Early Paper Money of America / Connecticut / 1792, etc. Union Bank in New London
Organized on Mar. 5, 1792 as a partnership under the name, Bank of New London and Norwich, the Union Bank in New London was incorporated on May 30, 1792. Its capital was to be between $50,000 and $100,000 divided into shares of $100 each. Its debts including bank notes were not to exceed one and one-half times its capital plus its specie deposits. The $5 note of its original issue was counterfeited, causing an elimination of that denomination on June 30, 1795. These notes were signed by Jedediah Huntington, president, and John Hallam, cashier.
June 30, 1795: