Early Paper Money of America / Massachusetts / 1792 etc Union Bank
The Union Bank was incorporated on June 22, 1792 for 10 years as the second bank in Massachusetts entitled to issue circulating notes. The capital was originally $400,000 to $800,000 with the State entitled to subscribe to an additional $400,000, which it did. The bank’s debts including bank notes were limited to twice its capital plus its specie deposits. Notes below $5 were prohibited until 1805. A counterfeit engraved plate for the $10 note exists. Many issues after 1800 followed.
$5 ▷CF◁ $10 ▷CF◁ $20 $30 $50 $100
