National Currency Collection
Canada, Farmers Bank of St. Johns, 2 dollars : December 4, 1837
Don’t trust a bank you’ve never heard of
Phantom banks were not banks but the brainchildren of shady characters who produced legitimate looking bank notes without any capital to back them up. These bank notes found their way into circulation in exchange for goods or services, however, when an unsuspecting individual attempted to redeem them for hard currency, they would find there was none to be had.