durand, Burton & Edmonds, N. York |
| Reverse description | Blank. |
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| Comments |
The $7 denomination places this note squarely in the era when American private banks issued in whatever amounts suited their cashiers — $3, $6, $7 — largely to frustrate counterfeiters, who found odd denominations harder to pass convincingly. Casilear, Durand, Burton & Edmonds was a short-lived New York engraving partnership active in the early 1830s before its principals dispersed: John Casilear later abandoned bank note engraving entirely for landscape painting and became a respected Hudson River School artist.
The Peoples' Bank of Paterson operated during New Jersey's freewheeling "free banking" period, when legislative charter requirements were loose and institutional failures were common.