National Bank, Lyndon, VT (Charter 1140)

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The Bank of Lyndon, Haxby VT-125, obsolete proof uncut $50-$100 sheet. The $50 design features Daniel Webster at lower right and a herd of cattle at center flanked by large scalloped counters containing a 50. The $100 design features a central vignette depicting a Native American family gazing at the "Advance of Civilization" in the form of a distant city and railroads. A frontiersman warming his hands over a fire is at left and an oval portrait of Henry Clay is at right. A small vignette of a family of ducks is at bottom center.
The Bank of Lyndon, Haxby VT-125, obsolete proof uncut $50-$100 sheet. The $50 design features Daniel Webster at lower right and a herd of cattle at center flanked by large scalloped counters containing a 50. The $100 design features a central vignette depicting a Native American family gazing at the "Advance of Civilization" in the form of a distant city and railroads. A frontiersman warming his hands over a fire is at left and an oval portrait of Henry Clay is at right. A small vignette of a family of ducks is at bottom center. Courtesy of Heritage Auctions, www.ha.com

National Bank, Lyndon, VT (Chartered 1865 - Liquidated 1904)

Town History

Needed: a contemporary postcard or photo of the bank
Needed: a contemporary postcard or photo of the bank

Lyndon is a town in Caledonia County, Vermont. Lyndon is the home of Lyndon State College. The town contains one incorporated village, Lyndonville, and four unincorporated villages: Lyndon Corner in the south, Lyndon Center in the center of town on the west side of Lyndonville, Little Egypt in the north, and East Lyndon in the southeast. As of the 2020 census, the population was 5,491. In 1860, the population was 1,695, growing to 3,285 by 1930. Lyndon is the second-most populous town in the Northeast Kingdom; only neighboring St. Johnsbury is larger.

When Rhode Island proprietors secured the original Lyndon township grant, the area was covered in forests and woodlands. The Passumpsic River, flowing through the center of the town, provided power for grist and saw mills. The charter of the town of Lyndon was signed by Governor Thomas Chittenden in 1780. It seems likely that the name Lyndon was chosen to honor Josias Lyndon (1704–1778), a former governor of Rhode Island and friend of many of the proprietors.

Meetings held in Lyndon in the late 1880s by local resident Theodore Newton Vail led to the creation of American Telephone & Telegraph. In addition to other contributions to Lyndon, Vail constructed Vermont's first paved road from the railroad depot to his estate.

Lyndon had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.

Bank History

  • Organized March 23, 1865
  • Chartered May 15, 1865
  • Succeeded Bank of Lyndon
  • Liquidated September 27, 1904

The Lyndon Bank was chartered in 1854, opened for business May 1, 1855, and converted to the National Bank of Lyndon in 1865.

In January 1867, the stockholder elected the following directors: E.B. Chase, J.M. Weeks, A.C. Robinson, S.S. Thompson, S.B. Mattocks, C.W. McKoy, Henry Chase. At a subsequent meeting of the directors, E.B. Chase was elected president, and S.B. Mattocks, cashier.

On Tuesday, September 27, 1904, at the meeting of stockholders held in the banking room, it was voted to go into voluntary liquidation. Of the bank's 500 shares of stock, 428 were represented either in person or by proxy and it was a unanimous vote to liquidate.

In January 1874, the directors were Henry Chase, S.B. Mattocks, J.M. Weeks, A.C. Robinson, C.W. McKay, L.K. Quimby, C.S. Cahoon. The officers were Henry Chase, president, and H.M. Pearl, cashier. A semi-annual dividend of 6% was declared.

On Tuesday, January 8, 1889, stockholders re-elected the following directors: D.N. Trull, L.K. Quimby, Henry Chase, C.M. Chase, and B.F. Lincoln. The next day, the corporators of the Lyndon Savings Bank elected the following trustees: I.W. Sanborn, L.K. Quimby, J.W. Copeland, W.L. Pearl, C.D. Bigelow, W.A. Densmore, and H.F. Pillsbury. I.W. Sanborn was elected president, W.L. Pearl, vice president, and Ida S. Pearl, treasurer. J.F. Ruggles of West Burke was elected one of the corporators. The Lyndon Savings Bank was organized in 1884.

In January 1892, at the annual meeting, the following directors were elected: Henry Chase, C.M. Chase, L.K. Quimby, B.F. Lincoln, and J.C. Eaton.

In January 1901, the following were elected as directors: L.K. Quimby, J.C. Eaton, C.M. Chase, J.T. Gleason, and S.S. Mattocks.

In February 1902, J.C. Eaton was elected president in place of L.K. Quimby, and J.T. Gleason vice president in place of J.C. Eaton.

In April 1905, L.B. Harris, cashier of the Lyndonville National Bank, bought the original plates from which the Lyndon Bank printed its bills in the days of state banks and would place the plates in the new library building upon its completion. At the time, John M. Weeks of Lyndon was the only living member of the first board of directors.

Official Bank Title(s)

1: The National Bank of Lyndon, VT

Bank Note Types Issued

Original Series $1 bank note with pen signatures of Samuel B. Mattocks, Cashier and E.B. Chase, President.
Original Series $1 bank note with pen signatures of Samuel B. Mattocks, Cashier and E.B. Chase, President. Courtesy of Heritage Auctions, www.ha.com
Series of 1875 $2 bank note with pen signatures of H.M. Pearl, Cashier and Henry Chase, President
Series of 1875 $2 bank note with pen signatures of H.M. Pearl, Cashier and Henry Chase, President. Courtesy of Heritage Auctions, www.ha.com

A total of $521,000 in National Bank Notes was issued by this bank between 1865 and 1904. This consisted of a total of 85,468 notes (85,468 large size and No small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type Sheet/Denoms Serial#s Sheet Comments
Original Series 3x1-2 1 - 4000
Original Series 4x5 1 - 2500
Original Series 3x10-20 1 - 2200
Series 1875 3x1-2 1 - 4220
Series 1875 4x5 1 - 3415
Series 1875 3x10-20 1 - 1570
1882 Brown Back 3x10-20 1 - 3462

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1904):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

Sources

  • Lyndon, VT, on Wikipedia
  • Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
  • Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
  • Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
  • North Star, Danville, VT, Sat., Jan. 19, 1867.
  • Burlington Weekly Free Press, Burlington, VT, Fri., Jan. 30, 1874.
  • St. Johnsbury Republican, St. Johnsbury, VT, Thu., Jan. 10, 1889.
  • The St. Johnsbury Caledonian, St. Johnsbury, VT, Thu., Jan. 10, 1889.
  • St. Johnsbury Republican, St. Johnsbury, VT, Thu., Jan. 14, 1892.
  • St. Johnsbury Republican, St. Johnsbury, VT, Wed., Jan. 9, 1901.
  • The Burlington Free Press, Burlington, VT, Mon., Feb. 17, 1902.
  • Burlington Clipper, Burlington, VT, Sat., Oct. 15, 1904.
  • The Brattleboro Reformer, Brattleboro, VT, Fri., Apr. 14, 1905.
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