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Early Paper Money of America / Virginia / 1780 May 1 Act

$1,666,666 (£500,000) in Treasury Bills were authorized by the May 1, 1780 Act and redeemable in Spanish milled Dollars on Dec. 31, 1786 with 5% interest. The issue was limited to 1/20 th of amount of Continental Currency exchanged at $40 (old) for $1 (new) pursuant to the Resolution of the Continental Congress passed Mar. 18, 1780 guaranteeing payment. Without legal tender status until the Act of Oct. 1780, but restricted by the Act of May 1781. Printed by Hall and Sellers in Philadelphia on paper watermarked CONFEDERATION in two lines. Backs are red and black. Face border cuts and back cuts surrounding the emblems were engraved by Henry Dawkins. Border cuts and the emblems on the back were from the Jan. 14, 1779 issue of Continental Currency. Handwritten issue dates as late as Oct. 9, 1781 were sometimes added above the interest box in the lower left corner of the face to control when interest began. Signers were Jonathan Boush, A. Craig, John Lyne, H. Randolph, J. M. Simmons, Bolling Stark, James Turner, B. Webb, and L. Wood. Two signers appear on the face. Guaranty signed by Charles Fleming or Forster Webb.

$1 [33,000]
$2 [33,000]
$3 [33,000]
$4 [33,333]
$5 [33,333]
$7 [33,333]
$8 [33,333]
$20 [33,333]

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