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The first Bank of the United States (1791-1811) was the first bank chartered by
the U. S. Congress. Secretary of Treasury Alexander Hamilton conceived the idea
of a central bank, and President George Washington signed the bill into law on
February 25, 1791.
The bank, serving as quasi central bank of the Unites States, was authorized
to issue paper money, to conduct commercial business and to serve as U. S.
Treasury's fiscal agent.
The bank issued the first "United States" banknotes. Earlier banknotes were chartered either under The Continental
Congress (Continental currency) or by the 13 Colonies (Colonial currency).
The $50 note shown above was issued on January 16, 1801, exactly midway in the bank's twenty-year
charter. Apparently it was redeemed on August 20, 1811 (see endorsement on the back.), just before the bank closed its operation.
The first Bank of the United States was headquartered in Philadelphia with branch offices in eight major
cities: Baltimore, Boston, Charleston, New York, Norfolk, Washington D. C.,
Savannah and New Orleans.
Thomas Willing, whose signature appears on the note, was the bank's president
1791-1807. Previously, he held offices as President of the Bank of North
America, Mayor of Philadelphia, the Secretary to the Congress of Delegates at
Albany, and Judge of Pennsylvania Supreme Court.
George Simpson, whose signature also appears on the note, was the bank's
cashier and in that capacity served as the day-to-day manager of the bank.
The bank closed in 1811 when Congress failed to renew its charter.
The only other banknote from the first Bank of the United States I've come across is a 1792 $10 note at the Federal
Reserve Bank of San Francisco's American Currency
Exhibit. The note has the same two signatures: G. Simpson and Thomas Willing. See scan below.
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