FA: Neat item for a bullion collector

http://cgi.ebay.com/aw-cgi/eBayISAPI...tem=3046740465

On 12 Sep 2003 00:44:22 GMT, (JSTONE9352) is alleged to have
written:

http://cgi.ebay.com/aw-cgi/eBayISAPI...tem=3046740465


Okay, it's neat. But what's the 'bullion bank'. Is it different from the other
banks of the time?

Bruce

Bruce Hickmott wrote in message . ..
On 12 Sep 2003 00:44:22 GMT, (JSTONE9352) is alleged to have
written:

http://cgi.ebay.com/aw-cgi/eBayISAPI...tem=3046740465


Okay, it's neat. But what's the 'bullion bank'. Is it different from the other
banks of the time?

Bruce


Probably not. During the free banking era (that ended officially in
1866 when
these kinds of banknotes were taxed out of circulation) there were
thousands of
independent banks, some chartered by the states, some were outright
frauds
etc. Many of them issued their own currency. I suspect they chose the
name
"bullion" to attract business and to make it seem that it had more
hard money
financial backing than other banks of that era. It may or may not
have been
more solvent than others.

There are many interesting stories regarding some of the frauds that
these
banks were involved in. One bank in Michigan supposidly had a large
treasure chest filled with silver coins that they showed to state
inspectors to prove they had the financial backing to stay in
business, only problem was the top two inches or so of the chest
contained coins while the rest of it was just scrap metal, rocks etc.
that made the chest seem heavy and full.

On 12 Sep 2003 13:06:57 -0700, (John Stone) is alleged
to have written:

Bruce Hickmott wrote in message . ..
On 12 Sep 2003 00:44:22 GMT, (JSTONE9352) is alleged to have
written:

http://cgi.ebay.com/aw-cgi/eBayISAPI...tem=3046740465


Okay, it's neat. But what's the 'bullion bank'. Is it different from the other
banks of the time?

Bruce


Probably not. During the free banking era (that ended officially in
1866 when
these kinds of banknotes were taxed out of circulation) there were
thousands of
independent banks, some chartered by the states, some were outright
frauds
etc. Many of them issued their own currency. I suspect they chose the
name
"bullion" to attract business and to make it seem that it had more
hard money
financial backing than other banks of that era. It may or may not
have been
more solvent than others.

There are many interesting stories regarding some of the frauds that
these
banks were involved in. One bank in Michigan supposidly had a large
treasure chest filled with silver coins that they showed to state
inspectors to prove they had the financial backing to stay in
business, only problem was the top two inches or so of the chest
contained coins while the rest of it was just scrap metal, rocks etc.
that made the chest seem heavy and full.

Neat info, thanks!

Bruce (Still learning about paper)

(John Stone) wrote
One bank in Michigan supposidly had a large
treasure chest filled with silver coins that they showed to state
inspectors ...

We should probably continue this over in Rec.Collecting.Paper-Money
but long ago, I heard the story of the Bank of Singapore from Bill
Bradford. Later, clerking for Liberty Coin Service's new owner at the
Detroit 1994 ANA convention, I saw a Bank of Singapore note change
hands and the clerks did not seem to recognize it as special. After
the convention, I stopped in to ask about it. They pointed me to the
state library and told me to look up "Saugatuck." I wrote the story
for the Mich-Matist and then sold it to Loompanics who hired an artist
to make it graphic.

http://www.loompanics.com/cgi-local/...c94+1104121486

is a pretty long link. Goto to www.loompanics.com and select Articles
from the main page. "Levi Loomis and the Bank of Singapore" is down
in the back issues lists. Being line artwork, each page takes a
minute or so to load.

One fine point: was silver really allowed as the legal reserve? In
Michigan in the 1830s, I thought that specie reserves had to be gold.

One fine point: was silver really allowed as the legal reserve? In
Michigan in the 1830s, I thought that specie reserves had to be gold.



I'm not sure. It might have been just
gold.

(Michael E. Marotta) wrote in message om...
(John Stone) wrote
One bank in Michigan supposidly had a large
treasure chest filled with silver coins that they showed to state
inspectors ...

We should probably continue this over in Rec.Collecting.Paper-Money
but long ago, I heard the story of the Bank of Singapore from Bill
Bradford. Later, clerking for Liberty Coin Service's new owner at the
Detroit 1994 ANA convention, I saw a Bank of Singapore note change
hands and the clerks did not seem to recognize it as special. After
the convention, I stopped in to ask about it. They pointed me to the
state library and told me to look up "Saugatuck." I wrote the story
for the Mich-Matist and then sold it to Loompanics who hired an artist
to make it graphic.

http://www.loompanics.com/cgi-local/...c94+1104121486

is a pretty long link. Goto to www.loompanics.com and select Articles
from the main page. "Levi Loomis and the Bank of Singapore" is down
in the back issues lists. Being line artwork, each page takes a
minute or so to load.

One fine point: was silver really allowed as the legal reserve? In
Michigan in the 1830s, I thought that specie reserves had to be gold.



Bank of Singapore notes are popular with collectors in Singapore. One dealer
told me has sold a number of them to collectors over there. Depending on
condition you will probably have to pay $150 to $300 for one of them.