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Posted October 06. 2017 3:15PM

Bank notes were once a way to commit fraud

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In New Hampshire in the early days, banks were set up by state charter. The first was the Portsmouth Bank in 1792. Stock was offered and sold by the officers and directors who formed banks. It was supposed to be paid for in specie (gold or silver coins), but, in reality, most purchasers paid in bank notes or even in promissory notes. There was no oversight, there were no regulations, and bank officers conducted business as they pleased.