10 Dollars, New Hampshire, Hillsborough Bank, 1806

1806

The Hillsborough Bank of Amherst in New Hampshire issued this ten dollar note on November 18, 1806. The left side of the note reads “Potius Cohibere Quam Punire, New Hampshire, Quid Leges Sine Moribus” (Rather than inflict punishment, restrain. What is law without morals?). The note reads “The President, Directors, & Company of the Hillsborough Bank promise to pay [Name] or bearer on demand, Ten Dollars, Amherst, November 18, 1806.” The note is signed by the bank’s cashier, Dave Holmes, and the bank’s president, Samuel Bell. The Hillsborough Bank was founded on June 18, 1806, and capitalized with 50,000 dollars. The notes were printed using Jacob Perkins’s “Permanent Stereotype Steel Plate” that prevented forgery. The bank only lasted three years, as it extended its currency beyond its reserves, and the Embargo Act of 1807 stymied New England’s trade. When note holders came to collect their specie, the bank could not fulfill its obligations and was forced to shut down.