Eclectic Numismatic Treasure (Broken Bank Notes)
In 1838, two banks were established in Allegan County, Michigan: the Bank of Allegan and the Bank of Singapore. Both were “of the famous wildcat series."
By 1838, over $50,000 in Singapore Bank notes had been placed in circulation. Shortly after the Civil War, Singapore was involved in a bank scandal. State banks were required to maintain enough hard currency on hand to cover as least 1/3 of the banknotes that were circulating, and neither Singapore nor Allegan was at that level.
Haxby catalog no. for this series is MI-420.