Description and research notes
Engraved proof note for the Penn Township Savings Institution of Philadelphia, Pennsylvania, dating to the 1830s. This fractional-denomination certificate represents one of the earliest savings deposit proofs, promising repayment of ten cents with interest at 2% per annum. The ornate intaglio design includes large '10' denomination counters and paired portraits of William Penn, founder of Pennsylvania.
Printed by the prominent security printers Underwood, Bald, Spencer & Hufty of Philadelphia, the design reflects the fine craftsmanship of pre–American Bank Note Company engraving. Such proofs were created for layout approval and internal archiving, with most destroyed once production began. Few fractional proofs from Pennsylvania savings institutions survive, making this an exceptionally rare and historically valuable piece from the era of localized banking and civic trust.