National Bank Notes of Idaho - Malad City

Rare, Interesting, Historical 

Idaho National Bank Notes – Malad City

Located in Southeast Idaho,  Malad City, Idaho - also called Malad - is the only city in Oneida County, Idaho and one of the oldest cities in the entire state of Idaho. It is the Oneida County Seat and is located just 13 miles north of the Southeast Idaho/Utah Border, right along Interstate 15. Oneida County borders Bannock County in Idaho’s Southeastern region. In 1902, the year this National Bank Note was issued (see photo), the population of this rural Idaho town of Malad City was about 1,050. Today, the Malad City population has doubled.

Malad City is named after the Malad River which was given its name by a Scottish-Canadian trapper named Donald Mackenzie when his trapping party became sick from eating tainted beaver. Malade means sick or bad in French; the trappers mistakenly attributed their sickness to the river’s water. 

The town was established in 1864, immediately following Idaho’s official recognition (March 4, 1863) as a US territory. Historically, the Idaho Territory was launched under President Abraham Lincoln. Idaho was the 43^rd state to join the union and became part of the United States back on 3 July, 1890. 

A city post office was established in 1865. The old post office was located just East of the First National Bank (the issuer of this note) and the Idaho Enterprise which is Idaho’s longest running weekly newspaper and is still going today. Newspaper offices were located in the post office basement. 

1902 $10 Plain Back, The First National Bank of Malad City, ID PCGS 20 Very Fine

The First National Bank of Malad City building, now dismantled, was an amazing example of early 20^th century architecture. Importantly, the largely Welsh and Mormon Malad City settlers brought their traditions with them. In fact, Malad City officials claim to have more persons of Welsh decent per capita than anywhere outside of Wales!

These strong traditions, coupled with incredible work ethic, remain today. Because of Malad City’s location as a commercial center between Utah (e.g. Salt Lake City) and Montana (e.g. Butte), by 1886 it became the fastest growing center in eastern Idaho! Furthermore, just four years after this National Bank Note was issued, the railroad reached Malad City. This historic as well as financial event allowed travel between SLC and Malad to shrink to just four hours.

The fascinating Malad City history is directly linked with and connected to this stunning National Bank Note.

On the Treasuredstocks.com web site, I have the following Idaho-based National Bank Notes (alphabetical order):Ashton; Blackfoot; Boise; Caldwell; Idaho Falls; Lewiston; Malad City; Nampa; Parma; Preston; Saint Anthony; Salmon; Shoshone; Twin Falls; Wallace; and Weiser

The state of Idaho (became a state in 1890, our nation's  43rd state) had 86 national currency issuing charters in 56 towns. There are approximately 1,120 Idaho national bank notes known, ranking it the 6th scarcest state just edging out Nevada at #7.  Six charters have bank notes that are unknown.

Idaho based National Bank Notes are rare. Take a quick look in your wallet and you may find real Idaho gold!

If anyone out there is from or has visited Malad City, Idaho, please post a comment. 

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From 1863 to 1935, National Bank Notes (NBN) currency were issued by banks throughout the US and its territories. After US banks with a federal charter deposited bonds in the U.S. Treasury, they would be able to issue National Bank Notes. Importantly, the US Federal government would back the value of these bank-issued National Bank Notes.

National Bank Notes were retired as a currency in the 1930s during the Great Depression. They were subsequently merged into Silver Certificates, Federal Reserve Notes, and United States Notes.