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Obsolete Notes & Miscellaneous Items > Pennsylvania

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West Chester Bank of Chester County $100-50 Uncut Pair
Grade: Ch. Proof    

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Uncut sheet of two notes that is extremely rare. Printers were Draper, Underwood, Bald & Spencer. The Panic of 1837 occurred at a time when all the conditions were ripe for a crash, credit was stretched and real estate soared. President Jackson's famous specie circular directed that public lands could only be paid for in silver or gold. That which was to be used to purchase land came back to the banks for redemption and redemption was impossible. Specie payments were halted and many businesses went into bankruptcy. Prudent management enabled the Bank of Chester County to weather the crisis. In August 1838 the bank resumed specie payments. The decade prior to 1837 was one of prosperity for the Bank of Chester County. When its first charter expired in 1825 it was rechartered for a period of 12 years. In 1837 it received its third charter, this time for 15 years the stock was worth $40 per share. The circulating notes were renewed from time to time as needed. In 1834 the $5, $10, $20, $500 and $1,000 were made from new plates.

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