Maryland, Commercial Bank of Millington, $5 “Wildcat” Banknote – 1840 – United States of America Countdown Package Online

Includes archival-grade plastic banknote sleeve for protection.

• Size: 7 x 3 inches
• Issuer: Commercial Bank of Millington
• Issuing Location: Millington, Maryland
• Date: January 10th, 1840

Wildcat banknotes are a relic of the Free Banking Era from 1836 to 1865, during which the United States had no central bank. Only banks chartered by innavidual states existed at this time, many of which were short lived.

Due to the lax state regulations on banking, the average lifespan of banks during this period was only about five years, with half of them failing. These banks printed notes that were redeemable for legal tender currency, but many printed far more than they were able to cash out at a given time. The practice became known as “wildcat banking,” and was the reason behind a third of all bank failures during the Free Banking Era.

All purchases include a Certificate of Authenticity. You will receive the exact item in this photo.