“Obsolete” Currency “Obsolete Notes” …
so much more than just a dictionary definition
The US BEP (Bureau of Engraving and Printing) didn’t even exist until 29 August, 1862!
Currency money produced from 1782 until about 1866 (or later) could
have been issued by many assorted bodies including railroads, state and local
banks, state and local government entities (states, counties, towns, cities) and
even companies, religious orders, and merchants. Existing notes from these non-federal issues are
all identified as “obsolete currency” items. Importantly, bank issued currency
notes during that time period were and still are the most common. Due to their important place in history, obsolete
notes in good condition (high grades with PPQ or EPQ designations) are often
worth much more than face value, especially to avid collectors like Jeff at
Treasuredstocks.com. Most obsolete notes are beautifully designed artwork with
colorful and graphic illustrations.
Obsolete notes have, at times, been identified as “broken
bank notes” related to the numerous bank failures of issuing banks. Failed banks were termed “broken” banks and
thus, their issued currency was deemed “broken.” However, many issuing banks,
or their successors, still exist; therefore, “obsolete” note is a more
preferred term.
Interestingly, obsolete notes can be printed on almost any
type or quality of paper including note and wall paper. You may find that due
to severe paper shortages and printing costs, obsolete notes were printed on
just one side and unused sheets of notes could be reused in reverse!
Collections of obsolete notes are extremely exciting,
historical, and diverse. Collections by specific year, state, town, bank, or
entity (e.g. vignette, merchant, or theme) are common. Appreciation of these
rare and sought-after notes is assured!
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