Early Paper Money of America / Rhode Island / 1740 December 2
£24,000 (£20,000, £2,000 and £2,000) in legal tender New Tenor Bills of Credit issued pursuant to the Acts of Sept. 16, 1740, Dec. 2, 1740, May 6, 1741 and Oct. 6, 1741. Because silver had reached an exchange value of 27s Old Tenor per ounce the Sept. 16, 1740 Act set the New Tenor equivalent at 9s per ounce. It provided for £20,000 in New Tenor bills (5s, 10s, 20s and £2) to be loaned on 20 year amortizing mortgages bearing 4% interest and known as the Seventh Bank. Because of objections by England and others the New Tenor was reset at 6s9d per ounce of silver of sterling alloy equal to 27s Old Tenor. Interest and two extra appropriations of £2,000 each were to be used for the Cuba expedition. Printed by John Coddington from engraved face and back plates, with some denominations showing Old Tenor and New Tenor equivalents. £4,000 was printed from lower denomination plate. By the June 1742 Act the entire issue was to be exchanged by Oct. 25, 1742 because of counterfeits. Signers were Jahleel Brenton, John Dexter, John Gardner, John Potter, Daniel Updike, and Joseph Whipple.