Bank of Cape Fear (Wilmington, N.C.)

Description

Three-dollar note issued by the Washington Branch of the Bank of Cape Fear on November 1, 1859; engraved and printed by Danforth, Wright and Company of Philadelphia and New York, N.Y; red and black inks, an update of earlier all-black design; red "3" in top corners and in lower left, smaller black 3 at bottom-right corner, series of the word "THREE" also form border on three sides; maiden representing Roman goddess Ops (Plenty) sitting beside cornucopia and holding stalks of grain in her left hand; center vignette of three men representing maritime commerce and industry with sailing ships, bridge, and factories in background; printed plate letter "A" near center-right edge, handwritten serial number "2002" at top left, issue date "1 Nov. [18]59," and signatures of cashier and bank president near bottom edge.THE PRESIDENT, DIRECTORS & CO. OF THE BANK OF CAPE FEAR A Will pay THREE DOLLARS at to the bearer. Wilminton 18 Cashr. Prest.As cited, this note is payable at Washington, N.C., yet another branch location for the Bank of Cape Fear. It promises it "Will pay THREE DOLLARS" to the bearer if that person presents it for exchange in coinage at that branch. Unfortunately, many banks in this era issued more paper money than they could honor in total face value in coinage. If too many people tried at once to redeem their notes, and a bank refused or was unable to give coins in exchange, a "run" on the bank often ensued. The resulting loss of public...

Record Contributed By

University of North Carolina at Chapel Hill

Record Harvested From

North Carolina Digital Heritage Center