| Description |
State of Massachusetts Bay - (Act of January 13, 1780) 6% Treasury Loan Certificate Payable "in then current Money" or "in greater or less Sum" than various Commodities 598 Pounds January 1, 1780 Anderson-Smythe MA-22. PCGS Very Fine 30. This is from a fascinating American Revolutionary loan series commonly referred to as "Commodity Bonds." The devaluation of the paper money nearing the end of the Revolution was significant. Bond buyers and holders wished further guarantees to continue investing in the State and the Revolutionary cause. By fixing and guaranteeing the prices of several commodities, such as corn, beef, sheeps wool, and sole leather, the bonds were attractive to purchasers. They were also necessary to help fulfill the state's quota for soldiers needed in the "Continental Army," referred to at the end of the certificate. The wider size and overall layout are a departure from earlier Massachusetts loans engraved by Nathaniel Hurd. This is a third "Commodity Bond" type, without the imprint at lower right. The size and layout are similar to the previous bonds from the series. Printed on laid paper from an engraved plate by J. M. Furnass. 26.3 cm x 13 cm. The fancy title across is richly embellished above and below, with the serial number to the left and date underneath at right. Intricate border cuts were widest at the left for the indenting at issue. Complex text and obligations are across with blanks, enactments applicable to the authorization, and equivalent amounts of various commodities. An embossed stamp is on the text. No. 732. Issued and signed by Cranch, Dawes, and Henry Gardner (pen cancelled). Issuee Barzillai Nickerson's signature is on the back. Nearly full size, with only a partial cut into the left side indent. Very bold and choice for the type. Ex: Eric P. Newman Numismatic Education Society.
From Newman X (Heritage Auctions, November 2018), lot 20097, realized $780. |
