This lot is closed. Bidding ended on 5/21/2006.
The National Currency acts of 1863-1865 dictated that the State Banks could no longer issue their own currency; thereafter they could either close or request a charter as a "National Bank" and begin to issue "National Currency." A failed or closed bank was nicknamed "Broken Bank," giving rise to the "Broken Bank Note" reference to Obsolete State Bank currency. This $5 note dates to 1860 and was issued by The Merchants Bank of South Carolina. Features a South Carolina and Revolutionary War vignette on the front center.