Founded in 1807, The Hagerstown Bank was one of the longest-lived and most stable financial institutions in western Maryland, surviving the banking panics of 1837 and 1857 while neighboring banks failed. Its first president, Nathaniel Rochester, left office in 1810 to found the city that now bears his name in New York State. These two banknotes —unsigned archival remainders, with printed numbering but no handwritten date— belong to the $5 and $10 denominations issued by the bank before the Civil War.

Five Dollar Bill

Country / State United States/Maryland

Issuing Entity The Hagerstown Bank, Hagerstown, Maryland (founded 1807)

Denomination $5.00 (Five Dollars)

Epoch / Type Obsolete Banknote (Obsolete Banknote), c. 1850–1860. File copy with “H3965” printed numbering, without date or handwritten signatures.

Printer Danforth, Underwood & Co., New York (print engraved in lower left margin)

Catalog Reference Haxby MD-240-G40b

Color Scheme and Images

Obverse:black ink over a red-orange background (red-brown), with two large circular counters in red ink on either side showing the number “5”, and the word “FIVE” superimposed in the center.

Central vignette:two allegorical female figures seated next to a cornucopia of fruits and agricultural tools, representing the abundance and commerce of the region. The reverse is smooth (no security print).

Ten Dollar Bill

Enlarge Obverse (top) and reverse (bottom) — Notofilia.com Collection

Country / State United States/Maryland

Issuing Entity The Hagerstown Bank, Hagerstown, Maryland (founded 1807)

Denomination $10.00 (Ten Dollars)

Epoch / Type Obsolete Banknote (Obsolete Banknote), c. 1850–1860. File copy with printed numbering “No. 6005”, no date or handwritten signatures.

Printer Danforth, Underwood & Co., New York (recto); Underwood, Bald, Spencer & Hufty, Philadelphia (reverse)

Catalog Reference Haxby MD-240-G46b

Color Scheme and Images

Obverse:black ink with two oval red counters displaying the number “10”, and the denomination “X” in large black blocks at both ends.

• Center:vignette of several children playing beside a farm, representing innocence and domestic prosperity.
• Left:oval medallion with a female bust in profile, superimposed with the word “TEN”.
• Right:standing female figure holding a sheaf of wheat, allegory of Agriculture.

The Hagerstown Bank occupied a central place in the commercial life of western Maryland for more than a century. Its reputation for soundness —even during the financial panics of 1837 and 1857— was established under cashier Elie Beatty, who served the institution from 1810 to 1859. During the Civil War, in 1864, the city of Hagerstown paid a $20,000 ransom to Confederate troops under General John McCausland to prevent the city from being burned; the bank, located downtown, played a direct role in that historic episode. The institution survived the obsolete-banknote era and continues to operate today as Hagerstown Trust Company.

— Historical Context Note

Sources

• Haxby, James A.Standard Catalog of United States Obsolete Bank Notes, 1782–1866.
• Heritage Auctions —ha.com(opens in a new tab)
• Numista —numista.com(opens in a new tab)