(Act of Vermont Legislature 1847)
The Missisquoi Bank was chartered in 1847 by legislative action in Vermont as a state bank. The initial capital for the bank was set at $100,000. Many prominent Sheldon businessmen held interest in the bank that provided the opportunity for the development of Sheldon into a commercial and manufacturing center. 

The building housing the bank owned by R.J. Sax on Pleasant Street in the village no longer exists. The two story brick structure stood on the S.W corner of Pleasant and Central Streets and appears on the 1871 Beers map.

After a seemingly prosperous beginning the bank cashier, a Mr. H.G. Hubbell disappeared and so did some $75,000 of bank money. The bank went into receivership in1866 and continued until 1880 when it was closed.

“Bankers Magazine 1867”

“Vermont.—D. D. WEAD, Receiver of the Missisquoi Bank of Sheldon, Vermont, is now paying, to the holders of receipts given for bills of this bank, fifty cents of the dollar. The Missisquoi Bank stopped payment in January last, it hav ing been discovered at that time that Mr. HURBELL, the cashier of the institution, had left its affairs in a somewhat mixed condition, and departed upon a journey from which we have not, so far, heard of his returning. The condition of this bank, according to the official report of the Vermont Bank Commissioner, on the first week of January, is now becoming painfully evident to its creditors and stockholders, without any report from the Bank Commissioner.”

In addition to fraud, the cashier apparently issued many phony bills in demoninations from $1 to $100. The combination of the fraud and the phony money resulted in the bank going into receivership with payments of half the value of currency and the bank door shut for ever.

“The Bankers Magazine and Statistical Register 1866” P 740
Edited by I Smith Homans,
July 1865 to June 1866, Frauds and Robberies

“The singular disappearance of Mr. HUBBELL, the Cashier of the Missisquoi Bank, Sheldon, Vt., is at last accounted for. He turns out to be a defaulter in a large sum. The amount is stated as high as $75,000. His embezzlements began years ago, but have been so covered, by false entries and false footings, as to elude observation until yesterday. The accounts of the affairs of the bank have lately been examined by competent accountants, and the assets are believed to be sufficient for the redemption of the bills. The bill-holders are so advised. The defalcation of Hubbell, cashier, is less than one hundred thousand dollars. The directors are not liable for the whole debts of the bank, but are liable, with their bail, for all the circulation, which will no doubt be redeemed from the assets of the bank, as the assets are sufficient for that purpose, and consequently none of the directors will be ruined financially.

Only one bank ever existed in Sheldon.

The following is some very basic information about the denominations and years that The Missisquoi Bank printed money: The branch bank location in Sheldon issued the following types of currency: by Denomination & Dates
1st Series:  $1 – 1849s – 1850s
2nd Series:  $1 – Jan. 1, 1850s
3rd Series:  $2 – 1849s – 1850s
4th Series:  $2 – Jan. 1, 1850s
5th Series:  $3 – 1849s – 1850s
6th Series:  $3 – Jan. 1, 1850s
7th Series:  $5 – 1849s – 1850s
8th Series:  $5 – Oct. 1, 1850s – 1860s
9th Series:  $10 – 1849s – 1850s
10th Series:  $10 – Oct. 1, 1850s – 1860s
11th Series:  $20 – 1840s – 1860s
12th Series:  $50 – 1849s – 1860s
13th Series:  $100 – 1849s – 1860s
Source: http://www.antiquemoney.com/obsolete/we-buy-money-from-the-missisquoi-bank/