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Early Paper Money of America / New York / 1774 August 25, New York City

£2,400 (originally £2,500) in Promissory Notes of the City of New York known as New York Water Works notes were produced, constituting the first paper money issued by an American city. The 4s was issued but by error not authorized and 4,000 of the 6d were authorized but not printed. On the back is an illustration of the proposed steam operated water pump by Christopher Colles. The face has a top border cut but the other borders are typeset. Elisha Gallaudet, whose other work is described under the prior issue, engraved the cuts. Printed by Hugh Gaine in red and black on the face and in black on the back. The signers were John H. Cruger, Whitehead Hicks, Jacob Lefferts, and J. Watts, Jr. Facsimiles of the denomination of 8s were published in 1850.

1s [4,000]
2s [4,000]
4s [4,000]
8s [2,500]
Four minor varieties of each denomination.
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