Antique Postal Savings System Coin Bank
Post offices in the United States used to host the Postal Savings System. It was a form of non-profit savings bank and existed from 1911 to 1966. Demand for postal savings in the US came out of the fierce struggle between workers/farmers and bankers in the late nineteenth century. The 1910 Postal Savings Bank Act gave “a measure of financial security” to small depositors and allowed for a “reimagining of the basic buy of the financial system. These savers sought the security that the government’s guarantee of their deposits afforded.Bankers had lobbied hard against the Postal Savings System’s establishment and opposed subsequent efforts that workers and farmers made to expand the institution. Bankers finally shut this service down in 1966.Just like a bank- robber barrons Historian Christopher W. Shaw deserves credit for this (shortened version) of an OpEd: A People's Bank at the Post Office, JSTOR Daily, Matthew Wills, 4/16/2024Circa 1910-1930