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Big Money Check

 
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Author Previous TopicReplies: 13 / Views: 6,100Next Topic  
Pillar Of The Community
United States
1055 Posts
Posted 02/25/2015   6:38 pm  Show Profile Bookmark this topic Add GregAlex to your friends list Get a Link to this Message
I picked this one up recently for less than $10, entirely for its amount -- half a million dollars in 1882! I believe a conservative present day value conversion would be roughly $16 million. And yet, still just a typical 2 revenue.

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Valued Member
United States
225 Posts
Posted 02/25/2015   7:53 pm  Show Profile Bookmark this reply Add MeadowviewCollector to your friends list  Get a Link to this Reply
nice acquisition

Even $5 was a huge sum in 1882.


-MV
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Bedrock Of The Community
United States
12128 Posts
Posted 02/25/2015   8:10 pm  Show Profile Bookmark this reply Add wt1 to your friends list  Get a Link to this Reply
This explains the check:

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Pillar Of The Community
United States
1337 Posts
Posted 02/26/2015   3:50 pm  Show Profile Bookmark this reply Add Trainwreck to your friends list  Get a Link to this Reply
An amazing historical connection.
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Pillar Of The Community
United States
1597 Posts
Posted 02/26/2015   6:25 pm  Show Profile Bookmark this reply Add Mike33 to your friends list  Get a Link to this Reply
That is awesome - to know what the check was for makes it even more awesome - great pickup!
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Pillar Of The Community
United States
7129 Posts
Posted 03/27/2015   07:56 am  Show Profile Bookmark this reply Add revcollector to your friends list  Get a Link to this Reply
The tax was 2 cents regardless of the amount of the check. Also the tax on receipts and promissory notes that were "on demand" or "at sight" were also 2 cents, although other types of promissory notes had higher taxes. These pennies added up, the financial paper taxes brought in the highest amount of revenue of any of the Schedule B taxes from 1862-1883. Matches brought in the second highest amount, at one cent per hundred since everyone needed them every day.
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New Member
Malta
1 Posts
Posted 12/18/2015   3:34 pm  Show Profile Bookmark this reply Add pizzifini to your friends list  Get a Link to this Reply
wt1 thanks for the explanation... it gives the check context and turns it from a curiosity to history
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Valued Member
United States
64 Posts
Posted 07/02/2017   11:00 am  Show Profile Bookmark this reply Add thestampguy1964 to your friends list  Get a Link to this Reply
Where do you find these? If there is a eBay link, please post.
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Valued Member
United States
64 Posts
Posted 07/02/2017   11:02 am  Show Profile Bookmark this reply Add thestampguy1964 to your friends list  Get a Link to this Reply
I looked on eBay and there's only a handful?
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Valued Member
United States
64 Posts
Posted 07/02/2017   11:03 am  Show Profile Bookmark this reply Add thestampguy1964 to your friends list  Get a Link to this Reply
never mind, I was looking in the wrong place.
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Pillar Of The Community
1151 Posts
Posted 08/17/2017   11:09 pm  Show Profile Bookmark this reply Add stampmaster to your friends list  Get a Link to this Reply
Hi actually value in 2015 is $11,006,333.99

Stampmaster
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Pillar Of The Community
United States
7129 Posts
Posted 08/28/2017   5:35 pm  Show Profile Bookmark this reply Add revcollector to your friends list  Get a Link to this Reply
BTW, this is not a check. It appears to be a bill of exchange.
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Pillar Of The Community
United States
1055 Posts
Posted 09/01/2017   11:47 am  Show Profile Bookmark this reply Add GregAlex to your friends list  Get a Link to this Reply
Could you explain the difference? There are many things that differ from checks but look similar, like sight drafts and promissory notes. I'm still learning.
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Pillar Of The Community
United States
1413 Posts
Posted 09/01/2017   12:33 pm  Show Profile Bookmark this reply Add cjpalermo1964 to your friends list  Get a Link to this Reply
The legal language appears to make it a sight draft, which today is equivalent to a check when it is made in exchange for legal rights such as a mortgage. It's an order to the Drexel bank of New York to pay Union Iron on sight of the instrument and to charge the insurance company account at that bank for the amount paid.
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