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The 1862 10 Cents note issued by the Lamoille County Bank of Morrisville, Vermont, is a fascinating artifact from the Civil War-era financial landscape in the United States. It reflects the unique role that local banks played in stabilizing commerce at a time when official federal coinage had all but vanished from circulation. Issued at the height of the coin shortage caused by the war, this fractional note served as a practical and widely accepted substitute for small-denomination coinage. In Very Fine (VF) condition, the note displays moderate signs of circulation—such as folds and mild soiling—but remains crisp, legible, and fully intact, making it a valuable historical and collectible piece.
As the Civil War intensified in the early 1860s, a severe scarcity of gold, silver, and even copper coins plagued everyday commerce across the Union. In response, private banks and local institutions like the Lamoille County Bank in Vermont began issuing their own small-denomination paper notes—commonly referred to as "shinplasters"—to serve as temporary currency. Morrisville, a small but industrious village in northern Vermont, was the economic hub of Lamoille County, and the local bank played a vital role in issuing and circulating fractional currency like this 10-cent note to support regional trade.
The Lamoille County Bank was chartered under Vermont’s free banking system, which allowed for the issuance of currency backed by state-approved securities. These notes were designed to be redeemable on demand, functioning essentially as bank IOUs that enjoyed broad acceptance within the local economy. The 10 Cents note from 1862 was part of a series of low-denomination issues intended to alleviate the burden of coin shortages and to maintain liquidity for merchants, farmers, and the general population. While not federal legal tender, these notes carried real purchasing power and helped sustain daily transactions in small-town Vermont.
The design of the 10 Cents note is practical and unembellished, in keeping with the urgency and simplicity of Civil War-era emergency currency. Printed in black ink on durable rag paper, the front of the note prominently features the legend: “The Lamoille County Bank will pay the bearer on demand TEN CENTS.” The issuing location, “Morrisville, VT,” and the date, typically “June 1, 1862,” are clearly printed beneath the main text. The font is traditional and straightforward, and the overall layout is typeset rather than engraved, reflecting the limited capabilities of local printers and the expedient nature of the issue.
Surrounding the main text are decorative border elements composed of repeating geometric patterns. Some examples may show embellishments like rosettes or star-like motifs in the corners, which served both as modest design features and as rudimentary anti-counterfeiting measures. A handwritten signature of a bank official, such as a cashier or treasurer, appears at the bottom, validating the note’s issuance. This manuscript element adds individuality to each note, with ink that may show aging or fading but still contributes to its authenticity.
The reverse of the note is blank, as was standard for most fractional scrip of this type. Occasionally, surviving examples bear endorsement marks, merchant stamps, or ink transfer from storage, adding to their historical character. There were no security threads, watermarks, or elaborate vignettes, and the lack of such features made the notes inexpensive to produce but also more vulnerable to forgery. However, their acceptance within the local economy depended more on public trust in the bank than on elaborate design features.
In Very Fine condition, the 1862 10 Cents note displays moderate signs of handling but remains well-preserved overall. Light to moderate folds may be present, particularly horizontal and vertical creases from folding, along with some mild surface soiling. The edges may be slightly rounded or show tiny nicks, but there are no large tears, holes, or paper loss. Importantly, all printed and manuscript elements remain clear and legible, and the paper retains a pleasing firmness, free from brittleness. Notes in VF grade strike an appealing balance between historical authenticity and aesthetic preservation, making them particularly desirable to collectors of obsolete banknotes.
This specific note also carries historical significance as an example of how northern states adapted to wartime economic pressures. While much attention is paid to Confederate currency and Southern banking during the Civil War, Northern communities also faced disruptions in currency circulation. Vermont, as a Union state, did not secede or suffer from the same level of economic collapse as its Southern counterparts, but it still had to innovate locally to keep commerce functioning. The issuance of this note by the Lamoille County Bank is a direct response to those conditions and illustrates the decentralized nature of American currency in the pre-National Bank era.
The 10 Cents Lamoille County Bank note is also an important part of the broader category of obsolete banknotes—paper money issued by banks prior to the federal standardization of U.S. currency following the National Bank Act of 1863 and the establishment of national currency systems. Obsolete notes like this one have been cataloged in reference works such as Haxby’s “Obsolete Bank Notes of the United States,” where collectors can trace varieties, denominations, and design differences across regions and issuers. The Vermont section of such catalogs includes several notes from Lamoille County Bank, often valued for their rarity and connection to local commerce and Civil War finance.
Collectors value this 10 Cents note not just for its monetary or aesthetic features, but for the story it tells about local resilience and financial ingenuity during a time of national upheaval. The small denomination speaks to the everyday needs of Vermonters buying bread, postage, or other essentials, and the very existence of the note is testament to how even small communities stepped in to solve big problems. It’s a tangible piece of Vermont’s banking history and a reflection of how the state remained economically stable amid the uncertainty of war.
In conclusion, the 1862 10 Cents note from the Lamoille County Bank of Morrisville, Vermont, is a rare and charming survivor of a transitional period in American financial history. Issued to combat the coin shortage of the Civil War era, this note represents the local banking community’s ability to respond creatively to nationwide challenges. In Very Fine condition, the note is well-preserved, clearly legible, and exhibits honest signs of use, offering collectors a compelling piece of both numismatic and regional history. It stands as a significant example of 19th-century American commerce and the vital role of state-chartered banks in maintaining financial stability during crisis.