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The Massachusetts Boston 1850 $5 note from the Cochituate Bank, cataloged as MA-130 G8, represents a captivating example of antebellum American currency, issued during a period when hundreds of private banks across the United States printed their own banknotes. This note, dated to the mid-19th century, was issued by the Cochituate Bank of Boston—an institution active during the Free Banking Era, which lasted from approximately 1837 to the Civil War. It was a time when notes were not backed by the federal government but rather by state-chartered banks, and each bank's solvency and reputation were key to a note’s acceptance. The Cochituate Bank, like many Boston institutions, served merchants, professionals, and the growing population of a rapidly industrializing city.
The design of the $5 Cochituate Bank note is rich in detail and brimming with the period’s characteristic artistry. The central vignette typically features allegorical imagery common in mid-19th century banknote engravings—often including personifications of Liberty, Commerce, or Agriculture. On the G8 variety, the dominant design includes a seated female figure representing Liberty, holding a pole topped with a liberty cap and surrounded by classical elements. Flanking the central vignette are smaller, inset portraits or farming scenes, usually of a male portrait to one side and agricultural or maritime tools to the other, reflective of Boston’s commercial and maritime heritage.
The note is printed in black ink on quality rag paper, with intricate border patterns and ornate lettering designed to prevent counterfeiting. The denomination “FIVE” is boldly spelled out in the center, with the numerical “5” displayed in the corners and within elaborate medallions. Above the central image, “COCHITUATE BANK” is printed prominently, while “Boston” is noted just below, anchoring the note to its issuing city. The engraved details on these notes were often done by some of the finest artists of the time, such as those from the American Bank Note Company or Rawdon, Wright, Hatch & Edson, whose names may appear in the margins.
The name “Cochituate” itself is derived from Lake Cochituate, a significant water source for Boston at the time and a name associated with progress and infrastructure. The bank’s name likely capitalized on the pride Bostonians felt toward the then-modern Cochituate Water Works project, which was completed in 1848 and provided the city with a much-needed clean water supply. Naming a bank after a local public works success helped convey a sense of stability, reliability, and civic pride. The Cochituate Bank operated during a time of significant economic expansion in Massachusetts and served a clientele that ranged from tradesmen and merchants to factory owners and artisans.
On genuine notes, the signatures of the bank’s cashier and president were hand-signed in ink, and the serial number was handwritten as well, giving each piece a unique character. The date was often penned at the time of issue, usually mid-19th century, but examples of this note often have “18__” printed, with the last two digits filled in by hand. This specific note, the MA-130 G8 variety, is typically dated around 1850. It may or may not include a red overprint or other ink enhancements, as color was sometimes added to increase security and make counterfeiting more difficult.
Notes like this were redeemable at the issuing bank for specie (gold or silver coin), but acceptance outside the bank’s immediate locale was not guaranteed. If a bank failed or was found to be undercapitalized, its notes would quickly depreciate or be rejected altogether. Boston, however, had a strong banking community, and notes from well-established banks such as the Cochituate Bank were often accepted across New England. Still, the nature of free banking led to a wide diversity of note designs and a booming counterfeit detection industry, including the publication of "bank note reporters" and counterfeit guides that merchants consulted daily.
In Fine condition, this note shows signs of moderate circulation but retains strong appeal. Notes graded Fine typically display multiple folds and moderate wear along the edges and corners. The paper may be slightly soiled or toned from age but remains intact and without major tears or repairs. Key features—including all printed text, vignettes, and signatures—remain legible. The engraved imagery will show signs of wear, but much of the original detail remains visible. Notes in this condition are desirable because they preserve historical integrity while still offering visual and structural completeness.
The Massachusetts Boston 1850 $5 Cochituate Bank note is part of a popular collecting segment known as "Obsolete Bank Notes." These are pre-Civil War notes issued by private banks before the introduction of federally issued currency during and after the Civil War. Collectors value such notes not only for their artistic and regional qualities but also for their role in illustrating the decentralized and colorful nature of American banking prior to national monetary standardization. The Cochituate Bank's issues are particularly collectible because of their Boston origin, attractive design, and relative scarcity.
In today’s numismatic market, an MA-130 G8 note in Fine condition generally commands a value between $150 and $300, depending on eye appeal, completeness, and scarcity of the specific variety. Remainder notes (unsigned and unissued) are more common and worth less, while fully signed and dated notes like this one, especially with legible ink signatures and minimal damage, carry stronger demand. Collectors of Massachusetts currency, 19th-century Boston history, or obsolete banknotes in general find such examples particularly appealing. Some may also pursue notes from this bank as part of a larger “state set” or a Boston-specific banking history collection.
In summary, the Massachusetts Boston 1850 $5 Cochituate Bank note (MA-130 G8) in Fine condition is a beautifully crafted and historically meaningful relic from the Free Banking Era. Its classical design, strong Boston ties, and representation of a pivotal time in American financial development make it both an aesthetic and scholarly treasure. Whether appreciated for its engraving, its economic context, or its ties to the local history of Massachusetts, this note remains a cherished artifact among collectors of obsolete U.S. currency.