PHILADELPHIA  Pennsylvania

The Franklin Savings Bank 

$5       Sep. 28, 1838

Haxby  UNL

Offered here is a scarce $5 note dated September 28, 1838, issued by the Franklin Savings Bank of Philadelphia. Chartered during the turbulent years following the Panic of 1837, this short‑lived institution reflects the fragile nature of Pennsylvania’s banking system in the late 1830s. Many savings banks of the era were lightly capitalized and issued small‑denomination notes to meet local demand, only to fail within a few years. 

The Franklin Savings Bank for some reason was omitted by Haxby. The bank commenced operation on February 1, 1838 and almost immediately came to grief, with reports circulating that it was "slow walking" attempts to redeem its notes by December of that year. Subsequent notices record a number of stockholder meetings whose purpose was to devise ways to wind up the bank's affairs.

This note is unlisted in Haxby, making it especially desirable to specialists in Pennsylvania obsoletes. The design, engraved by Rawdon, Wright, Hatch & Co., features allegorical figures representing commerce, justice, and prosperity, with bold “FIVE” counters and ornate borders. Hand‑signed by bank officers, it captures both the artistry and the uncertainty of Philadelphia’s financial landscape in the years before the Civil War.