Lot 2867

Description

Bank of Clifton, three dollars, Clifton, Oct 1st 1859, imprint American Bank Note Co. New York (P.S1658). Tiny star shape hole cut lower left corner, edges trimmed otherwise nearly uncirculated.

The Bank of Clifton (1859-1863) originated when, on 31 May 1858, a petition was submitted by the Zimmerman Bank asking the Legislative Assembly for amendments to their charter, one of which was a change of name. On 2nd June an act was passed granting the petition and the corporate name was changed to Bank of Clifton. The bank, in reality, was the old Zimmerman Bank, the officers and shareholders remaining nearly indentical. In 1859 the stock was transferred to Hubbard & Co of Chicago with control then going to Callaway and Reed. Reed was the major shareholder of The International Bank of Canada at the time of its collapse. The notes issued under the new owners were never meant to be redeemed. The charter was withdrawn by act of the Legislature on 31 August 1862, with Royal Assent given on 15 October 1863.