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Colonial Currency from August 2007 Purchase


oldbucks
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I wanted to share a couple of great Colonial notes that I picked up a few weeks ago. I had a chance to scan them in and here they are.

 

New York - Water Works - August 25, 1774 - 1 Shilling

First municipality to issue currency. This note is in CU condition and shows great embossing for 233 years old.

 

917.jpg

 

Rhode Island May 17, 1787 - 40 Shillings - see note in picture - 94% of the notes issued were redeemed and burned!

 

963.jpg

 

Again, I see these Colonial notes as being undervalued and underappreciated in comparison to relative rarities of coins. When the realization of what true rarities these are in our history the values should go up. I am constantly picking up more and more Colonial notes in anticipation of strong interests in the paper money market.

 

Jeff

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Dustin,

 

The Rhode Island goes for about $200 and the NY for about $250-300.

 

Compare to several coins that I bought ie. Barber PFCAM $.10 and $.25 from the 1890-1910 era. Those have market values between $1000 - $2000. Another to consider is the Mercury 1942 Proof in about MS65-66, there are quite a few of those around and they still hit over the $300-$400 mark.

 

Its all rarity, condition and demand.

 

I have to add that when I put the NY note away, the paper quality was outstanding, much thicker than our currency today. I can imagine all the trials of using different types of paper and distribution they may had gone through in the 1700's. Paper money was basically a bond as we know it and not regular currency as we use today in all our transactions. I guess they still preferred barter trading goats or using silver. Paper money was a novelty, That I beleive started in France.

 

Jeff

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Paper money was a novelty, That I beleive started in France.

 

Started out in China in the 14th century. They printed deposit receipts on mulberry bark paper that is kind of a dark grayish green colour. Because some of these were saved during that time and found early in the 20th century, they have made it into the market place. I know of someone here in town that has one, they usually go for about $1500-$2000 now.

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