Lot 1251
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The Capital City Sale - 10/11/2007
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Listed in category: Currency >  Lot 1251
Florida, Magnolia. Merchants and Planters Bank at Magnolia. $10.

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Item Description

Florida, Magnolia. Merchants and Planters Bank at Magnolia. $10. Date: 1833-11-14 (18 printed). 63 (bank serial). A (plate info). Imprint: Rawdon, Wright, Hatch & Co. New-York. Cashier: E. Seixas. President: Thos. G. Gordon? Central vignette of Archimedes using a lever to lift the earth, or some other planet, using a spectral mountain in the Arctic as a fulcrum for his lever. Franklin at left, Ceres at right. At bottom, lad on a reindeer or stag blowing a trumpet. Haxby FL-35-G-08. EF-AU, bright and attractive. ($275-425)

In History of Banking, 1900 [posthumously], John J. Knox (numismatist and comptroller of the currency, architect of the Coinage Act of 1873) stated this: "Up to 1833 several banks had been chartered by the Territorial Legislature, including the Bank of Florida, the Central Bank (which succeeded the former institution), the Bank of West Florida, Merchants and Planters Bank of Magnolia, the Commercial Bank, the Bank of Pensacola and the Union Bank of Florida. All of these seem to have received some aid and assistance from the Territory—the Bank of Pensacola to the amount of $500,000 in bonds guaranteed by the Territory, the Southern Life Insurance and Trust Company (chartered in 1835), to the amount of 400 certificates of $1,000 each, and the Union Bank bonds amounting to $3,000,000.…"

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