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OBSOLETE CURRENCY………..Pensacola, FL- Bank of Pensacola $2 Feb. 1, 1840 G8 PMG Fine 12…….After several unsuccessful attempts, the Territorial Legislative Council approved the incorporation of the Bank of Pensacola on January 31, 1831. The bank was chartered over the Governor’s veto in 1831 and began operations in 1833, suspending specie payments in mid-1837. These were resumed in 1839 when the bank had a circulation of over $200,000. Predictably, the bank suspended in 1843