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The 1862 10 Cents note issued by the Lamoille County Bank of Morrisville, Vermont, is a prime example of emergency Civil War-era fractional currency issued by local banks during a time of widespread coin shortages and financial uncertainty. These small-denomination notes, often referred to as “shinplasters,” were used to facilitate daily transactions in an economy where silver and copper coins had largely disappeared from circulation. In Fine (F) condition, this note has moderate signs of use, including folds, light soiling, and softening of corners, yet it remains structurally intact and fully legible, preserving its historical value as a relic of Vermont’s localized banking system.
During the early 1860s, especially after the outbreak of the Civil War in 1861, the hoarding of gold, silver, and even base metal coins caused a severe shortage of circulating currency in the United States. In response, hundreds of private banks, cities, merchants, and even railroads began issuing low-denomination notes in small amounts—typically from 5 to 50 cents—to keep commerce flowing. In Vermont, a number of state-chartered banks participated in this practice, including the Lamoille County Bank, located in the village of Morrisville, a small but industrious community in northern Vermont that served as a commercial hub for the surrounding rural area.
The Lamoille County Bank was established in the 19th century under Vermont’s system of free banking. These banks operated with relative autonomy, though their notes had to be backed by state-approved securities. The bank’s issuance of a 10 Cents note in 1862 reflected a practical need for small change and a confidence that the institution could meet redemption demands. As a chartered bank, the Lamoille County Bank had the authority to issue circulating notes that functioned much like paper money within the region, although they were not considered legal tender by the federal government.
The 10 Cents note is modest in size and presentation, typical of emergency fractional issues. Printed in black ink on cream-colored or light brown rag paper, the note features a central text layout with clear denomination markings. The main legend reads, “The Lamoille County Bank will pay the bearer TEN CENTS on demand,” typically followed by the location, “Morrisville, VT,” and the date, “June 1, 1862,” though slight variations in date layout may exist depending on the issue. The denomination may be printed in multiple locations—both numerical (“10”) and written (“Ten Cents”)—to ensure clarity.
The design of the note is generally typeset, reflecting the local printer’s utilitarian approach rather than ornate engravings used by national banknote firms. Some examples may include small border elements, geometric patterns, or typographical flourishes, but the overall effect remains clean and straightforward. Notes of this type rarely included detailed vignettes or elaborate imagery due to their low value and the pressing need for rapid production. However, the simple aesthetic of the note contributes to its charm and provides insight into the economic conditions of the time.
A designated space is reserved for the signature of an authorized bank officer, typically penned by hand in iron gall ink. This signature functioned as both a validation of the note and a legal obligation of the bank. Many surviving examples exhibit fading or smudging of the ink due to age and handling, but a clear signature adds to the note’s desirability. The reverse of the note is usually blank, though some might exhibit ink bleed, endorsements, or minor hand-stamped marks, especially if they were used in broader commercial networks outside of Morrisville.
In Fine condition, the note displays visible wear consistent with its use in everyday transactions. Collectors should expect multiple folds, mild creasing, and perhaps some surface soiling or discoloration. The edges may show rounding or minor nicks, but there should be no significant tears, paper loss, or repairs. Despite these signs of circulation, the main text and signature are typically legible, and the paper remains whole and supple. This grade represents a solid mid-range collectible that offers both historical appeal and affordability.
The issuance of this 10 Cents note by a small Vermont bank underscores the decentralized nature of American currency during the Civil War period. While the federal government eventually stepped in with its own fractional currency in 1862, private and state-chartered institutions continued issuing their own small-denomination notes to meet local needs. Vermont, with its many town-based banks and strong agrarian economy, participated in this practice extensively. Notes like this one circulated locally and were often accepted by merchants, inns, and even farmers as a reliable substitute for scarce coinage.
The Lamoille County Bank’s 10 Cents note belongs to the broader category of obsolete banknotes, which are now highly collectible for their connection to local history and the evolution of American banking. These notes are categorized and referenced in standard obsolete currency catalogs, such as those compiled by Haxby, which document thousands of varieties issued by U.S. banks before the national currency reforms of the 1860s and 1870s. Collectors of Vermont currency, Civil War-era finance, or fractional shinplasters value notes like this for their scarcity, condition, and the regional story they tell.
Today, surviving examples of the 1862 10 Cents Lamoille County Bank note are relatively scarce, especially in well-preserved states. Their small size, fragile construction, and heavy use in circulation resulted in a high attrition rate. The few that remain offer a tangible link to a critical period in U.S. economic history, when communities like Morrisville had to rely on local institutions for monetary stability. Whether preserved in an album, framed for display, or studied alongside other Civil War-era paper currencies, this note serves as a unique artifact of Vermont’s local resilience during a national crisis.
In summary, the 1862 10 Cents note from the Lamoille County Bank in Morrisville, Vermont, is a historically significant example of Civil War-era private banking currency. Issued to relieve coin shortages and facilitate local commerce, the note reflects the economic adaptation of small-town America during a time of national upheaval. In Fine condition, it preserves its structure and legibility while offering the worn but compelling character of a note that served real people in a real time of need. For collectors, it is a rare and evocative addition to any collection of obsolete U.S. banknotes or Civil War-period financial ephemera.