Recent Purchase: Tennessee Exchange Bank at Murfreesboro $5 Obsolete Banknote

Discussion in 'Paper Money' started by Bradley Trotter, May 9, 2021.

  1. Bradley Trotter

    Bradley Trotter Supporter! Supporter

    Today has been a good day for me personally. Between finding a silver dime in the Coinstar reject slot and finding this on eBay, I'm much closer to completing my set of obsolete banknotes from Murfreesboro, Tennessee.

    1856 $5 Exchange Bank of Murfreesboro Face.jpg 1856 $5 Exchange Bank of Murfreesboro Reverse.jpg
     
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  3. Antonius Britannia

    Antonius Britannia Well-Known Member

    Cool note, with lovely vignettes
     
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  4. Bradley Trotter

    Bradley Trotter Supporter! Supporter

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  5. Mountain Man

    Mountain Man Supporter! Supporter

    Hey, you got robbed. It's missing the printing on the reverse. LOL;)
     
  6. potty dollar 1878

    potty dollar 1878 Well-Known Member

    They didn't have time one side was enough!!!!.
     
  7. Bradley Trotter

    Bradley Trotter Supporter! Supporter

    Interestingly enough, $5 notes from the 1857 emission have a printed reverse. Here's an example from my collection.


    1857 $5 Exchange Bank of Murfreesboro TN Obverse.jpg 1857 $5 Exchange Bank of Murfreesboro TN Reverse.jpg
     
  8. scottishmoney

    scottishmoney Unwell Unknown Unmembered Supporter

    Curious how the state comptroller signed the note based on their deposit of bonds with the comptroller's office. Which begs the question, if the state comptroller's office secured the notes with deposited bonds, why did the notes survive unless the bank failed and the comptroller's office didn't actually back the currency issue.
     
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  9. Bradley Trotter

    Bradley Trotter Supporter! Supporter

    Interestingly enough, in 1857, it would seem that issues were arising from the mismanagement of state bonds. Apparently, some of the securities were "misplaced" and could not be accounted for. The bank later failed in 1859, leaving its currency emissions unredeemable.

    https://www.dnj.com/story/news/2014...routinely-issued-three-dollar-bills/14513607/
     
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  10. lettow

    lettow Senior Member

    Most of the bonds that were used to secure obsolete notes were bonds of southern states. Northern banks also used southern state bonds as collateral.

    The states did not have good credit and the bonds were often discounted in the market. But the backing requirement was based in the face value of the bonds notarket value.
     
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