An Obsolete or Broken Bank Note is a note that was issued by a bank that failed and whose obligations could not be met. Obsolete Bank Notes are also called "Broken Bank Notes". In the days before the Federal Reserve, any bank could produce currency for use by the clients and members of the community. Unfortunately, not many safeguards were taken to ensure that banks stood behind the currency they were producing and circulating. Banks, more often than not, failed and their currency was rendered worthless. As a result, most bank notes of the period did not trade at their full retail value. Oftentimes notes were worth fifty cents on the dollar because the public expected the banks to fail.