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<p>[QUOTE=&quot;saltysam-1, post: 1294274, member: 23368&quot;]Correct, the bank would not accept them but many of these were part of merchant deposits. The tellers would accept the deposit but in the back room cashiering operations, later in the day, larger banks did stamp them counterfeit and a credit issued against the merchants&#039; deposit. The note was then returned to the merchant. The merchant could either address the issue with the customer involved (in the original trasaction), or if not available, he had to travel to the city or state where the issuing bank was located to make good on it. It was that or eat the loss. All this added to the reasons why the federal government eventually produced its own currency and stopped banks from issuing their own notes. This is what I am trying to ascertain. It was part of the history and description given by an auction house I obtained the bill from. I was just wondering if this happend quite often and was this a common practice? (or a highly imaginative description for the note by the auction house.)[/QUOTE]</p><p><br /></p>

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