| Description |
Rare Pamphlet Advocating Paper Money Backed by LandPhiladelphia: Printed for the Author by J. Rakestraw, 1834. 8vo, original printed paper covers. 32 pages; printed sample $5 "National Currency" note tipped in as a frontispiece. Near fine. Mendenhall (1759-1843) was a merchant in Wilmington, Delaware, and a proponent of a land-based monetary scheme involving paper money backed by land value, so that "the law that fixed on each bill the stamp of denomination, fixed its standard, as money, also; and at the same time and place, the real value of the land is made to pass into the nominal value of the money." The proposed note included in the volume is a $5 National Currency issue bearing the names of "B. Franklin" and "G. Washington," bearing the grim warning, "To counterfeit is DEATH! And then, Worse Punishment!!," with an accompanying illustration of a hanging man and a devil dragging away a coffin. This booklet was displayed at the Newman Money Museum and retains its display label. Estimate $500. Ex: Burdette G. Johnson. Ex: Eric P. Newman Numismatic Education Society.
Heritage Auctions 11/2018 (Newman XI), lot15343 (realized $432).
Heritage link: http://www.ha.com/c/item.zx?saleNo=1283&lotIdNo=11410 |
