IOWA. Corporation of McGregor, per the McGregor Branch of the State Bank of Iowa. 5¢. McGregor. Dec. 1862. Printed on rag paper. Small format, red '5' counters, maiden swimming under title. Engraved signature. Times Print. Oakes 98-1; Rarity 6. A very scarce city scrip note tied to this State chartered bank. Fine.
Often municipalities tied themselves to the largest bank for their change bills. Such notes, like private issue scrip, would be convertible into the larger banknotes when convenient and enough had been accumulated to convert into a larger denomination note.
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