In this article, we will explore various types of 1¢ notes. For such a diminutive sum, it was surprising to see how many different issues were produced. Most found were merchant notes and a few obsoletes. As for federally issued notes, none were printed (the smallest denomination by the Treasury was the short-lived 3¢ fractional note issued during the Civil War, when coins were in extremely short supply).
As expected, most examples are rudimentary, though a few have more detailed designs. The question that immediately comes to mind is why? Why would a merchant incur the trouble and expense of issuing a 1¢ note? Why indeed. Even 200 years ago, 1¢ would not buy much. Perhaps a bowl of thin broth, a piece of bread, or a cup of coffee. Regardless, we are left with some interesting examples, many of which tell the story of merchants scraping by to make a living, counting every penny. And many notes are scant in detail, leaving us to guess their history.
Thanks to Heritage Auctions and Stack's Bowers Galleries archives for the images contained in this article.
Pre-1800 Penny Notes
Front and back of a September 6, 1790, Reformed Dutch Church chit from Schenectady, New York. The note is signed and made out for a penny.
Ballston, New York, Presbyterian congregation penny note. The front and back of the note were likely issued in the late 18th century.
July 4, 1794, John Woods signed penny note from Pompton, New Jersey. Printed in Newark, New Jersey.
August 6, 1789, President, Directors, and Company of the Bank of North America penny bank note with rudimentary designs on the back. The note was printed by the grandson of Ben Franklin, Benjamin Franklin (B.F.) Bache. Both were Philadelphia-based printers. Bache founded the Philadelphia Aurora, a newspaper that supported Jeffersonian philosophy. He frequently attacked the Federalist political leaders, including Presidents George Washington and John Adams. Historian Gordon S. Wood wrote, "No editor did more to politicize the press in the 1790s."
1814-1816 Depression Era 1¢ Notes
January 10, 1815, Corporation of the City of Albany signed note with an ornate "One."
September 26, 1814, Corporation of the Borough of Elizabeth signed note payable at the State Bank of Elizabeth, New Jersey.
Left: February 7, 1815, unnamed merchant note from the tony New-Baltimore area of the city.
December 17, 1816, signed 1¢ municipal note from the State of New York Association of the Village of Fairfield in Herkimer County.
Undated 1¢ church note. A note issued with an unknown origin or purpose. The inclusion of the Romans 12.21 biblical proverb is intriguing.
September 16, 1814, Corporation of Hudson signed note. The origin of this note is a bit mysterious. We can assume it was issued in Hudson, New York, a town in the Catskill Mountains on the Hudson River.
October 28, 1814, Stillwater Association scrip from an obscure community in Stillwater, New York. The note states, "For the Accommodation of Change" and "WE, Richard Ketchum, Knowlton Howland, Daniel Rogers, Benjamin Armington, H.Q. Wright, and John Westan - Promise to pay the Bearer, on demand, at the STORE of HENRY Q. WRIGHT, One Cent, in current bank-bills."
December 26, 1814, Corporation of the City of New York municipal note signed by Mr. Richard.
t. John's College Bank currency tuition note from St. Joseph's, Minnesota (c. 1877–1882). A crude portrait of Washington is shown. December 11, 1885, is stamped on the back.
1¢ chit from 2 Cent Coffee House in Buffalo, New York. This chit would buy you half a cup of coffee at the coffee house or a dime credit towards a room.
A well-engraved, signed, numbered, but undated New York note with an image of the Dunlops Brewery. The brewery had locations in Albany and New York City.
February 23, 1863, signed merchant note from 170 Genesee Street Utica, New York, payable in postage currency (the first issue of fractionals).
1870's Eastman College Bank note from Poughkeepsie, New York. The image of the college founder, Harvey Eastman, graces this well-made note. Eastman Business College was founded on November 3, 1859. Eastman suffered from ill health and died in 1878 at 45. Other members of the Eastman family were also successful, including his first cousin, George Eastman, of Eastman-Kodak.
December 15, 1863, merchant note signed by Geo. S. Corwin. A well-engraved note with a beaver and two horses. Corwin was based in Catasauqua, Pennsylvania, in the state's east-central region.
H. December 24, 1862, H. Waterman merchant remainder note from Haverhill, Massachusetts.
A rare February 14, 1863, Lewiston Falls Bank signed and dated note from the southern Maine town.
December 15, 1863, Mercantile Checks for Drug Store signed chit. Snow Hill is a town and the county seat of Worcester County, Maryland.
Metropolitan House scrip signed by the owner, Osgood G. Dean of 318 Washington Street, Boston. The dapper gentleman is likely Mr. Dean.
October 10, 1863, Union Bank signed note from the Union Bank in New London, Connecticut.
Undated Union Business College note from Philadelphia, Pennsylvania (corner of Eighth & Spring Garden Street).
Uncut 3-note strip from The National School Bank.
Signed and numbered Newburgh & Fishkill Ferry check. The fare to cross the Hudson River was 1¢.
1882 Wallace Bros. beautifully executed but undated note from Statesville, North Carolina. Two fair maidens tend to their cornucopia of fresh produce. Signed with a rare second printing with the bold red serial number.
March 1, 1863, remainder merchant note with punchouts. Good at Wing's Flour Store, which was located at 318 Broadway in Albany, New York.
January 1, 1854, Perry Davis & Son, Providence, Rhode Island, 1¢ "coupon." Perry Davis & Son produced an elixir that reportedly was effective as a pain reliever and allegedly was a successful treatment for cholera as well. Davis issued 1¢ "coupons" that were on the bottle label.
July 4, 1859, unknown signed merchant 1¢ note from Pittsburgh featuring a serious bearded, bald man in the center.
1917 Waldo C. Moore/Peoples Banking Co. from Lewisburg, Ohio. Numismatist Waldo C. Moore signed these four interesting and different scrip notes. He was involved with the Peoples Banking Company but is best known for his numismatic pursuits. He was the thirteenth president of the American Numismatic Association.
July 1931 American Baby Bonds Corporation note with red overprints. The Denver-based company marketed bonds to the youngest Americans through participating banks, in this case, the National City Bank of Denver, Colorado. An image of Ben Franklin is in the center.
The 1923 National Children's Savings Association savings script was sold through Blue Island State Bank in Illinois, with a co-sponsor from Pronger Bros.
1910 Stork System of Savings percentage scrip. Marketed through The Lumberman's Bank in Hoquiam, Washington, and co-sponsored with local merchant Gillett's Drug Store.
