St. Louis, MO - Private Issuer - People's Savings Institution 10 Cents November 15, 1862. PCGS Extremely Fine 40. Coins were nearly impossible to find during the Civil War, and paper change was essential for commerce in St. Louis, one of the busiest commercial business districts in America. This was issued as part of an unusual scrip note series where private individuals had their note circulation guaranteed by deposits at the People's Savings Institution (in essence, they acted as a clearing house and their cashier, Emil Ulrici, stamped the properly backed notes). These notes were readily accepted based upon the worn or cancelled condition of most remaining notes observed. The integrity of the bank and issuers would be well known within the community. It is interesting that most of the issuers in the Newman Collection (there are five different) appear to be German-Americans. The example in Vacca also has a German issuer name and a German inscription on the back. All denominations have a common size and layout. Printed on white paper in blue by A. Wiebusch & Son, Prs. A small dog's head is at the bottom, titles are across, and TEN CENTS is in the center. Stamped in red at left by Emil Ulrici as Cashier. B letter. Signed by Emil Langs as issuer. With a five-digit serial number, evidence of a large overall issue of this scrip. The finest of any example we have seen from the series. Exceptional and underrated in this superb condition. Ex: Eric P. Newman Numismatic Education Society \n\n
From Newman VIII (Heritage Auctions, 11/2017), lot 28516, realized $216. Image and description courtesy of Heritage Auctions, https://ha.com.
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