In the strictest terms, broken bank note refers to failed U.S. paper currency, privately issued between 1800 and 1865. A shortage of precious metals and hoarding created the need for a new currency authorization. Private banks had several panics that strained regional systems and led to failed issuer status. These notes became “broken” from the failure and closing of issuing regional banks.
In a more broad spectrum, as the artist, I take liberty with the term and apply it to failed and obsolete paper currency, around the world. Political doctrine, regime change, hyper inflation, devaluation, and stagnation have led to more than 2 dozen countries collapse of monetary value in the last 30 years.
Paper currency has no intrinsic value. It requires trust in institutions and government, that its face value will be honored. All of the people in the countries represented by the currency in this series, had that trust in value tested. And it failed.
Series Currency Value
This on going sereis will explore these currencies and their history.