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1776 $3 Banknote Issued In Philadelphia

 
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Valued Member
United States
252 Posts
Posted 02/01/2013   7:00 pm  Show Profile Bookmark this topic Add fotofila to your friends list Get a Link to this Message
I visited the coin and banknote forum and a guy wants to see what's oldest banknote "in your collection." So I prepared to show and tell. The system stopped me and asked me to join the group. I don't collect banknote except the notes we are spending everyday at preset. So, I am showing it here. The note is interesting for its denomination. Why we needed a $3 bill? More importantly, the year is the first year of our country, which is the reason I kept it till now. So, what do you think?



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Edited by fotofila - 02/01/2013 8:13 pm

Pillar Of The Community
2361 Posts
Posted 02/01/2013   7:49 pm  Show Profile Bookmark this reply Add doug2222 to your friends list  Get a Link to this Reply
I think we also had $6 and $7 bills at this period of time. There's a catalog for them somewhere, I forget the details. And you should be able to find similar bills (both for sale and sold) on eBay.
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Canada
2277 Posts
Posted 02/01/2013   7:59 pm  Show Profile Bookmark this reply Add nitrolures to your friends list  Get a Link to this Reply
And we think little pcs of paper from 1840 and up are interesting. I have 0 knowledge on this but its very interesting.
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Bedrock Of The Community
United States
12128 Posts
Posted 02/01/2013   9:13 pm  Show Profile Bookmark this reply Add wt1 to your friends list  Get a Link to this Reply
An explanation, courtesy of the Massachusetts Historical Society's website:


Quote:
From June 1775 to 1779, Congress ordered 11 emissions of Continental Currency to the amount of 226 million Spanish milled Dollars. These bills constituted 82% of the federal government's income during this period. At first the currency circulated at a par with the Spanish milled dollar, but since the states were simultaneously emitting their own bills of credit and debt certificates to cover their war expenses, the glut of bills issued without sound financial revenues soon led to depreciation of all forms of circulating paper, but especially that of Congress. Great Britain contributed to this financial instability through counterfeiting the issues of 20 May 1777 and 11 April 1778 to such a degree that Congress recalled both issues in their entirety. In January 1777, $1.25 of Continental Currency could purchase $1 in specie (gold or silver coins). By January 1781, it took $100 in Continentals to obtain $1 in hard money. This depreciation had effectively put an end to circulation of the paper bills by 1779, when Congress resolved to stop issuing them altogether.


We apparently had $8 bills, too, at that time:

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Edited by wt1 - 02/01/2013 9:19 pm
Valued Member
United States
252 Posts
Posted 02/01/2013   9:52 pm  Show Profile Bookmark this reply Add fotofila to your friends list  Get a Link to this Reply
Wow! wt1, you are a scholar indeed. Thanks. This is a learning experience, even at my age.
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Rest in Peace
United States
7097 Posts
Posted 02/02/2013   11:03 am  Show Profile Bookmark this reply Add I_Love_Stamps to your friends list  Get a Link to this Reply
Benjamin Franklin, being the innovator that he was used an impression of a leaf as an anti-counterfeiting device. Pretty clever in any case. Also, if your unhappy with your banknote send it to me! I assure you it will have a happy and loving home for a very long time!
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Posted 02/02/2013   12:54 pm  Show Profile Bookmark this reply Add stampvirgin to your friends list  Get a Link to this Reply
what is the value of something like this?
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Posted 02/02/2013   1:42 pm  Show Profile Bookmark this reply Add nitrolures to your friends list  Get a Link to this Reply
Any info on the printers? I recall the Benjamin Franklin using the leaf which is ingenious for the time ( as expected from Mr Franklin) . I'd google the printers but WT's google is better than anyone elses!!
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Posted 02/02/2013   2:11 pm  Show Profile Bookmark this reply Add Hal to your friends list  Get a Link to this Reply
As for price, the book I have is "THE EARLY PAPER MONEY OF AMERICA by Eric P. Newman. however, there are newer versions. A great deal of the pricing on these notes depends on condition and "WHO" the signer of the notes were, i.e.; a Pennsylvania notes printed by B. (Benjamin) Franklin and D (David) Hall are worth the same or a little more than a similar note by D (David Hall & W. (William) Seller. The real worth is seen in "who" actually signed the notes; some of these men were signer's of the Declaration of Independence (i.e.: George Clymer). Notes like that command a premium. The best gauge are the early paper money auctions.

I have several of these notes in conjunction with my Stampless Postal History Collection; I thought it added an interesting "flavor" to an early Stampless presentation.

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Edited by Hal - 02/02/2013 2:12 pm
Bedrock Of The Community
United States
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Posted 02/02/2013   5:10 pm  Show Profile Bookmark this reply Add wt1 to your friends list  Get a Link to this Reply

Quote:
Any info on the printers?


The printer of the Continental Currency that started this thread was Hall & Sellers. Here's a brief biography of the company and people involved, courtesy of the American Philosphical Society:


Quote:
Hall and Sellers was a Philadelphia printing company. David Hall (1714-1772, APS, 1772). Printer and business partner of Benjamin Franklin. Scottish journeyman printer invited by Benjamin Franklin in 1743 to Philadelphia to join his printing firm. Subsequently, he entered into partnership with Franklin in 1748. Hall ran Franklin's newspaper, the Pennsylvania Gazette so successfully, that in 1766, he bought out Franklin and formed the new printing firm of Hall and Sellers.

Hall was born in Westfield, Scotland in 1714, just outside of Edinburgh. At the age of fifteen he was apprenticed for five years to the Scottish printing firm of John Mosman and William Brown. In a letter dated January 17, 1743 Hall's friend William Strahan inquired on his behalf to an American correspondent James Read of Philadelphia about openings for printers in the colonies. He recommended Hall, who he described as "obliging, discreet, industrious and honest." Read showed the letter to his brother-in-law Benjamin Franklin, who was looking for a journeyman printer; and on July 10, Franklin invited him to come to Philadelphia. Franklin acquired not only a competent journeyman printer, but also a reliable correspondent and agent, who could supply British publications for sale in the Philadelphia printing office. In 1748, Franklin, busy with other interests and public affairs, made Hall a partner. Afterward Hall maintained the printing business for the firm of Franklin & Hall, also editing and publishing Franklin's newspaper the Pennsylvania Gazette. In February 1766 Franklin sold his share in the business to Hall. Later in May of that year, Hall brought William Sellers, who had been his journeyman printer, into the business to establish the partnership of Hall & Sellers. The new firm carried on government printing, including paper money for the Province of Pennsylvania. Hall also had a bookselling and stationery shop related to his printing shop.

Hall quickly acclimated to his new city of Philadelphia. On January 7, 1748 he married Mary Leacock/Laycock in Christ Church. The couple had four children. Hall was a founding member of the St. Andrews Society of which he was an active member, printing its constitution, rules, and membership roll in 1769. He was also a member of the Union Library Company, later absorbed by the Library Company of Philadelphia. He was a Mason and in 1762 was Master of his lodge No. 2 in Philadelphia. He was also a contributor to the Pennsylvania Hospital, the Silk Society and to the College of Philadelphia. Although elected to the American Philosophical Society on March 8, 1768, he showed little interest in the Society and appears never to have attended a meeting. Nevertheless, Hall was selected for a committee in 1771 to determine the selling price for the first volume of the Transactions, which was published that year. Hall died in Philadelphia on December 24, 1772, and was buried in the Christ Church cemetery.
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Bedrock Of The Community
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Posted 02/02/2013   5:17 pm  Show Profile Bookmark this reply Add wt1 to your friends list  Get a Link to this Reply

Quote:
what is the value of something like this?


This work appears to be dated 2010, and it would appear the $3 Continental Currency Note dated November 2, 1776 is referenced to be CC-48 and is cataloged at $250 (in VF 25) or $500 (in EF 45). I would suggest the note shown is probably in the lower condition category and, of course, as with any other catalog, the "values" probably are not realistically showing the secondary market value, so my guess is the note may be worth only a percentage of that catalog value.

http://books.google.com/books?id=eM...lers&f=false

Whatever the market value, it still is a great piece of early American history.
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Edited by wt1 - 02/02/2013 5:20 pm
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United States
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Posted 02/03/2013   12:05 pm  Show Profile Bookmark this reply Add fotofila to your friends list  Get a Link to this Reply
It is amazing how much I have learnt from you guys in two days on a small piece of paper. I believe I paid $20 more than 20 years ago ($1 per year ) in a San Diego swap meet. Learning all these things about the printer, the Franklin involvement, and signor are beyond the monetary value. By the way, is it possible to identify the signor of this note?
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Canada
2277 Posts
Posted 02/03/2013   2:14 pm  Show Profile Bookmark this reply Add nitrolures to your friends list  Get a Link to this Reply
i did a mediocre search on R Cromwell which looks to be the bottom signature. Although he was not a signature on the declaration of Independence (many signatures on these notes were) I believe he was the assistant to one of them. A poet I believe is what I read if I didn't mix it up in my noodle.
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Bedrock Of The Community
United States
12128 Posts
Posted 02/03/2013   2:47 pm  Show Profile Bookmark this reply Add wt1 to your friends list  Get a Link to this Reply
For the record, both named signatures on the Continental Currency Note are (J)ames Kelso and (R)ichard Cromwell.
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Edited by wt1 - 02/03/2013 2:48 pm
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