HUDSON  New York 

The Bank of Hudson

$5       Sept 10, 1813 

Haxby  NY-1050 C60

Contemporary counterfeit

The Bank of Hudson, chartered in 1807, opened in 1808 with John C. Hogeboom as president and Gorham A. Worth as cashier. It first occupied space vacated by the Bank of Columbia on Warren Street before moving into its own building. The bank’s lifespan coincided with Hudson’s economic decline, beginning after the Jeffersonian embargo of 1807 and continuing through the War of 1812. Once a thriving port town, Hudson faced severe business prostration as shipping and trade collapsed. To sustain operations, the bank issued large amounts of small‑denomination notes, often under $1, which quickly depreciated and were met with skepticism by merchants. By 1816–1817, “facility bills” circulated locally but were accepted only selectively. The bank never regained stability and ultimately failed in 1819, a casualty of both economic hardship and widespread counterfeiting.