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The 1865 $1 City Bank of New Haven note, cataloged as CT265-G120 in Haxby’s authoritative reference for obsolete U.S. banknotes, is an exceptional specimen of 19th-century American currency. Issued in the final year of the American Civil War, this note was printed during a period of significant transition in U.S. banking and currency regulation. As a product of the “free banking” era, this private banknote was issued by a chartered state bank rather than the federal government, representing a time before the national currency system had fully standardized. In Uncirculated (UNC) condition, this note is especially rare, retaining sharp detail, original paper surfaces, and vibrant ink tones as it would have appeared directly from the printing press.
The City Bank of New Haven, located in Connecticut’s coastal city known for its educational and maritime significance, was one of many banks operating under state charters before and during the Civil War. The bank issued notes in multiple denominations to facilitate commerce and provide a trusted medium of exchange. By 1865, however, federal reforms—most notably the National Banking Act of 1863 and its amendment in 1864—were quickly phasing out these “obsolete banknotes” in favor of federally regulated national banknotes. The 1865 date on this note places it right at the cusp of this regulatory shift, making it one of the final examples of New Haven’s state-chartered currency.
The design of the $1 City Bank of New Haven note is both intricate and aesthetically rich, featuring classical imagery typical of American currency of the mid-19th century. At the center of the note, a seated allegorical female figure, possibly representing Liberty or Commerce, is depicted holding a caduceus and cornucopia—symbols of trade and abundance. She sits at the shoreline, with a ship in the background, tying the imagery to New Haven’s identity as a port city. The artwork, finely rendered in detailed intaglio engraving, would have been produced by one of the major banknote engraving firms of the era, such as the American Bank Note Company or the National Bank Note Company.
To the left of the central vignette is a large numeral “1” enclosed in an ornate frame, while to the right is a portrait medallion of George Washington, the most iconic figure of American independence. The upper border bears the title “City Bank of New Haven,” boldly displayed in classic serif type, and the lower portion includes the denomination “ONE DOLLAR” in large letters. The signatures of the bank’s cashier and president are printed, with space for hand-signatures, which in Uncirculated notes like this may appear either hand-signed in ink or as facsimile impressions. Serial numbers are found near the upper right or lower left, typically handwritten in red or blue ink.
The paper used for this note is standard for the time: a high-quality cotton or rag-based fiber stock, without the modern features of embedded threads or watermarks. The printing would have involved multi-pass intaglio engraving for the main design and possible lithographic or letterpress elements for additional numbering or bank details. Color tints, if present, would have been applied using delicate overprinting, often in red, blue, or green to add anti-counterfeiting elements and visual appeal. However, most $1 notes from the City Bank of New Haven were monochromatic or featured minimal color due to production cost concerns in the waning days of state-chartered issues.
In Uncirculated (UNC) condition, this 1865 $1 note shows absolutely no signs of handling or circulation. The paper remains crisp and firm, the corners sharp, and the margins full and untrimmed. There are no folds, creases, or edge wear, and the ink—both printed and signed—retains its original intensity. The embossing from the intaglio printing process is still apparent, giving the note a tactile dimension that is completely lost in circulated examples. A note in this grade represents either a specimen preserved by the bank for archival reasons or one never released into general circulation before the end of the free banking era.
The Haxby catalog number CT265-G120 classifies this particular note by bank (City Bank of New Haven), state (Connecticut), and denomination ($1), with the G120 designation differentiating this design from others issued by the same bank. Haxby numbers are used universally by collectors and dealers to categorize and price obsolete banknotes, particularly those issued prior to the establishment of the national banking system. CT265-G120 is not among the most common varieties, and examples in any condition are considered scarce, with high-grade specimens like this Uncirculated note being quite rare and sought after by collectors of New England banking history.
By 1865, the pressure on state-chartered banks to convert to national banks or cease issuing currency was immense. The federal government had imposed a 10% tax on state banknotes to discourage their use, effectively ending the circulation of private bank currency by the late 1860s. Consequently, notes like this $1 from the City Bank of New Haven became obsolete shortly after being printed. Many were redeemed and destroyed, while others disappeared into private hands, never to re-enter circulation. Those that survived intact were typically saved as curiosities, mementos, or historical items, contributing to their scarcity today.
Collectors value these notes not only for their historical and aesthetic qualities but also for their regional significance. Notes from Connecticut banks, especially from prominent cities like New Haven, are of special interest to state-focused collectors or those building “obsolete type sets.” The 1865 date enhances the note’s desirability, representing the final chapter of obsolete currency before the complete federalization of U.S. paper money. This was also a pivotal moment in American history—the Civil War was concluding, and the Reconstruction era was just beginning—giving this note broader appeal to those interested in American financial and political transitions.
In summary, the 1865 $1 City Bank of New Haven note, cataloged as CT265-G120 and preserved in Uncirculated condition, is a visually captivating and historically rich example of obsolete American banknote art. Featuring allegorical and patriotic themes, crisp engraving, and strong regional identity, it offers collectors a window into Connecticut’s financial landscape during a time of national transformation. As a survivor of a vanished era in pristine state, this note stands out as a remarkable specimen from the twilight of private American currency.