First appearing in 1793, shortly after the first copper penny was minted in the U.S., the iron bank became an instant collectable for affluent children and their parents. Very few of the earliest banks survived the Civil War of the mid-1800s. The ones that did are found in museums or top echelon private collections, so collectors look for banks made between 1870 and 1930.
There are two categories of cast iron banks, still and mechanical.
Still banks were the first to be mass produced in America. They were simple in design, often taking on the form of buildings, miniature safes, animals or people. Those in the likeness of rabbits, terriers and bulldogs were often given to children to play with as a toy while encouraging the habit of saving. Banks in the form of prominent buildings and political figures were widely collected by adults.
Mechanical banks made of cast iron became popular shortly after the Civil War. Led by the J.E. Stevens Company of Cromwell, Conn., northern foundries found them a profitable sideline to their main cast iron lines of stoves and tools. Using various combination of levers, springs and wheels, the major foundries competed to see who could manufacture the most complex bank.
When a coin was deposited in these finely crafted banks, the weight of the coin would move a lever from one position to another, causing a wheel to rotate, activating other parts. The more intricate the outer mechanism of the bank, the more complex the inner workings. Manufacturers took great pride in the production of their banks, often marking them on the bottom with their company name.
At least 400 distinct types of mechanical banks were made from 1879 to 1930 and for each there were several variations. With children as their main target group, some factories specialized in banks that would reward the child with a piece of candy after each deposit.
Those new to this category of collecting are often fooled by new banks made to look old. This is accomplished by “antiquing” the iron with fake rust. There are also banks that have been remade using old parts mixed with new. While time and study will help keep you from buying a reproduction, there are a few very visible differences. Take your time when shopping and watch for these telltale signs.
• If the bank is antique it will be held together by a bolt that often is so far recessed that it is almost invisible.
• The detail will be very detailed and high relief.
• The interior of an old bank will be smooth with a pewter-like appearance, but a reproduction will feel gritty.
• Old banks will be heavy for their size, often weighing 30 percent more than new.
• The seams on an old bank will be so tight they will be almost invisible.
• Old paint will be very thick and bright in color, and it will be quite hard and shiny in appearance. It will also, in most cases, be worn from time and handling.
Lastly, trust your gut instincts. If the bank you are considering for purchase looks to good to be true…it most likely is. Until next time…Linda.
Linda Kennett is a professional liquidation consultant specializing in down-sizing for seniors and the valuation of estates and may be reached at 317-258-7835 or lkennett@indy.rr.com
