| Description |
Massachusetts Isaac Winslow Merchant or Order, Boston Silver Bank August 1, 1740 7 Shillings 6 Pence (7 dwt., 12gr) Fr. MA-87.3. PCGS Very Fine 30 Apparent. By 1740, Bills of Credit emitted by the colonies were a fact of Colonial life as was the financial uncertainty that went along with 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 earlier in the century. The Silver Bank bills were one of three different schemes to take advantage of a void in commerce caused by a lack of new Bills of Credit. The investors saw potential for profit and were not necessarily civic minded. The Silver Bank numbered 107 members with Isaac Winslow leading the group, his name engraved in the obligation and countersigning the verso of emitted notes. There were 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 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 bank schemes help usher in the 25-year hiatus of note issuing from 1750 to 1775. This "Tall" bill style is printed on laid paper from a well-engraved plate. The detailed obligation is in the center cartouche. At the lower left is charming folk image of men in a boat, motto FIAT JUSTIA (Let there be Justice) below. The top has fancy engraved filigree details. The note squares off quite well, but noted are "Splits and Hinge Repairs; Stains." The repairs on the back show to the face. These are rarely encountered, with the Boyd collection having three different examples. Superior to the Roper Sale, Lot 51 at $2,530 in 1984. The Boyd note brought $4,025 in May 2005. The present example, though far from perfect, is an attractive rarity overall and a fitting representative of Massachusetts private banking schemes of 1740. Ex: Eric P. Newman Numismatic Education Society.
Realized $6,462.50. Newman VI (Heritage Auctions, 4/2015), lot 19484. Description courtesy of Heritage Auctions. |
