| Description |
Massachusetts Isaac Winslow Merchant or Order, Boston Silver Bank August 1, 1740 5 Shillings (5 dwt.) Contemporary Counterfeit Fr. MA-87.2. PCGS Very Fine 30 Apparent. The Silver Bank bills were one of three different "schemes" to take advantage of a void in commerce caused by a lack of new Massachusetts Bills of Credit. The investors saw potential for profit and were not necessarily civic minded. The Silver Bank had 107 members, with Isaac Winslow leading the group. His name is engraved in the obligation and he countersigned the verso of genuine emitted notes. Bills of Credit issued by the colonies were a fact of Colonial life by 1740, as was the financial uncertainty that went along with all paper money. Notes were counterfeited, raised and altered, all in a manner to defraud the public. The Crown looked upon this independent activity of emitting paper money as treasonous and saw Colonial independent aspirations in a different light than had been the case earlier in the century. There were also rival schemes, especially the (Land) Bank Bills that vied for official recognition. The Silver Bank, due to its specie nature, paid off most of its obligations when the Crown enforced the "Bubble Act" on this private Colonial activity. This was in contrast to the Land Bank, whose liberal activities lingered on for many years past their dissolution, and impacted their investors negatively. The schemes helped usher in the 25-year hiatus from note issuing (1750 to 1775). The counterfeit plate is rather crude, and a knowledgeable eye would pick it out. The detailed obligation is in the center cartouche. At the lower left is the charming folk image of a small skiff, with the motto FIAT JUSTITIA (Let there be Justice) below. The top has engraved sculptural details. This type was not in the Boyd collection. Noted by PCGS are "Splits, Tears and Damage; Repairs." We know of only a few examples of this rare and desirable early Massachusetts counterfeit. Ex: Eric P. Newman Numismatic Education Society
Realized $2115.00. Newman VII (Heritage Auctions, 10/2015), lot 18082. Description courtesy of Heritage Auctions. |
