BANKS OF EASTON

Did you know that Easton once had banks that issued their own money? In 1863 and 1864 National Banking Acts were enacted that allowed national banks to issue up to $500,000 of notes backed by U.S. Treasury bonds the bank deposited with the Treasury department. It only allowed each national bank to have one location. The First National Bank of Easton was granted a charter in 1864. The charter number was 416. John H. Swain was the first president, followed by Oliver Ames, then F.L. Ames. The First National Bank of Easton was located at 27 Main Street; it is pictured below. ​

Street view of bank showing horse and carriage. House partially seen to the right belonged to Oliver Ames.

The bank was next door to Oliver Ames’s house. Prior to the building of the bank Oliver Ames had a counting house attached to his home. Also located in the same building as the First National Bank of Easton was the North Easton Savings Bank, opened a few months later in 1864. The savings bank was not a national bank so could not issue its own currency. The building seen here remained standing in to the early 1950’s although in 1904 the North Easton Savings Bank moved to 66 Main Street, where it shared space with the Post Office.
A charter number allowed banks to issue their own money and oftentimes it looked different than the bills issued by the US government. The paper currency was also a larger size than it is now. 

​Interesting note: For approximately a hundred years an Ames was always president of the North Easton Savings Bank, and all passed away while employed in that office.
Although this type of ‘hometown’ banknotes were phased out during the Depression, all U.S. currency issued since 1861 remains valid and redeemable at full face value.
 The First National Bank of Easton issued $1 dollar bills along with $5’s, $10’s, $20’s, $50’s, $100’s and in both 1865 and 1875, $2 dollar bills. 

A view inside the National Bank at 27 Main Street. 

Note the shovels on this bank check from The First National Bank.

 
 
Anne Wooster Drury
 
Sources:
Easton Historical Society
The Federal Reserve's History
The History of U.S. Currency