NNP

Rhode Island General-Treasurer 1777 Written Dates "February 24, 1777" $8 at 4%...within Five Years" Fr. RI-259, Anderson-Smythe RI-5. PCGS Choice About New 55 Apparent. This is another very rare Rhode Island note series and type. It was clearly meant to circulate with endorsements and act as an interest bearing loan certificate (therefore, its listing in The Price of Liberty written by William Anderson and published by R. M. Smythe & Co.). Printed uniface on laid paper and sized like Continental Currency notes. This 4% interest bearing note was payable within five years. The coat of arms at left is placed within the obligation and a fancy border is all around. This note was issued to John Smith and endorsed by him on the back. It is the Anderson-Smythe plate note (credited to Eric P. Newman). Noted with a "Small Hole" and a "Small Edge Split at Right." Only lightly handled and vibrant. The Newman Collection contained two notes with written denominations (over $30), but only this example has the engraved denomination. Those written denomination notes were lower grade than this example, but still realized $3,055 and $2,585 in Newman Parts VI and VII respectively. This is a very important crossover between Colonial fiscal loans and circulating currency. We believe most were redeemed, and only a handful of notes from the issue are known. Any note from the issue is very rare. This engraved $8 denomination type is possibly unique and the only example we have encountered. Ex: Eric P. Newman Numismatic Education Society

From Newman VIII (Heritage Auctions, 11/2017), lot 28136, realized $4800. Image and description courtesy of Heritage Auctions, https://ha.com.