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    Salem, MA- Merchants Bank $10 18__ as G94 Proof PMG Choice Uncirculated 64.
    The bank was chartered in 1811 and remained in business until 1865 when it became the Merchants National Bank of Salem. This design features a Native American maiden seated by a federal shield with a number of allegorical symbols at her feet, She is flanked by four cameo-like medallion heads, a common and effective counterfeit deterrent. The note is printed on India paper with no POCs or other cancellation means present. There were four examples of this design that were part of the ABNCo Archives holdings in 1990.

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    Auction Dates
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