Description

Jacksonville, FL- Bank of Saint Johns $1 Mar. 1, 1862 Benice 15 PMG Choice Fine 15.
This was actually a bearer circulating certificate of deposit that was printed on the back of Florida Atlantic and Gulf Central Railroad bonds.

The bank was founded in 1858 and complied with Florida’s new restrictive banking laws even though it never applied for a state charter, even depositing securities with the State Comptroller who obligingly countersigned notes for circulation. In 1862 the bank relocated to Lake City, FL and remained there until 1865. These certificates of deposit were payable to the bearer and circulated as currency, in part, to ease a chronic shortage of the means to make change in day-to-day commerce. Very scarce, with Benice estimating between 13 and 30 surviving examples of this denomination. This example is printed on the back of a remainder Florida Atlantic and Gulf Central Railroad bond.