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Story
June 26, 1835
The Daily Herald
New Haven, New Haven County, Connecticut
What is this article about?
A gentleman presents a rare 1794 five-pence bank note from the Union Bank in New London, dated September 26, 1791, signed by G. Hallam. The article reflects on early American small-denomination currency for trade and contrasts it with modern preferences for larger bills.
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OCR Quality
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Full Text
A piece of financial antiquity.—A gentleman handed us this morning a bank note, issued by the Union Bank in New London, in the year 1794, of the following tenor and form:
On the face,—
FIVE PENCE.
5d. 5d.
FIVE Pence shall be paid for this, at the Union Bank in New London, on demand.
E
b
Sept. 26, 1791.
Presid.
G. Hallam, Cashier.
On the reverse—
FIVE PENCE.
Union Bank, in New London, instituted for the Benefit and Convenience of Trades Manufactures and Husbandry.
The name of the President was so obliterated that we could not make it out. This note having been issued a little over forty years, might perhaps reasonably be returned, and the specie demanded in exchange; but if it had not been for the new reform law, proscribing the circulation of bills under a certain denomination, it would probably have remained in the old gentleman's scrutoire, who preserved it, till his heirs came to divide the spoil. It seems that this fippenny concern was intended for the benefit and convenience of trade, manufactures and husbandry. What a change since the innocent days of our fathers!—They were not ashamed of the day of small things and fippenny bills, which they turned to account for the advantages of trade. Now the noddies that have not a fippenny worth of brains, turn up their republican noses at any thing less than five dollar bills and Jackson yellow boys.
We shall send immediate advice to the President, Directors and Company of the Union Bank of this long standing draft upon Their resources, and forward it for payment in specie. Can any body tell us how much it will come to at compound interest?
On the face,—
FIVE PENCE.
5d. 5d.
FIVE Pence shall be paid for this, at the Union Bank in New London, on demand.
E
b
Sept. 26, 1791.
Presid.
G. Hallam, Cashier.
On the reverse—
FIVE PENCE.
Union Bank, in New London, instituted for the Benefit and Convenience of Trades Manufactures and Husbandry.
The name of the President was so obliterated that we could not make it out. This note having been issued a little over forty years, might perhaps reasonably be returned, and the specie demanded in exchange; but if it had not been for the new reform law, proscribing the circulation of bills under a certain denomination, it would probably have remained in the old gentleman's scrutoire, who preserved it, till his heirs came to divide the spoil. It seems that this fippenny concern was intended for the benefit and convenience of trade, manufactures and husbandry. What a change since the innocent days of our fathers!—They were not ashamed of the day of small things and fippenny bills, which they turned to account for the advantages of trade. Now the noddies that have not a fippenny worth of brains, turn up their republican noses at any thing less than five dollar bills and Jackson yellow boys.
We shall send immediate advice to the President, Directors and Company of the Union Bank of this long standing draft upon Their resources, and forward it for payment in specie. Can any body tell us how much it will come to at compound interest?
What sub-type of article is it?
Curiosity
Historical Event
What themes does it cover?
Social Manners
What keywords are associated?
Bank Note
Five Pence
Union Bank
New London
Financial Antiquity
Small Denomination
What entities or persons were involved?
G. Hallam
Where did it happen?
New London
Story Details
Key Persons
G. Hallam
Location
New London
Event Date
Sept. 26, 1791
Story Details
A preserved five-pence bank note from 1794, issued by Union Bank in New London, highlights early small-denomination currency for trade, with commentary on societal shifts away from such modest financial instruments.