Early Paper Money of America / Rhode Island / 1791 Providence Bank, etc.
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Last Updated: 2022-05-19
Early Paper Money of America (NNP Edition)|The Providence Bank was incorporated in Rhode Island on Nov. 5, 1791, having begun to operate in Providence in October 1791. Its capital was $250,000 divided into 6,250 shares of $400 each, 125 shares being reserved for the United States or the Bank of the United States and 50 shares being reserved for the State. The capital could be doubled. Its bank notes were protected by a counterfeiting provision in the charter.