Minnesota Money

Merchants Bank The Merchants Bank of Mankato City was a fictitious bank. This fraudulent issue was circulated on the east coast. The peddler of this note would have been anxious to part with it at any discount.	W. L. Banning & Company In the late days of Minnesota Territory, private bankers were forbidden by law to issue their own currency. They circumvented the law by endorsing the notes of otherwise worthless out-of-state banks. W. L. Banning & Company of St. Paul endorsed this note from a non-existent Maine bank.	Dayton Bank The Dayton Bank was an attempt by a private banker, Lyman Dayton, to circulate his own currency. Few, if any, of these notes were actually released into circulation.
Dayton Bank Here is a $2 bill printed for the Dayton Bank. The banker had his portrait engraved on the note.	State of Minnesota The State of Minnesota issued scrip in order to finance its early operations.	State of Minnesota The state was also an issuer of $3 bills.
Bank of the State of Minnesota Bank of the State of Minnesota was the first free bank to open in the state, on October 1, 1858. Its notes were secured by Minnesota railroad bonds. The bank failed when its parent firm, Sewell, Ferris & Company of New York, suspended operations in October 1859. Noteholders were paid 70 cents on the dollar.	Chisago County Bank The Chisago County Bank of Taylor's Falls was a short-lived institution built on Minnesota railroad bonds. The bank closed in mid-1859, leaving noteholders money worth about 19 cents on the dollar.	Chisago County Bank Here is a colorful $5 bill issued by the Chisago County Bank.
Exchange Bank The Exchange Bank of Glencoe was another railroad bank, owned by the Graham Brothers. They were also railroad contractors and paid laborers in these notes. The bank failed in mid-1859. Noteholders were paid about 21 cents on the dollar.	Farmers Bank The Farmers Bank of Shakopee was one of three banks of this name during the free banking era in Minnesota. All three banks used the same engraving plate for their currency, with the location changed. Farmers Bank notes were redeemed at full face value.	La Crosse & La Crescent Bank The La Crosse & La Crescent Bank of Hokah, Minnesota was owned by Wisconsin banker Daniel Wells, Jr. His bank did not have an office in Minnesota, and these notes circulated largely in Wisconsin.
Bank of Owatonna The Bank of Owatonna was another free bank backed by railroad bonds. Like several others, it survived into mid-1859. Noteholders were paid about 21 cents on the dollar.	Peoples Bank The Peoples Bank of Saint Peter was one of the few banks to survive the length of the free banking period in Minnesota. Opening in 1859, the bank owners converted their business into a National Bank.	Bank of Rochester The Bank of Rochester was another failed Minnesota railroad bank. Noteholders were paid about 16 cents on the dollar.
Winona County Bank The Winona County Bank survived the length of the free banking era in Minnesota. The bank was locally owned and trusted by the residents of Winona. It converted into a National Bank.	E. Holmes In the Civil War years, small change was hoarded, making it difficult for merchants to conduct business. Some issued their own scrip to alleviate the crisis, such as this one from E. Holmes of Carver, Minnesota.	A. T. James This is a fifty cent note prepared for Mr. A. T. James in Highland, Minnesota.
D. B. Dorman Private banker D. B. Dorman of St. Anthony gave merchants these notes to be drawn against their accounts at his banking house. The merchant signed the notes and issued them for change on purchases.	O. M. Laraway This note was drawn against the account of O.M. Laraway with banker R. J. Mendenhall.	Ramsey County Local government also issued scrip, not so much to alleviate the small change shortage, but simply to pay its bills.
Ramsey County The Treasurer of Ramsey County issued scrip that resembled bank notes of the era.	Ramsey County Here is a $2 note prepared for the Treasurer of Ramsey County.	Ramsey County While not common, $3 bills circulated throughout the country before the end of the Civil War.
Ramsey County Here is a $5 bill prepared for the Treasurer of Ramsey County.	City of St. Paul The City of Saint Paul issued this 15 cent note. It could have been redeemed in "currency" when $5 of such notes were accumulated.