Museum Lands Rare $100 Bill
- April 11th 2025
- History
Photo: Paul Auger
By Paul Auger, Sanford Springvale Historical Society
In a significant addition to its collection, the Sanford Springvale Historical Society recently acquired an extremely rare $100 Sanford Bank note, issued in 1860.
The note is believed to be one of the rarest in Maine, dating back to the era of “wildcat banking,” when banks issued their own currency before the federal government standardized paper money.
Before the Civil War, the United States lacked a single national currency. Instead, thousands of state-chartered banks issued their own banknotes, promising to redeem them in gold or silver. These banknotes, known today as “obsolete notes,” were often used as local currency but were not always accepted outside the issuing bank’s region.
The Sanford Bank was one of many small banks that operated in Maine during the 1800s. Like other banks of its time, it issued paper money backed by its own reserves. However, if a bank failed or was poorly managed, its notes could become worthless overnight. This uncertainty led to a lack of confidence in many local banks, paving the way for national banking reforms. By the 1860s, the U.S. government sought to bring order to the chaotic banking system. The National Banking Acts of 1863 and 1864 established a national currency and required banks to secure their notes with government bonds. This effectively rendered private banknotes, like those issued by the Sanford Bank, obsolete.
The newly acquired $100 note is especially rare, as higher denomination notes from small banks were seldom issued and even less frequently survived. Many obsolete notes were destroyed after they lost their value, making surviving examples highly sought after by collectors and historians.
Members of the society had their eye on the same note for many years and recently were able to purchase it from Roger Couture of Southern Maine Currency.
