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    Washington, DC- Farmers & Merchants Bank $1.50 July 10,1862 G16a PMG About Uncirculated 55 EPQ.
    The bank, which was in operation from 1851-1863, issued a series of three intermediate denomination notes between $1 and $2- $1.25, $1.50, and $1.75 in 1862. These were probably introduced as a response to the chronic coin shortage which was in full bloom by the summer of 1862. These notes could be used in lieu of coins, e.g. if a 75¢ purchase was made with a $2 note, a $1.25 note could be used to make change. This approach proved to be impractical. and today these notes are scarce. The $1.50 note features a cattle drive vignette and a large red 1.50 protector. Another seldom seen feature of these notes is that the signatures were engraved.

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    January, 2021
    24th Sunday
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