Jack H. writes: I have a note which reads the City Trust & Banking Company. It says it will pay two dollars to the bearer on demand nine months after Dec. 21, 1839. it also has the numbers 5509 in the top middle of the note. Is this worth looking into? Thank you.
You have a $2 note issued by the City Trust and Banking Company of New York City. The bank opened March 10, 1839 with a capital of $100,000. It closed in 1841, probably due to the Depression and upheaval caused by the closing of the Bank of the United States.
The bank issued notes in the $1, $2, $5 (two types), $50 and $100. Most of the notes were interest bearing. There may be cancellation marks or stamps on your note. Most of the notes were redeemed at par when the bank closed.
These notes are seen three ways:
- Remainders – Never issued and left over after the closing of the bank. These notes have no signatures or dates (they always were written by hand in ink).
- Never redeemed.
Value depends on the above type and condition: Estimated Range: $15 – $250.