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Obsolete Notes & Miscellaneous Items > Pennsylvania

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$1 Bank of Chester County, West Chester
Grade: Ch. Proof    

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1841. A relief note used to pay for the canal system. A rare reminder of a short series. Following the Panic of 1837 the state of Pennsylvania was in serious financial straits, due to the debt incurred in the building of the canal system. In 1842 it reached its height. The answer was a state loan for five years at five percent. The banks that loaned the state money could issue notes called "relief notes" in the denominations of $1, $2 and $5.

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