Saint Paul was originally called Pig’s Eye and was first settled in 1838. It was then named Saint Paul Landing, and took the name from a Catholic chapel made of logs built in 1841. By 1842, the name was shortened to Saint Paul.
The post office was established in Saint Croix County, Wisconsin Territory, on April 7, 1846. Saint Paul was organized as a town on November 1, 1849, and was incorporated as a city on March 4, 1854.
The City of Saint Paul first issued scrip in late 1857 about the time of the financial panic. The notes served the purpose of providing a currency for commerce and funding the governmental operations. The early dollar-denominated notes were sometimes endorsed by local bankers. This same style of notes was issued as late as 1864.
Fractional notes dated 1862 are signed by John S. Prince, who was mayor in 1860-62 and again in 1865-66. Prince was one of the incorporators of the Saint Paul Fire and Marine Insurance Company and of the Saint Paul and Sioux City Railroad, and served as director of both companies. City Clerk L. P. Cotter also signed some of the 1862 issues, and was replaced by K. J. Friend. J. H. Stewart served as mayor between Prince’s two terms.