Obsoletes

If you look at the listings under the category of Obsolete Currency, it becomes apparent that many people believe that paper money such as Silver Certificates, or anything that isn't currently in circulation today, is Obsolete Currency. Although that may hold true if you're going by the dictionary definition of the term, in the world of paper money collecting, Obsolete Currency refers to paper money that was issued by entities other than the Federal Government, and generally in the period of 1782 - 1866. It includes notes that were issued by state banks, state and local governments, merchants and railroads.
Many people think that the Federal Government was always in the business of printing paper money. The truth is, up until 1862 (with a couple small technical exceptions), the Federal Government was strictly in the coin business, and didn't issue paper money. The establishment of the Bureau & Engraving can be traced back to August 29, 1862.
The bank issued currency makes up the largest portion of the field of Obsolete Currency. These are often referred to "Broken Bank Notes". This is a term that goes back to the days when bank failures were common. The banks were considered "Broken", and their currency was considered "Broken Bank Notes". The term Obsolete Currency is more fitting, as many of the banks did not go broke. As a matter of fact, James Haxby notes in his book "Standard Catalog of United States Obsolete Bank Notes 1782 - 1886" that many of the early national banks or their successors exist today, and some still redeem the old issues of their predecessors!