National Exchange Bank, Philadelphia, PA (Charter 755)

Needed: a contemporary postcard or photo of the bank.

National Exchange Bank, Philadelphia, PA (Chartered 1865 - Liquidated 1870)

Town History

An 1860s map of Philadelphia showing 632 Chestnut street and an expanded view of the Swains Building.

Philadelphia is located in Philadelphia County.

Philadelphia had 70 National Banks chartered during the Bank Note Era, and 62 of those banks issued National Bank Notes.

Bank History

Organized December 24, 1864
Chartered January 25, 1865
Liquidated January 8, 1870
Consolidated with 1647 (NB of the Republic, Philadelphia, PA)

On January 9, 1866, stockholders of the National Exchange Bank elected the following directors: A. Boyd, Benjamin Bullock, Joseph B. Hodgson, R.N. Rathburn, Charles H. Cummings, George A. Kohler, Watson Malone, A.L. Crawford, J. Frailey Smith, Stephen G. Smith, John W. Everman, K.P. Gillingham, and John Williams. The bank was located at No. 632 Chestnut Street.

On January 14, 1868, stockholders of the National Exchange Bank. A. Boyd, Benjamin Bullock, J. Fraley Smith, Joseph B. Hodgson. Charles H. Cummings, Geo. A. Kohler, Watson Malone, Robert Gillingham, William C. Houston, Kirk B. Wells, Andrew J. Sloan, William M. Davidson, and Thomas L. Gillespie.

In November 1869, parties in the interest of the National Bank of the Republic purchased the stock of the National Exchange Bank with the intention of united the two institutions by merging the former into the latter. After January 11, 1870, the National Exchange Bank, with a capital of $300,000, would be merged With the National Bank of the Republic, William H. Rhawn, Esq., the President of the latter institution, had purchased two-thirds of the stock of the Exchange National Bank. The circulation of the Bank of the Republic would be increased by this acquisition by $40,000, which was very important to banking interests. Additionally, the National Bank of the Republic would receive over $500,000 in increased deposits. It had a capital of one million dollars.

The National Bank of the Republic was organized December 3, 1865, and went into operation on May 22, 1866, with Joseph B. Ferree, Esq., as President.  Ferree resigned shortly after its organization.  On August 29, 1866, the entire stock was transferred to another class of stockholders, with William H. Rhawn as President, and Joseph P. Mumford as Cashier.  In 1869, the following were the Board of Directors:  Benjamin Rowland, Jr., of B. Rowland, Jr., & Brother, coal merchants; Samuel A. Bispham of Samuel Bispham & Sons, wholesale grocers; Frederick A. Hoyt, of F.A. Hoyt. & Bro., clothiers; John Pearce of Pearce & Doron, wholesale notions; Alfred Day of Day, Huddell & Co., coal miners and shippers; Howard Hinchman, ex-President of the Commercial Exchange, and of Howard Hinchman & Son, flour and grain commission merchants; William M. Seyfert of Seyfert, McManus & Co., iron manufacturers; Charles Richardson, late of J.C Howe & Co., dry goods commission; J. Barlow Moorhead of J.B. Moorhead & Co., iron manufacturers; William Hacker of Hacker, Wetherill & Co., seedsmen; Charles D. Sharpless, dry goods merchant; William B. Bement, of Bement & Dougherty, industrial works; and William H. Rhawn, late cashier of the Second and Central National Banks.

On January 11, 1870, at the annual meeting of the stockholders of the National Exchange Bank, the following were elected directors: Benjamin Rowland, Jr., William H. Rhawn, Charles Richardson, William M. Seyfert, and Frederic A. Hoyt. The next day the directors organized by electing Benjamin Rowland, Jr., president; and Wm. H. Rhawn, vice president. Arrangements were made for consolidating and uniting the bank with the National Bank of the Republic of Philadelphia and for this purpose the National Exchange Bank as a separate association went into liquidation at the close of business on January 15 as approved by a vote of the stockholders. The assets, books and accounts were assigned to the National Bank of the Republic and removed to its banking house at Nos. 809 and 811 Chestnut Street where the affairs of liquidation were conducted by the Nation Bank of the Republic. The resignation of John W. Gilbough as cashier was accepted effective on the 15th.

Colonel Augustus Boyd, a well known iron manufacturer and banker of Philadelphia, died on Monday, October 5, 1896, of apoplexy. Colonel Boyd was born January 10, 1826, in Harford County, Maryland. His father and grandfather were both born in the country, but his great grandfather emigrated from County Antrim, Ireland in 1796 and settled in Lancaster County. When only 21 years old Colonel Boyd became manager of the Elizabeth iron furnace, Lancaster County. He was commissioned captain by President Lincoln when the war of the rebellion broke out and served six months in the field with Colonel Banks' staff, when he was transferred to Philadelphia, from Harper's Ferry with General Crossman and was first quartermaster and afterward promoted to lieutenant colonel. Retiring from the Army in 1865, he engaged in manufacturing and banking at Philadelphia and Coatesville where he owned iron furnaces. He was a former president of the Hestonville Street Railroad Company and one of the founders of the Loyal Legion.

Official Bank Title(s)

1: The National Exchange Bank of Philadelphia, PA

Bank Note Types Issued

Original Series $1 bank note with SN 2345 and pen signatures of J.W. Gilbough, Cashier and A. Boyd, President. Courtesy of Heritage Auctions, www.ha.com

A total of $182,450 in National Bank Notes was issued by this bank between 1865 and 1870. This consisted of a total of 34,146 notes (34,146 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 - 3020
Original Series	4x5	1 - 4420
Original Series	3x10-20	1 - 1000
Original Series	50-100	1 - 193

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1870):

Presidents:

Augustus Boyd, 1865-1869

Cashiers:

Other Bank Note Signers

There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

Sources

Philadelphia, PA, 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
Hexamer & Locher. Maps of the City of Philadelphia, 1858-1860, Plate 6. Property Atlases/Maps. Free Library of Philadelphia: Philadelphia, PA. https://libwww.freelibrary.org/digital/item/11843. (accessed Aug 22, 2022)
The Philadelphia Inquirer, Philadelphia, PA, Thu., Jan. 11, 1866.
The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 15, 1868.
The Philadelphia Inquirer, Philadelphia, PA, Wed., Nov. 3, 1869.
The Philadelphia Inquirer, Philadelphia, PA, Wed., Dec. 29, 1869.
The Philadelphia Inquirer, Philadelphia, PA, Sat., Jan. 15, 1870.
Intelligencer Journal, Lancaster, PA, Wed., Oct. 7, 1896.