1853 Bank of Milford $1.00 Note

The General Assembly of Delaware on February 4, 1851, passed an act to incorporate a bank in Milford. The Bank of Milford opened for business in August of 1852 with $50,000 in Capital Stock. They were housed temporarily and started to build a new brick banking house. Unfortunately, the bank was controlled by three "Wall Street" speculators, who ran this bank into the ground for their own profit. The Bank of Milford made the news in 1854, at which time all other banks in Delaware were exchanging silver and gold at par for their currency. That summer the Bank of Milford was forced to suspend this practice. Fraud had been practiced on the bank commissioners which ended in the failure of the bank to redeem its notes. The bank had to close and sell the building that it had never used. This gave the Bank of Milford the undistinguished status of being the second significant bank to have ever failed in the state. In 1862, it was ordered that the notes of the Bank of Milford, then worthless, be destroyed. The notes amounting to $33,161.00 were burned.

$295.00 plus $7.00 shipping & handling.