This note is secured by bonds deposited with the U.S. The Albion $10 note looks like real money (that’s because it is), and bears a text which includes, “United States of America, National Currency.
It was in existence between 18, and was succeeded by the Albion National Bank according to the 20-year charter expiration laws of those times.
Superior St., which presently is the north half of Fedco. Here in Albion., our local First National Bank of Albion issued 16,275 ten dollar bills, amounting to a total of $162,750. They were (and still are) legal tender, good anywhere. These banknotes bore the handwritten signatures of a local national bank president, and cashier. This was one way our currency system was funded in those days. banknotes would then be printed by the Bureau of Engraving and Printing, and subsequently circulated by each bank. The banks would first deposit a particular amount of funds in the U.S.
Treasury bearing the names of local national banks across the country. Any photos not otherwise credited are from the personal collection of Frank Passic, Albion Historian.ĭid you know that one of Albion’s banks used to issue their own banknotes, which were good anywhere in the country? Back in the late 19th and early 20th centuries, $10 and $20 bills (and other denominations) were printed by the U.S.
