This post is by guest writer Andrea Abrams, who is a Senior Coordinator with the SF Fed’s Economic Education department. Andrea leads a team of 38 staff outreach volunteers in our Los Angeles and Phoenix Branches who provide tours and personal finance workshops. Read her full bio here.
Most students know that the bald eagle features prominently on the United States cash in their wallet. When it comes to frogs, reindeer, and bison, however, students may be in for a surprise.
Wildlife meets economics in our nation’s cash past.
Fighting frogs
Some of the earliest American notes were issued by private banks, and often contained imagery that was meaningful to the local community. For example, the currency of Windham Bank, which was located in eastern Connecticut, featured a unique symbol that originated in local folklore.
A legend holds that one night in 1754, two local men were terrified by ferocious sounds of battle drawing near. Eager to protect their fellow residents, the two rushed home to gather reinforcements for what was presumed to be an enemy attack in association with the French and Indian War. No attackers were found, but in the morning the area was filled with thousands of bullfrogs who had apparently done battle the night before, possibly over the small amount of water in a nearby pond. This episode was immortalized in poetry and song…and on the local currency when Windham Bank issued a $5 private banknote depicting two frogs in combat.
Continue reading