Description

Jacksonville, FL- Bank of Saint Johns $5 Jan. 2, 1860 G2b PMG Choice Fine 15…..

Founded in 1858, the bank was not chartered by the state but met all of the requirements for being one of the state’s free banks and was allowed to continue operation. In March, 1862 the bank moved to Lake City and remained in business there until 1865. A nice choice note in a comment-free holder…..  The bank was founded in 1858 by Arthur M. Reed who had been operating an agency for the Bank of Charleston in his grocery and dry goods store since 1849. When Florida severely limited out-of-state banks and their agencies in 1858, Reed converted his agency to the Bank of St. Johns. Although he did not formally adopt free bank status, Reed did comply with the state’s banking laws and deposited bonds to secure his circulation with the State Comptroller. As a result, the notes were countersigned by the Comptroller and displayed the state banking die.