Early Paper Money of America / Massachusetts / 1792 etc Union Bank
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Last Updated: 2022-05-19
Early Paper Money of America (NNP Edition)|
The Union Bank was incorporated on June 22, 1792 for 10 years as the second bank in Massachusetts entitled to issue circulating notes. The capital was originally $400,000 to $800,000 with the State entitled to subscribe to an additional $400,000, which it did. The bank’s debts including bank notes were limited to twice its capital plus its specie deposits. Notes below $5 were prohibited until 1805. A counterfeit engraved plate for the $10 note exists. Many issues after 1800 followed.
$5 ▷CF◁ $10 ▷CF◁ $20 $30 $50 $100