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The Bank of the United States (1791-1811) was the first bank chartered by the U. S. Congress. Secretary of Treasury Alexander Hamilton conceived the idea of a central bank, and President George Washington signed the bill into law on February 25, 1791.

The bank, serving as quasi central bank of the Unites States, was authorized to issue paper money, to conduct commercial business and to serve as U. S. Treasury's fiscal agent.

The bank issued the first "United States" banknotes. The Continental Congress (Continental currency) and the 13 Colonies (Colonial currency) chartered earlier notes.

This $50 note was issued in 1801, exactly midway in the bank's twenty-year charter.

The bank was headquartered in Philadelphia with branch offices in eight major cities: Baltimore, Boston, Charleston, New York, Norfolk, Washington D. C., Savannah and New Orleans.

Thomas Willing, whose signature appears on the note, was the bank's president 1791-1807. Previously, he held offices as President of the Bank of North America, Mayor of Philadelphia, the Secretary to the Congress of Delegates at Albany, and Judge of Pennsylvania Supreme Court.

George Simpson, whose signature also appears on the note, was the bank's cashier 1795-1811 and in that capacity served as the day-to-day manager of the bank.

The bank closed in 1811 when Congress failed to renew its charter.

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This note is not in my collection. Scan courtesy of the Federal Reserve Bank of San Francisco's American Currency Exhibit

In 1816 the U. S. Congress chartered the second Bank of the United States. When its charter expired in 1836, the bank continued to operate under a charter granted by the State of Pennsylvania until 1841.

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Three most commonly seen replicas of the Bank of the United States notes are
$10 dated Jan. 23, 1834 serial number 646,
$1000 dated Dec. 15, 1840 serial number 8894,
and $1,000,000 dated Dec. 25, 1840 serial number 711.

These replicas were reproduced in the 1960's for a promotional giveaway in cereal boxes. These replicas are essentially worthless. They were printed on yellowish-brown "antiqued" paper that is crisp and brittle to the touch.