Political
(1837) “Petticoat Diplomatic Bank” Political-Satirical Note
(1837) Not dated, Printed Political-Satirical Note, Kinderhook, (NY), “Petticoat Diplomatic Bank,” “Pay Miss Venal Ur(b)anity One Dollar,” PMG graded Fine-12.
Haxby-Not listed. Extremely Rare Rarity-6 (6 to 10 known). Uniface Political & Satirical note. This note itself is an early style Jacksonian Political note, infamous in character, and not Bank of the United States crisis related. Complete, but the lower left corner is slightly chipped. At the lower right is a foxing patch. A fascinating period piece, a weaving of political scandal and numismatics. No imprint, this scrip note in the style of Manly & Orr of Philadelphia, printed on frail white bond paper. Vignetted note with Satirical texts in reference to the scandalous "Petticoat Affair," and the make up the first Andrew Jackson Cabinet. At the top center, New York State Arms with motto Excelsior, at the upper right, engraved date. Left end panel with George Washington and American Eagle at top. The right end with corner vignettes of Washington and "5" in the center. Bottom center, an American Eagle, Text and titles across the center reads:

“The President, Directors and Company of the - Petticoat Diplomatic Bank,- Promise to pay Miss Venal Ur[b]anity, or bearer, on demand, - at their banking house, Kinderhook, the sum of/Five Dollars.” Engraved names at the bottom: “Mrs. Digested Ingham, Cashier" and "Mrs. Isolated Ingham, President.”

Not listed in Rulau. Similar to Schingoethe Part 9: Lot 2657A, but a different denomination (that was a "50"). This type missing from the John J. Ford, Jr. and Julian Leidman Collection sales. Quite rare and one of only a few we have seen in three decades. There are at least two denominations on this type as the Schingoethe Part 9 Sale that had a "50" of this design style.

This very rare note refers to the early composition of President Andrew Jackson’s Cabinet which had several Vice President John C. Calhoun loyalists within it. The powerful Secretary of War posting was held by the Jackson friend John H. Eaton. However, Eaton had recently married a young widow whose husband was rumored to have taken the suicide route when informed of the possible lechery with Eaton while still alive. That of course did not sit well with the Calhoun friendly cabinet wives club who of course did their best to shun the new Mrs. Eaton and her "Venal Urbanity" (misspelled on this note, but not on the "50" in the Schingoethe Collection). Jackson himself had to listen to rumor mongering about his late wife (questions involving the exact date of his marriage to her have been studied for decades). Mrs. Eaton became "isolated" as engraved on the note. In the end, Martin Van Buren and John Eaton resigned amidst this "Petticoat Affair." However, in the end Jackson won out by dissolving the entire cabinet and making Van Buren his Vice President (and latter successor).


The Panic of 1837 was a financial crisis in the United States that touched off a major recession that lasted until the mid-1840s. Profits, prices, and wages went down while unemployment went up. Pessimism abounded during the time. The panic had both domestic and foreign origins. Speculative lending practices in western states, a sharp decline in cotton prices, a collapsing land bubble, international specie flows, and restrictive lending policies in Great Britain were all to blame.

On May 10, 1837, banks in New York City suspended specie payments, meaning that they would no longer redeem commercial paper in specie at full face value.

Despite a brief recovery in 1838, the recession persisted for approximately seven years. Banks collapsed, businesses failed, prices declined, and thousands of workers lost their jobs. Unemployment may have been as high as 25% in some locales. The years 1837 to 1844 were, generally speaking, years of deflation in wages and prices.