RARE 1780 STATE OF MASSACHUSETTS BAY EIGHT DOLLAR COLONIAL CURRENCY INTEREST PD

Description

RARE 1780 STATE OF MASSACHUSETTS BAY EIGHT DOLLAR COLONIAL CURRENCY INTEREST PAID
NO RESERVE
RARE 1780 STATE OF MASSACHUSETTS BAY EIGHT DOLLAR COLONIAL CURRENCY INTEREST PD
THIS IS AN EXTREMELY RARE 1780 ORIGINAL NOTE
2 3/4 x 3 1/2 INCHES IN SIZE
Continental Congress guaranteed legal bill of credit, serial no. 21977, issued by the State of Massachusetts Bay for eight dollars on 5 May 1780 and payable by 1786. Signed by Richard Cranch and Loammi Baldwin.
After the Battle of Lexington and Concord in 1775, Massachusetts was the first colony to officially issue bills of credit to finance her militia and support the war effort. The other colonies soon followed her example. Although each colony/state called their emissions by different names, they all worked in a similar fashion. Whether a bill, an indented bill, a bill of credit, or a certificate, these notes were issued by the colony/state governments to circulate as money to be redeemed at a later date with funds from future taxes, imposts, and other levies. The initial bills were due within 2 to 4 years and carried no interest. Later emissions were due after longer periods and carried up to 6% interest each year. The state would then pay out the yearly interest without having to redeem the principal. The colonies/states continued to emit their paper money in direct competition with Continental currency. Since the little revenue the states collected went to redeem their own issues and not to pay their share of the sinking fund for Continental currency, Congress finally requested that states halt all currency emissions in 1777. By that time the excess of unsupported paper currency had led to depreciation and Americans were hard-pressed to pay for the basic necessities, let alone taxes. In an unsuccessful effort to regulate the currency, Congress passed an act on May 5, 1780, creating a new emission for each state, with a guarantee that if the state defaulted on payment of interest and/or principal, the Congress would honor the payment. These bills were to act as legal tender, but all public confidence in the Continental currency had eroded, and the bills were not widely accepted as a result.
Original antique with foxing and some edge wear. Please see photos prior to bidding and for complete condition.
PLEASE SEE PHOTOS FOR COMPLETE CONDITION
NICE
DESIGN
USED IN GOOD CONDITION
Intricately done. I am starting this at a very low bid! This is a great example of why early Revolutionary War documents are fantastic and classic. SCARCE.
See photos for complete condition. There are no major apparent flaws, sold as is. Beautiful Colonial related item.
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