Magnolia, Florida. Merchants’ & Planters’ Bank at Magnolia. 1833 $1. PMG Very Fine 25.

Description

Magnolia, Florida. Merchants’ & Planters’ Bank at Magnolia. 1833 $1. PMG Very Fine 25.

An attractive obsolete from Magnolia, Florida featuring a trio of exceptionally detailed vignettes including George Washington dressed in Greco-Romanesque clothing. Rated as an R-4 rarity in Ronald J. Benice’s book, Florida Paper Money: An Illustrated History: 1817 – 1934.…….The bank’s charter was approved in early 1832 over the governor’s veto. Two years later, the bank suspended specie payments with over $65,000 in circulation outstanding. The legislature offered the stockholders a deal: Redeem the outstanding notes within ninety-five days and receive a charter to open a new bank, The Merchants & Planters Bank of Florida, in Tallahassee. This note is from an emission printed by Rawdon, Wright, Hatch & Co. in 1832. The $1 design has a vignette of a seated allegorical woman holding an olive branch and eagle flanked by vignettes of a seated Native American male and another of Washington standing in a cloak.