At William Youngerman Inc, we buy and sell different types of currency. From rare US gold coins to Obsolete Notes to diamond jewelry, William Youngerman is the place to turn to for all of your collecting needs.
If you are a collector, then you may know about Obsolete Notes and the worth due to their rarity. However, if you are just picking up an interest in rare paper currency and coin collection, then you may not be aware of what this type of older currency form is.
First off, Obsolete Notes, or obsolete money, refers to currency that is no longer recognized for usable currency in the United States. It more specifically speaks to the type of paper money that was issued within the approximate time frame of 1782 and 1866 by former state banks that shut down. Obsolete Money was paper money introduced and used by each state but was not covered by the government. This meant that the minute the banks shut down, the money became worthless since it could not be used in any other state as legal currency as it was not recognized nationally. However, a number of the first national banks and affiliates still presently operate, even with some accepting the Obsolete Notes as currency.
Because bank closure was frequent, the phrase “broken bank notes” was used as a secondary term to refer to Obsolete Notes. The reason behind the slang was that the state banks were thought of as “broken”. However, it should be noted that not every bank went completely financially under.
With a large number different printing companies dealing out these Obsolete Notes, there are now a multitude of unique forms of the rare paper currency. The former currency had impeccable artwork designs, some of which could take a production of what is said to be nine months. Typically, there were four Obsolete Notes printed on each copy. These sheets of Obsolete Notes were hand cut with scissors. This is why when seen today, the old rare paper currency can be seen being uneven at the edges.
It was expensive to make Obsolete Notes, which is why they were not double-sided prints. Some state banks had to provide the paper for printing the notes, especially during the Civil War Era due to a lack of availability for paper. There was such a desperation for paper in order to print these that some banks used recycled scraps, notebook paper, and oddly enough, wallpaper.
Rare paper currency and coin collecting is ever-going and intriguing. Viewing currency like Obsolete Notes that dates back to hundreds of years ago is attractive to historians and collectors. Not only this, but collecting and trading can also be valuable.
Through William Youngerman Inc, you can discover the worth of any former currency you may have and we may even make an offer to purchase it! We also have a variety of US gold coins, Obsolete Money, National Bank Notes and more to choose from for all of your collecting desires.