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Before there were National banknotes (1790-1865), many private banks issued their own paper money without US Government backing. Many of these notes become worthless when banks closed. Many of them were counterfeited and altered. When the national bank system was created, privately issued paper money was taxed to the point of being effectively outlawed. Unlike US Government paper which has always remained legal tender, obsolete banknotes are now . . . obsolete.
If you ever think we live in chaotic times rife with unethical opportunistic swindlers, just read about the history of these notes and the 1990s will look tame.
Obsolete notes are more affordable than national banknotes and more interesting, as far as I'm concerned. :-)
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