Ohio City, Ohio, 1845. The Ohio Railroad Company was incorporated at the same session of the state legislature as was the "City of Ohio" (west side of Cleveland). The railroad Company obtained a large advance of money from the State of Ohio and the treasurer of the company was authorized to issue orders or pseudo bank notes on the company.

History of Ohio Currency:

From the time when in 1803 the first bank in the State of Ohio was established to the Civil War era, hundreds of private or "wildcat" banks were founded around the state.

In 1816, the State, by law, became a partner in all banks that it chartered by owning a portion of the bank's stock. Although local banks were regulated by the State, they were practically free to do as they pleased.

Many of the so-called banks of early Ohio were initially established without capital or experience on the part of those who operated them. Many times the currency was obtained on credit.

Paper currency was always scarce and when obtainable was of doubtful value. The scarcity of coin led merchants to issue script in fractional amounts of a dollar, which they used to make change. It could usually be redeemed by purchasing goods, paying debts, or obtaining services at the issuing store.