Colonial Acres Coins
SKU: SKU:PM-12300
125-12-12 1861 Bank of Clifton $2 Brown, Engraved 1, EF
125-12-12 1861 Bank of Clifton $2 Brown, Engraved 1, EF
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125-12-12 1861 Bank of Clifton $2 Brown, Engraved 1 in Date, EF
The Bank of Clifton got its start as the Zimmerman Bank, which was opened as a private bank around 1855-1856 by Samuel Zimmerman in Clifton (now Niagara Falls, Ontario). This bank operated out of Zimmerman's own hotel, issuing their own notes that were used locally and accepted at his businesses. Following Zimmerman's death in 1857, the officers and shareholders of the Zimmerman bank petitioned the Legislative Assembly to change the name of the Zimmerman Bank to the Bank of Clifton, and a charter was granted in 1859. The Bank of Clifton issued notes in the 1850s and 1860s, however, they were often associated with "wildcat banking" (much like their predecessor, the Zimmerman bank), a term that refers to undercapitalized banks that issued more notes than they could redeem. There is some evidence suggesting that it might have been used to launder or offload suspect banknotes across the US-Canada border, especially in Buffalo, NY. After a few years of operation, the bank ran into liquidity and credibility issues, causing their notes to be heavily discounted or refused altogether.
Face Design: Saint George slaying the dragon in centre
Back Design: Blank
Signature: James Brown
The Bank of Clifton got its start as the Zimmerman Bank, which was opened as a private bank around 1855-1856 by Samuel Zimmerman in Clifton (now Niagara Falls, Ontario). This bank operated out of Zimmerman's own hotel, issuing their own notes that were used locally and accepted at his businesses. Following Zimmerman's death in 1857, the officers and shareholders of the Zimmerman bank petitioned the Legislative Assembly to change the name of the Zimmerman Bank to the Bank of Clifton, and a charter was granted in 1859. The Bank of Clifton issued notes in the 1850s and 1860s, however, they were often associated with "wildcat banking" (much like their predecessor, the Zimmerman bank), a term that refers to undercapitalized banks that issued more notes than they could redeem. There is some evidence suggesting that it might have been used to launder or offload suspect banknotes across the US-Canada border, especially in Buffalo, NY. After a few years of operation, the bank ran into liquidity and credibility issues, causing their notes to be heavily discounted or refused altogether.
Face Design: Saint George slaying the dragon in centre
Back Design: Blank
Signature: James Brown
