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Paper Money Collecting FAQ
Section - 3.7) What is obsolete currency (broken banknotes, wildcat notes)?

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  Before there were National banknotes (1790-1865), many private banks
issued their own paper money without US Government backing.  Many of
these notes become worthless when banks closed.  Many of them were
counterfeited and altered.  When the national bank system was created,
privately issued paper money was taxed to the point of being effectively
outlawed.  Unlike US Government paper which has always remained legal
tender, obsolete banknotes are now... obsolete.

  If you ever think we live in chaotic times rife with unethical
opportunistic swindlers, just read about the history of these notes
and the 1990s will look tame.

  Obsolete notes are more affordable than national banknotes and
more interesting, as far as I'm concerned.  :-)


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Top Document: Paper Money Collecting FAQ
Previous Document: 3.6) What is fractional currency?
Next Document: 3.8) I heard there are a lot of counterfeit US notes worldwide, is this true?

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Last Update March 27 2014 @ 02:11 PM