Description

    Cleveland, OH- The Canal Bank of Cleveland $5 Jan. 1, 1854 G8 Wolka 0710-11
    The Canal Bank was opened in 1846 as one of Ohio's new Independent Banks and everything went well until November 9, 1854 when the bank, quite unexpectedly, closed its doors. A run on the bank was highlighted by the trustee of the Newburgh Lunatic Asylum demanded his $9,000 in state funds back, The bank at first refused and the trustee returned with deputy sheriffs wielding sledgehammers and crowbars. The bank personnel immediately changed course and gave the trustee $8,860 in bankable funds. In 1855, it was discovered that there had been an "over issue" of circulating notes on this bank. Persons unknown in the Treasurer's office had put back into circulation notes which had been sent in for redemption and destruction. This note grades Very Good-Fine with a small body hole in note, just above the large "5". Unknown to Haxby, who only listed a proof and a circulating note with a red back, this uniface variety is presently believed to be represented by two examples, one of which is in the holdings of the Smithsonian Institution.
    From The Wendell Wolka Collection


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    Auction Dates
    April, 2014
    23rd-28th Wednesday-Monday
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