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Bank of Hallowell (Maine) $10 Bank Note, SS Central America Treasure [150885]

Currency:USD Category:Artifacts / Shipwreck Artifacts Start Price:250.00 USD Estimated At:500.00 - 5,000.00 USD
Bank of Hallowell (Maine) $10 Bank Note, SS Central America Treasure [150885]
SOLD
2,200.00USDto c****1+ buyer's premium (440.00)
This item SOLD at 2023 Mar 04 @ 11:54UTC-8 : PST/AKDT
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Bank of Hallowell (Maine) $10 bank note, Haxby G10. Printed by New England Bank Note Co. This is the only Hallowell bank note found among the eleven bank notes in the purser's safe of the SSCA. There were a couple different Maine notes. Haxby stated that this bank failed in 1856, but newspaper reports show the bank notes were subject to a 2 percent discount in Maine in July of 1857, and completely worthless by October, 1857. As such, the bank may not have appeared on a current August (or July) list of bank failures or invalid currencies when the SSCA left the port of New York for Aspinwall in late August. Lists of bank failures and invalid currencies were published in many newspapers, but not all, and not regularly. Most banks tried to keep current lists, but even that was a chore because there was no central regulating agency. Thus when the SSCA purser took in this note, it may not have been known the bank was in trouble, but by the time of the projected return, it had failed. Once again, this note was probably proffered at dockside for a last minute passenger ticket to Aspinwall or other scheduled destination. Even the note holder (passenger) may not have known of the potential invalidity of this note.

Provenance: SS Central America Collection