32mm CHICAGO ILLS (small LLS) - 1852-53
$34.99Price
Nice circle town postmark, but the real story comes from the green, double circle paid marking from "Geo. Smith & Co." paid marking. George Smith & Co. was a prominent private bank and land investment firm in Chicago, founded by Scottish financier George Smith. By 1852, the firm was one of the most powerful financial institutions in the American West, providing the majority of the currency circulating in Chicago. By 1854, Smith's bank backed nearly 75% of Chicago's currency.
The company used a Wisconsin-chartered insurance company, the Wisconsin Marine and Fire Insurance Company, to issue certificates of deposit that functioned as paper money.
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