Document: Pequonnock Bank banknotes with signature of P.T. Barnum

Two uncut banknotes from the Pequonnock Bank of Bridgeport, Connecticut, the lower one signed by P. T. Barnum who was the first President of the bank. The banknotes date to the early 1850s, before the National Bank Act of 1863, which established a national form of currency. Prior to the Act, individual banks printed their own "currency" called banknotes, using engraved printing plates of steel or copper. The top note is for $50 and the lower one is for $100. The red "L"s on the top note and the red "C" on the bottom note refer to the Roman numerals for fifty and one hundred, making it easy to see the note's value at a glance. These banknotes are somewhat larger than today's U. S. currency, thus providing more space for decorative elements. Early banknotes typically include very fine engraved images that allude to American heritage and the strengths of the country's economy. Depictions of Native Americans are also common, as seen in these two banknotes. The top banknote features a blended scene of industry, maritime trades, textile production, education, and agriculture. Male figures are depicted in clothing suited to their occupations, as sailor, farmer, or factory worker. On the left, two young women, a teacher and her pupil, are shown engaged in studying a book, with a spinning wheel placed slightly behind them. Standing behind the young women is a sailor, and behind him a working man with sleeves rolled up. The background shows several tall smoke stacks, indicating factories. On the right, the blended scene includes two cows, a sheaf of wheat, and a farmer with his dog. In front of the man, one woman is seated and holds a scythe while gazing upward, while another woman is seated in front of her, gazing downward. At the bottom center there is an oval containing an image of a Native American man, and the picture is titled "Connecticut." Engravings on the $100 banknote include, on the left, two Native Americans with hunting bows; they are identified by their clothing and feathered headdress, and a white teepee behind them, all of these pertaining to Plains Indians, not Native Americans of the New England area. The top center scene features a sailor sitting on the dock next to a ship's anchor and capstan, with large barrels beyond. He has maritime navigation tools with him--a quadrant in one hand, and a box compass and spyglass beside him. A distant view of the sea shows several sailing vessels. The banknotes were designed and printed by Danforth, Bald & Co. of New York and Philadelphia. The notes have been cancelled, indicated by the punched holes in each. The sheet has been adhered to another paper (visible through the punched holes). The Pequonnock National Bank was incorporated in May of 1851 with $200,000 capital. It opened in August of that year, and the bank endured until 1913 when it merged with the First Bridgeport National Bank. Barnum was among its founding Directors and served as the first President. Barnum’s half- brother, Philo F. Barnum, was also among the founding Directors. The Pequonnock Bank printed checks as well banknotes. Much the way modern bank checks can be personalized with a monogram or decorative image, the Pequonnock Bank also printed special images on their checks. Examples include checks with a portrait of P.T. Barnum and others featuring his elaborate home in Bridgeport, Iranistan.