Byron W. Clarke of Milwaukee and J. J. McCullough of Saint Paul filed to organize the Bank of Northfield on August 16, 1858 with a capital of $25,000. The bank never opened for business. On August 16, 1858 the auditor authorized American Bank Note Company to engrave and print notes for this bank. It engraved a red-tinted 1-2-3-5 plate and printed 1,000 sheets amounting to $11,000.
The plates of this bank still exist, and American Bank Note Company printed collector cards using the $5 note in the 1990s. Modern proofs also exist from this plate that were printed some time during the 20th century.