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Early Paper Money of America / Massachusetts / 1780 May 5 Act

£394,000 (£460,000 less £66,000) equal to $1,313,333 in legal tender Bills of Credit payable in Spanish milled dollars by Dec. 31, 1786 with 5% interest was authorized by the May 5, 1780 and June 19, 1780 Acts pursuant to a Continental Congress Resolution of Mar. 18, 1780, guaranteeing the payment of the bills and making the amount issued dependent upon the amount of Continental Currency exchanged at $40 (old) for $1 (new). The face is in black and the back is in red and black. Printed by Hall & Sellers in Philadelphia on paper watermarked UNITED STATES. The face border cuts and the back cuts surrounding the emblem were engraved by Henry Dawkins. The border cuts and emblems on the back were from the Jan. 14, 1779 issue of Continental Currency. Sometimes stamped in red INTEREST PAID ONE YEAR. Often hole cancelled on redemption. Signers were Loammi Baldwin, Richard Cranch, Thomas Dawes, Samuel Henshaw, Samuel Osgood, and Ebenezer Wales. Guaranty signed by Nathaniel Appleton, Peter Boyer, Joseph Henderson, and Thomas Walley. Note, hole cancelled bills are worth much less than uncancelled bills. 

Note also the two-page invoice for delivery of the notes, this document courtesy of Arthur Sherwood. This invoice is for $1,450,000, which is slightly above the legislated amount of $1,313,333.

$1 [26,267]
$2 [26,267]
$3 [26,267]
$4 [26,267]
$5 [26,267]
$7 [26,267] ▷CF◁
$8 [26,267] ▷CF◁
$20 [26,267] ▷CF◁

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