Tennessee Memphis $5 – 1854 Farmers & Merchants Bank of Memphis PMG 64 Choice Uncirculated

• Country: United States
  
• State: Tennessee
  
• City: Memphis
  
• Institution: Farmers & Merchants Bank of Memphis
  
• Denomination: $5
  
• Date: 1854
  
• Serial Number: 666
  
• Type: Obsolete Banknote
  
• Certification: PMG 2270833-007
  
• Grade: Choice Uncirculated 64
  
• Vignettes: Allegorical group, classical female portrait, ornate counters
  
• Printing Era: Pre–National Bank Act
  
• Printer: Not explicitly stated (typical engraved work of the period)

A superb $5 1854 Farmers & Merchants Bank of Memphis obsolete banknote, certified PMG 64 Choice Uncirculated — an exceptional grade for a mid-19th-century Southern issue. This note features rich artistry, strong color, and crisp originality, offering collectors a beautiful example of Tennessee pre–Civil War banking history.

The central vignette portrays allegorical figures representing agriculture, trade, and prosperity — symbolic of Memphis’s growing economic identity during the antebellum era. Ornate counters with large “5” numerals anchor both sides of the note, while the right portrait depicts a finely engraved classical female figure, adding to the note’s aesthetic appeal.

Graded PMG 64 Choice Uncirculated, this note exhibits sharp detail, near-perfect paper surfaces, and exceptional eye appeal. Surviving Memphis obsolete notes in such high grade are notably scarce, making this a premium acquisition for advanced collectors.

Background Information

Before the federalization of U.S. currency, regional banks like the Farmers & Merchants Bank of Memphis issued their own notes, backed by local assets and redeemable in specie. Tennessee’s banking landscape in the mid-1800s was diverse and competitive, with each institution striving to convey credibility through elaborate, high-quality engravings.

Memphis, positioned strategically along the Mississippi River, grew rapidly as a commercial hub, making its locally issued notes an important part of the region’s trade economy. High-grade survivors from this era are uncommon due to heavy circulation, financial instability, and the general attrition of obsolete banknotes.