Cast Iron Banks

This column first appeared in December 2011.

The origin of the cast iron bank can be traced back to 1793, shortly after the first copper penny was minted in the U.S. Iron banks became an instant collectable of affluent children and their parents, but sadly many of these early banks met their demise during the Civil War years. The ones that do exist today are found in museums or top echelon private collections, so most 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 American. They were simple in design, often taking on the form of buildings, miniature safes, animals, or people. Those in the likeness of pigs, rabbits, terriers and bull dogs were often given to children to be played with as a toy while encouraging the habit of saving. The more stylized examples, featuring prominent buildings or political figures, graced the desks and parlors of their parents.
Mechanical banks made of cast iron became popular shortly after the Civil War. Led by the J. E. Stevens Company of Cromwell, Connecticut, northern foundries found them a profitable sideline to their main cast iron lines of stoves and tools. Using various combinations of levers, springs, and wheels, the major U.S. 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 working. Manufacturers took great pride in the production of their banks, often marking them on the bottom with their company name. Marked banks have a crossover appeal as some collectors look only for cast iron items from a specific manufacture or a specific region of the county.
At least 400 distinct types of mechanical banks were made from 1870-1930 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. Today, at quality antique toy auctions, these pieces can sell well into the four-figure range.
As with all collectables, condition plays an important role in value, but you should see some surface rust and loss of paint. If you don’t find signs of wear, consider the possibility that you are looking at a reproduction. The most highly reproduced bank from this era is the “Uncle Sam” mechanical bank. If you happen upon one of these, proceed with caution!
While time and study will keep you from buying a reproduction, there are a few very visible differences between old and new banks. If the bank is antique: 1. The screw holding the bank together should be a flat-head screw. 2. The surface of an old bank will feel smooth to the touch. Reproduction banks often feel very gritty. 3. The paint should show the wear and fading that come with age. Watch for colors indicative of the late 1800’s and the first quarter of the twentieth century. 4. The seams should fit tightly together. Old banks were made with great attention to detail, while recently manufactured banks often have a gap at the seam. 5. The bank should have considerable weight for it’s size. Reproduction banks will often weigh as much as 30 percent less that their antique counterparts.
During World War I, the production of cast iron was severely limited, forcing manufacturers to use tin and wood. There was some resurgence the production of iron banks during the 1920s and 30s, but by 1940s the age of plastic had arrived and the production of collectible cast iron banks ceased. Until next time . . . Linda

Linda Kennett may be reached at 317-258-7835 or lkennett@indy.rr.com