Receivable at a bank, as bills; or discountable as notes.--Webster.
Among the great variety of bank notes which constitute our circulating medium, many are below par, and consequently are not received at the Banks. Those only, which are redeemed with specie or its equivalent, are received at the Banks, and are of the class called bankable.
In New York, at auction sales, the auctioneer, in stating the conditions of the sale, if for cash, invariably states, that the money must be bankable; otherwise the purchaser would be likely to pay him in bank notes below par.