American Bank Note Company
Encyclopedia
The American Bank Note Company was a major worldwide engraver of national currency
and postage stamps. Currently it engraves and prints stock and bond certificates.
, the first official engraver of the young U.S. Mint, began the company that would eventually grow into the nation’s premier high security engraving
and printing firm, the American Bank Note Company.
Founded in 1795 as Murray, Draper, Fairham & Company (after Scot's three partners), the company prospered as the young United States population expanded and financial institutions blossomed. Its products included superior quality stock
and bond
certificates, paper currency for the nation’s thousands of state-chartered banks, postage stamps (from 1847 to 1894), and a wide variety of other engraved and printed items.
Following the Panic of 1857
, seven of the nation’s most prominent security printers merged to form the American Bank Note Company on April 29, 1858. The new company made New York City
its headquarters. Less than two years later, a handful of the remaining independent bank note printers merged to form the National Bank Note Company.
To be close to the stock exchanges, brokerage firms, and banks in lower Manhattan, the American Bank Note Company established its New York City headquarters in the Merchants Exchange Building at 55 Wall Street. The company moved its office and plant to 142 Broadway (at the corner of Liberty Street) in 1867, to another new facility at 78–86 Trinity Place in 1882, and again to 70 Broad Street
in 1908.
The first paper currency was circulated by the US Treasury Department following the outbreak of the Civil War
. Congress passed authorizing legislation for $60 million worth of these “Demand Notes” on July 17 and August 5, 1861. Under contract with the government, the novel paper money, called “greenbacks” by the public, was produced by the American Bank Note Co. and the National Bank Note Co. A total of 7.25 million notes were produced in denominations of $5, $10, and $20. In an interesting historical sidelight, American and National were also producing paper money for the Confederacy
at the same time.
Following the initial production of U.S. currency by the government’s Bureau of Engraving and Printing
in 1862, ABNCo sought a new source of demand for its services. They found it in foreign lands. By the latter part of the 19th century the company was engraving and printing currency and other high-security items for 48 countries.
In 1879, the security printing industry’s second major consolidation took place. American absorbed the National Bank Note and Continental Bank Note companies.
In 1887, ABNCo won the second four-year contract to engrave and print Postal notes
for the U.S. post office. (New York’s Homer Lee Bank Note Company
produced these notes during the first contract period.) American assigned Thomas F. Morris, its Chief Designer, the task of re-designing this early money order. The paper for this contract (as for all Postal Notes and a massive number of official U.S. high security documents) was produced by Crane and Co. of Dalton, Massachusetts.
In 1891 the American Bank Note Company began producing a new form of money for a longtime customer: the American Express "Travelers Cheque." In its first year, American Express sold $9,120. worth of its new invention. During 2000, sales of American Express
Traveler's Cheque
s totaled $24.6 billion.
In 1894, ABNCo completed the final contract for the private printing of American stamps. Perhaps their most popular stamps were the one cent to $5 issues commemorating the 1892–93 Columbian Exposition in Chicago. On July 1, 1894 American delivered its entire stamp-producing operation to the U.S. Bureau of Engraving and Printing in Washington, D.C.
, where U.S. stamps are still printed.
In 1943–1944 American Bank Note Company was contracted by the United States Government's Bureau of Engraving and Printing
to produce the Overrun Countries series
stamps.
Today, following a variety of financial transformations, the American Banknote Corporation produces a wide variety of secure and official documents. With operations in Australia
, New Zealand
, United States
, Canada
, South Africa
, Czech Republic
, England
and France
, its products range from currencies and credit cards to passports and driver’s licenses.
was built in 1908. The company sold it in 1988. It is listed on the U.S. National Register of Historic Places and is designated a New York City Landmark.
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
and postage stamps. Currently it engraves and prints stock and bond certificates.
History
Robert ScotRobert Scot
Robert Scot was the first Chief Engraver of the United States Mint from its inception in 1793 until his death in 1823. He was succeeded by William Kneass.-Early life:...
, the first official engraver of the young U.S. Mint, began the company that would eventually grow into the nation’s premier high security engraving
Engraving
Engraving is the practice of incising a design on to a hard, usually flat surface, by cutting grooves into it. The result may be a decorated object in itself, as when silver, gold, steel, or glass are engraved, or may provide an intaglio printing plate, of copper or another metal, for printing...
and printing firm, the American Bank Note Company.
Founded in 1795 as Murray, Draper, Fairham & Company (after Scot's three partners), the company prospered as the young United States population expanded and financial institutions blossomed. Its products included superior quality stock
Stock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
and bond
Bond (finance)
In finance, a bond is a debt security, in which the authorized issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay interest to use and/or to repay the principal at a later date, termed maturity...
certificates, paper currency for the nation’s thousands of state-chartered banks, postage stamps (from 1847 to 1894), and a wide variety of other engraved and printed items.
Following the Panic of 1857
Panic of 1857
The Panic of 1857 was a financial panic in the United States caused by the declining international economy and over-expansion of the domestic economy. Indeed, because of the interconnectedness of the world economy by the time of the 1850s, the financial crisis which began in the autumn of 1857 was...
, seven of the nation’s most prominent security printers merged to form the American Bank Note Company on April 29, 1858. The new company made New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
its headquarters. Less than two years later, a handful of the remaining independent bank note printers merged to form the National Bank Note Company.
To be close to the stock exchanges, brokerage firms, and banks in lower Manhattan, the American Bank Note Company established its New York City headquarters in the Merchants Exchange Building at 55 Wall Street. The company moved its office and plant to 142 Broadway (at the corner of Liberty Street) in 1867, to another new facility at 78–86 Trinity Place in 1882, and again to 70 Broad Street
American Bank Note Company Building
The American Bank Note Company Building is a historical granite structure located at 70 Broad Street, New York, New York .- History :...
in 1908.
The first paper currency was circulated by the US Treasury Department following the outbreak of the Civil War
American Civil War
The American Civil War was a civil war fought in the United States of America. In response to the election of Abraham Lincoln as President of the United States, 11 southern slave states declared their secession from the United States and formed the Confederate States of America ; the other 25...
. Congress passed authorizing legislation for $60 million worth of these “Demand Notes” on July 17 and August 5, 1861. Under contract with the government, the novel paper money, called “greenbacks” by the public, was produced by the American Bank Note Co. and the National Bank Note Co. A total of 7.25 million notes were produced in denominations of $5, $10, and $20. In an interesting historical sidelight, American and National were also producing paper money for the Confederacy
Confederate States of America dollar
The Confederate States of America dollar was first issued into circulation in April 1861, when the Confederacy was only two months old, and on the eve of the outbreak of the Civil War....
at the same time.
Following the initial production of U.S. currency by the government’s Bureau of Engraving and Printing
Bureau of Engraving and Printing
The Bureau of Engraving and Printing is a government agency within the United States Department of the Treasury that designs and produces a variety of security products for the United States government, most notable of which is paper currency for the Federal Reserve. The Federal Reserve itself is...
in 1862, ABNCo sought a new source of demand for its services. They found it in foreign lands. By the latter part of the 19th century the company was engraving and printing currency and other high-security items for 48 countries.
In 1879, the security printing industry’s second major consolidation took place. American absorbed the National Bank Note and Continental Bank Note companies.
In 1887, ABNCo won the second four-year contract to engrave and print Postal notes
Postal notes
Postal notes were the specialized money order successors to the United States Department of the Treasury's postage and fractional currency. They were created so Americans could safely and inexpensively send sums of money under $5 to distant places.Postal Notes were privately produced by three...
for the U.S. post office. (New York’s Homer Lee Bank Note Company
Homer Lee Bank Note Company
The Homer Lee Bank Note Company was a producer of postage stamps and currency and was founded in New York City by artist, engraver, and inventor Homer Lee. In 1891, it was absorbed into the American Bank Note Company....
produced these notes during the first contract period.) American assigned Thomas F. Morris, its Chief Designer, the task of re-designing this early money order. The paper for this contract (as for all Postal Notes and a massive number of official U.S. high security documents) was produced by Crane and Co. of Dalton, Massachusetts.
In 1891 the American Bank Note Company began producing a new form of money for a longtime customer: the American Express "Travelers Cheque." In its first year, American Express sold $9,120. worth of its new invention. During 2000, sales of American Express
American Express
American Express Company or AmEx, is an American multinational financial services corporation headquartered in Three World Financial Center, Manhattan, New York City, New York, United States. Founded in 1850, it is one of the 30 components of the Dow Jones Industrial Average. The company is best...
Traveler's Cheque
Traveler's cheque
A traveler's cheque is a preprinted, fixed-amount cheque designed to allow the person signing it to make an unconditional payment to someone else as a result of having paid the issuer for that privilege.- Usage :As traveler's cheques can usually be replaced if lost or stolen A traveler's cheque...
s totaled $24.6 billion.
In 1894, ABNCo completed the final contract for the private printing of American stamps. Perhaps their most popular stamps were the one cent to $5 issues commemorating the 1892–93 Columbian Exposition in Chicago. On July 1, 1894 American delivered its entire stamp-producing operation to the U.S. Bureau of Engraving and Printing in Washington, D.C.
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
, where U.S. stamps are still printed.
In 1943–1944 American Bank Note Company was contracted by the United States Government's Bureau of Engraving and Printing
Bureau of Engraving and Printing
The Bureau of Engraving and Printing is a government agency within the United States Department of the Treasury that designs and produces a variety of security products for the United States government, most notable of which is paper currency for the Federal Reserve. The Federal Reserve itself is...
to produce the Overrun Countries series
Overrun Countries series
The Overrun Countries series was a series of thirteen commemorative postage stamps, each of five-cent denomination, issued by the United States over a fifteen-month period in 1943-1944 as a tribute to thirteen nations overrun and occupied by the Axis Powers during or shortly before World War II.The...
stamps.
ABnote
American Bank Note Company is a subsidiary of American Banknote Corporation and ABnote Group: http://abnote.com/Today, following a variety of financial transformations, the American Banknote Corporation produces a wide variety of secure and official documents. With operations in Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
, New Zealand
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
, United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
, South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
, Czech Republic
Czech Republic
The Czech Republic is a landlocked country in Central Europe. The country is bordered by Poland to the northeast, Slovakia to the east, Austria to the south, and Germany to the west and northwest....
, England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
and France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
, its products range from currencies and credit cards to passports and driver’s licenses.
Building
The American Bank Note Company BuildingAmerican Bank Note Company Building
The American Bank Note Company Building is a historical granite structure located at 70 Broad Street, New York, New York .- History :...
was built in 1908. The company sold it in 1988. It is listed on the U.S. National Register of Historic Places and is designated a New York City Landmark.
See also
- Postage StampPostage stampA postage stamp is a small piece of paper that is purchased and displayed on an item of mail as evidence of payment of postage. Typically, stamps are made from special paper, with a national designation and denomination on the face, and a gum adhesive on the reverse side...
- Postage stamps and postal history of the United States
- Bureau of Engraving and PrintingBureau of Engraving and PrintingThe Bureau of Engraving and Printing is a government agency within the United States Department of the Treasury that designs and produces a variety of security products for the United States government, most notable of which is paper currency for the Federal Reserve. The Federal Reserve itself is...
- New York Bank Note CompanyNew York Bank Note CompanyThe New York Bank Note Company was an engraver of stock certificates in New York City.-History:The company was founded in 1877 as the Kendall Bank Note Company. In 1892 George H. Kendall replaced Russell Sage as president of the company....
- Homer Lee Bank Note CompanyHomer Lee Bank Note CompanyThe Homer Lee Bank Note Company was a producer of postage stamps and currency and was founded in New York City by artist, engraver, and inventor Homer Lee. In 1891, it was absorbed into the American Bank Note Company....