From the 'Turnback Tuesday' archives: First Derby Bank

This week's "Turnback Tuesday" features an old First Derby Bank banknote.

The First Derby Bank was incorporated in 1809 and prospered.

With the demise of the Fishing Company, the bank laid dormant until it was resuscitated in 1824 by the Canfield brothers. Horace Canfield and his brother purchased both the Charter and the building that was used by the bank.

John L. Tomlinson was made bank president and Edward Crafts, cashier. The Canfield brothers were the agents, i.e. the moving power of the bank.

When Edward the cashier had in hand $100,000 obtained through the Canfields, he deposited the funds with Fulton Bank of New York.

Notes such as this one were issued and read “The Derby Bank promises to pay at the Fulton Bank New York to N. Smith or bearer Two Dollars - Dated July 4th, 1825.”

This note was signed by John L. Tomlinson. While the amount of $2 does not seem like much, if we fast forward to 2017, this note would be worth $47.12.

[This was first published on this date in 2017.]

Thanks goes to the Derby Public Library staff for sharing interesting local history each week.