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Lot 89388

Image Information

Type Currency
Title Lot 89388
Date April 29, 1780
Country United States
Denomination $20
Description Commonwealth of Massachusetts, Treasury Office, Boston - Act of February 6, 1787 6% Interest Loan for "Purpose of paying and subsisting the suppressing the unnatural and dangerous Rebellion" ___Pounds ___1787 Anderson-Smythe MA-45. PCGS Very Fine 30 Apparent. One good Revolution deserves another, especially shortly thereafter. In Western Massachusetts, the common agrarian populace seeking debt relief felt victimized by the elite merchant class and the unresponsive state government. Farmers, many of whom were poorly remunerated for military service, were unable to meet the impractical payments demanded, and began losing their lands to debt collectors. Daniel Shays, a former captain in the Continental Army, was the leader of an unsuccessful rebellion against this debt collection system during 1786-1787. Shays's Rebellion in Massachusetts is closely tied to those conditions featuring a large issuance of paper money, loan debt, and an inability to pay taxes in hard money. This loan certificate is a tangible reminder that sometimes loans create loans, that create further loans. The language in the obligation is specific to the rebellion event (but not named), and this numbered 66 and signed remainder by Higginson, Russell and Payne is a rarity. Printed on laid paper with a left edge margin stub showing the serial number and enactment date. 24.0 cm by 19.0 cm. Ornate bordering, intended for an indent, is at the left. The other three borders are simpler and have corner details. The complex obligation has blanks for issuance. The loan authorization amount was 40,000 pounds, as specified in the text. Anderson-Smythe Low Rarity-7 (7-12 known). The Anderson-Smythe plate note is serial number 67. Noted as: "Severed; Repairs; Edge Splits, Tears, and Damage." However, bright overall and historic. This is the first we have cataloged. Ex: Eric P. Newman Numismatic Education Society, Heritage Auctions Internet Sale (5/2017). (Description courtesy of Heritage Auctions, Realized $3290.00.

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