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The $20 Canal Bank note from New Orleans, Louisiana, cataloged as LA105-G36 in Haxby’s reference, is a captivating example of antebellum Southern banking. Issued by the prominent Canal Bank, one of the most influential financial institutions in Louisiana, this note survives today as a remainder—meaning it was never issued for circulation and thus lacks handwritten signatures or serial numbers. In About Uncirculated (AU) condition, the note displays only minimal handling, with strong visual appeal, full detail, and excellent paper integrity. As a remainder, it offers collectors a pristine view of 19th-century banknote artistry and Southern commercial history without the typical wear associated with circulated notes.
The Canal Bank of New Orleans was established in the early 1830s to support trade, finance, and infrastructure development along the Mississippi River. The bank took its name from the New Basin Canal, a significant commercial waterway that connected the interior of Louisiana to the Gulf of Mexico. Positioned at the heart of one of the most economically vital cities in the antebellum South, the Canal Bank played a key role in the financing of sugar, cotton, and river commerce. By the 1850s, it had grown to become one of the largest banks in the region, issuing millions of dollars in currency backed by its deposits and holdings.
The design of the $20 Canal Bank note is richly detailed and filled with allegorical and classical imagery, reflecting the pride and sophistication of the issuing institution. The central vignette features an allegorical female figure, typically representing Liberty or Commerce, reclining against a shield emblazoned with the stars and stripes. She is surrounded by symbols of prosperity, such as a ship, sheaves of wheat, and a cornucopia, highlighting the economic vitality of New Orleans as a port and trade center. This central engraving is framed by intricate border work and flourishes that are characteristic of the skilled engravers employed by firms like Rawdon, Wright, Hatch & Edson or the American Bank Note Company.
To the left of the main vignette is a large vertical “20” enclosed in an ornate frame, marking the denomination. On the right, an additional figure—perhaps a river goddess or personification of Industry—may appear seated near water with a steamboat in the background. These themes would have resonated with local citizens and merchants, who relied on the Mississippi River and maritime trade for their livelihoods. At the top center, the note bears the bold inscription “CANAL BANK,” with “New Orleans” beneath it, emphasizing both the institution and its geographical anchor. The lower text typically reads “Will pay TWENTY DOLLARS to bearer on demand,” denoting the promise of redeemability in specie.
As a remainder, the note is unnumbered and unsigned, with blank spaces left for the cashier’s and president’s names. These spaces would have been filled in by hand before issue. The absence of these elements confirms that the note was never placed into circulation—possibly due to changes in banking regulations, the bank’s decision to redesign its currency, or an overproduction of notes. Remainders were often kept in vaults or archives, and many were preserved in excellent condition, as seen in this AU specimen.
The paper used for this note is of high-quality rag fiber stock, common for 19th-century currency, providing durability and resistance to tearing. The engraving is sharp and deeply impressed, a testament to the intaglio process used by premier banknote printers. The note is printed in black ink on off-white paper, with no colored overprints, making the fine linework and detailed portraits stand out vividly. Although some Canal Bank notes were issued with blue or green security tints, this particular variety, LA105-G36, is monochrome. The reverse is blank, as was standard for most banknotes of the time.
In About Uncirculated condition, the note retains its crispness, with only slight signs of handling—perhaps a corner tip bend or a minor press wrinkle. There are no tears, pinholes, or ink smudges, and the margins are full and uncut. The edges are generally sharp, and the corners remain close to square. The note exhibits no folding lines that would indicate circulation, distinguishing it from even Extremely Fine examples. As a remainder, it is an ideal type piece for collectors interested in displaying the full beauty of historical American currency without the compromise of wear or restoration.
Remainder notes like this Canal Bank $20 are highly desirable to collectors because they showcase the engraving skill and paper quality of the era in their original form. They are also more accessible in higher grades compared to issued and circulated notes, which often suffered from heavy wear or were redeemed and destroyed. The existence of remainders allows numismatists and historians to study original design choices and banknote production methods. Moreover, Canal Bank notes are particularly collectible due to the bank’s reputation, the city’s prominence, and the vibrant iconography found across its issues.
The Canal Bank operated through much of the antebellum period, weathering economic panics and regional instability, including the Panic of 1837 and the Civil War. Like many Southern institutions, it faced closure or restructuring during the war and Reconstruction periods. Nevertheless, its legacy endures through the thousands of beautifully designed banknotes it left behind. These notes serve as documents of financial, cultural, and artistic importance, reflecting the confidence and ambitions of Southern banking in a rapidly growing American economy.
Cataloged as LA105-G36 in Haxby’s authoritative guide, this note is part of a detailed taxonomy that allows collectors to distinguish between the many varieties and printings issued by the Canal Bank. Each G-number corresponds to a unique design type, with differences in vignettes, fonts, borders, and layout. LA105-G36 is a known and attractive type, and when preserved in high grade as a remainder, it represents an excellent value and an important addition to any collection focused on Southern, Louisiana, or obsolete American currency.
In conclusion, the $20 Canal Bank remainder note from New Orleans, Louisiana, dated circa mid-19th century and cataloged as LA105-G36, is a stunning piece of obsolete American currency. With its finely executed allegorical designs, rich symbolism of prosperity and commerce, and connection to one of the South’s most important financial institutions, it captures the spirit of its time. In About Uncirculated condition, this unissued remainder provides an exceptional window into the artistic and monetary culture of antebellum Louisiana, offering both aesthetic and historical value for collectors and scholars alike.