Savings Bank

18mm, brass

Rich writes: Bank credit tokens…. These types of tokens were given away by Banks as a promotion to attract deposits from existing account holders. Some banks would "give away" small coin savers (banks) to customers to save their loose change in. If the customer acquired a token usually from a local promotion they would put it into the small bank along with their coins…. These small banks were almost NEVER supplied with keys. When the bank became full, the customer had to take it into the main Bank which held the master key. Once opened the customer was expected and sometimes required to deposit the coins and tokens into an existing or new account…. Token deposits held many restrictions, they could not be withdrawn for a long period of time, little if any interest was paid etc…. For non customers to redeem the tokens they were required to open a new account. No interest was ever paid on these credited funds.
Promotional penny banks were made in many shapes, barrels, books, and safes were favorites, some had colorful bank advertising covered with celluloid, many other types exist. These promotional banks are themselves a very popular collectible.
See also page for Coin Saver token

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