Description
A genuine $5 Merrimack County Bank, New Hampshire Obsolete Note, in Circulated Condition. Cut Canceled
Beginning around 1792, before the federal government issued a centralized currency, individual banks and other institutions produced banknotes to support trade and local economic growth. Because this system was decentralized, each note was distinct, often reflecting the character and artistic style of its issuing community. During the Civil War, many banks printed more paper money than they could redeem in gold or silver, fueling inflation. As prices rose and local banks failed, residents and merchants were often left with worthless paper. The National Bank Act of 1863 established a centralized currency system and gradually replaced locally issued notes.
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