Toledo Talk

Paper Money of Historical Significance

I have paper money from 1837 issued by the Manhatten Bank before the United States issued a national currency. The bills are individually signed by Daniel Chase. Later Chase and Manhatten merged to form Chase Manhatten. The Manhatten Bank was begun in 1744 by Aaron Burr. Any history buffs here that can tell me the best place to give this money for permanent historical preservation? My Dad had this money. He said there was a branch of the Manhatten Bank in Toledo in 1838. I've had it historically conserved ( deacidified and sealed )by the BGSU archival department. It's not in the best condition but it is legible.

created by holland on Aug 24, 2009 at 10:27:49 pm     History     Comments: 23

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Comments ... #

I can't help you with your question, but I will say that is probably one of the coolest things I've heard that someone has.
Could you find a way to post a pic of it?
Thanks and good luck.

posted by hockeyfan on Aug 24, 2009 at 10:32:27 pm     #  

I'll see if I can figure it out.

posted by holland on Aug 24, 2009 at 11:08:17 pm     #  

I'd consider giving it to the library.

posted by toledolen on Aug 25, 2009 at 10:52:14 am     #  

That's a good idea. The downtown library had some collections the last time I was down there (which was many moons ago).

posted by holland on Aug 25, 2009 at 12:52:57 pm     #  

If the Toledo-Lucas County Library is not interested in it, perhaps the Rutherford B. Hayes Presidential Center in Fremont would be? (Although the money is not dated during his presidency, it is dated within his lifetime.)

posted by jmleong on Aug 25, 2009 at 03:01:18 pm     #  

I found some old mining and railroad stocks from mid 1800's just a few weeks ago. Don't know if they are worth anything though.

posted by Molsonator on Aug 25, 2009 at 04:46:12 pm     #  

Why give it away? Sell it.

posted by GuestZero on Aug 25, 2009 at 05:21:42 pm     #  

I've thought about that. I have no idea how to determne its monetary value, if any. Google searches don't turn up much other than the history.

posted by holland on Aug 25, 2009 at 05:29:30 pm     #  

holland: I collect coins and currency as a hobby I'll do some research for you and post once I have more info.

posted by INeedCoffee on Aug 25, 2009 at 05:33:44 pm     #  

I'm ever so grateful.

posted by holland on Aug 25, 2009 at 09:01:11 pm     #  

Depending on the price, I'd be interested.

posted by hockeyfan on Aug 25, 2009 at 09:25:28 pm     #  

I've no idea as to a price or value. I seriously doubt that it has any great monetary value. I'll give IneedCofee time to do his researching. Then maybe a sale or the Toledo Pulic Library.

posted by holland on Aug 26, 2009 at 07:08:31 pm     #  

Does it look like this?

posted by KraZyKat on Aug 26, 2009 at 11:15:33 pm     #  

No - They don't. But it could be because I have a $2 and a $1. Yours looks to be in better condition than the ones I have. Both of mine are signed on the right by Daniel Chase and Robert Mumford(?) on the left. On the back of the $2 it has hand written "Presented For Payment" March 25, 1841 (as near as we can make out )and signed again by Robert Mumford. The bills are hand dated on the face 1837. The serial number on the $2 is legible 5512. Can't make out the serial number on the $1. Neither bill has the same art work. Both have a section under the words The Manhatten Bank that says 'Promises to Pay ( illegible handwritten name here ) on demand ..........
I wish the ones I have were in as good a shape as yours are. I would characterize mine as poor to fair at best. Tell me about yours. What do you know?

posted by holland on Aug 26, 2009 at 11:55:43 pm     #  

I found the provenance of the Manhatten Bank Notes. My notes have no connection to the Manhatten Company of Aaron Burr or the Chases of Chase Manhatten. In the late 1830's there was a small town east of Toledo formed by Daniel Chase called Manhatten, Ohio. The town needed a bank so he chartered one. The town and the bank went bust. The banks formation has a complicated history, as does the town. If any of you care to get a history lesson in what it was like in the pre Federal days in Ohio before and just at the time of statehood here is the link"
http://publications.ohiohistory.org/ohstemplate.cfm?action=detail&Page=0065394.html&StartPage=376&EndPage=398&volume=65&newtitle=Volume%2065%20Page%20376

One line in particular stands out:

"By the end of its career, the Manhattan Bank had $89,283 of its notes in circulation, against $9,305 available for their redemption.61"

Some things never change.

posted by holland on Aug 27, 2009 at 02:14:23 pm     #  

Daniel Chase must be the Great, Great, Grandfather of Barney Frank!

posted by Molsonator on Aug 27, 2009 at 02:21:11 pm     #  

There's no mention of Daniel Chase's sexual preference.

There is a lot of information about the newpapers publishing at that time, including the Toledo Blade. The accounts given in the same article link posted above indicate that the Toledo Blade seems to have a long history of meddling through its reporting. At least back to 1841.

posted by holland on Aug 27, 2009 at 02:53:52 pm     #  

I believe that was the year Homer Brickey started writting for them.

posted by Molsonator on Aug 27, 2009 at 03:13:39 pm     #  

Honest to God - This is the most fascinating piece of local history I have ever read. When the bank failed ( August 1840) the Toledo Blade did a kind of expose reporting over several weeks that brought to light the democratic governor of Ohio ( Wilson Shannon) as a party to the banks failure through a $3,000 note. It ended up a scandal about banking reform, newpapers (several) with agendas and politics all rolled into one. Sound sort of familiar? You gotta read this article:

"The Short Life of Manhattan Ohio" By John W. Weatherford - Ohio History - The Scholarly Journal of the Ohio Historical Society - Volume 65 p.376 to p. 398

I'm certain it's the genesis of Manhattan Blvd. Having read the article it would seem the best place for the bank notes is with the Toledo Public Library. I talked to them today. They have an archive on the history of banking and finance in Toledo and would like to have them in their collection. Done deal.

What I learned is that history does indeed repeat itself. (And thanks to my Dad, who had the foresight to save these two battered 172 year old worthless bank notes.)

posted by holland on Aug 27, 2009 at 03:55:37 pm     #  

holland: I wasn't able to turn up much sorry. Wasn't in any of my books or catalogs. Looks you found some info though :) wonderful read.

Donating it to the library sounds wonderful. Hope they open it up to the public would love to see it.

posted by INeedCoffee on Aug 27, 2009 at 09:08:36 pm     #  

On a side note, I heard there's a museum around here or historic building that has items from the Toledo War. Is that true? All I can remember is seeing a picture of a box that said Toledo, MI.

posted by INeedCoffee on Aug 27, 2009 at 09:10:26 pm     #  

The Weber Block over here at Main and Front used to have glass display cases of East Toledo and the other Toledo info in the large hallway in the middle, a museum of sorts. We used to walk around inside with our little paper numbers eating Michael's pastries while waiting for the Deputy Registrar to get to us. I know I saw stuff from the Toledo War, but I haven't been in there in probably 10 years, dunno if it's still there or where it's gone.

posted by nana on Aug 27, 2009 at 09:20:10 pm     #  

I'd go to the source write Chase Manhattan, send them a scan of the bills and ask them what they know of them, they might be interested in them themselves as part of their history. Its amazing how many companies fail to hold on to historical stuff, and then have to search all over for it once they realize how significant it was.

posted by roygbiv on Aug 28, 2009 at 02:30:03 pm     #