|State of New York March 27, 1781 $1 Fr. NY-214. PCGS Extremely Fine 45PPQ. This note, the finer of two known to us, is from one the rarest and most interesting Colonial note issues. These notes were directly tied to the $416,875 balance of June 15, 1780 New York Guaranteed notes that were never issued, but with some changes. The interest payable was 5% per year, and the Federal guarantee eliminated. No other state issued a note such as this, especially in a similar format and style. Fortunately for today's collectors, the most obvious difference between these and the Guaranteed bills were the introduction of an incredible series of back vignettes engraved by John Holt. Only four vignettes from the eight denominations are known. The first three notes ever seen from the series are from the Boyd collection, and were sold in Ford Part XV in October 2006. A $5 note with a Rising Sun vignette was luckily discovered by an astute collector a few years ago and solved at least part of the riddle of what the rest of the backs looked like. The present example was printed on two sides on sturdy, paper without a watermark. The typeset face, in the style of the June 15, 1780 Guaranteed Act notes, shows border cuts, the interest statement, and ornaments; "State of New-York" is at the top. The back design was printed perpendicular to the face (or "offset") with a stirring image of the Liberty cap on a pole rising from the top of the globe. North America is roughly defined. The vignette is a powerful, independent, American statement of its place in North America. The full imprint "POUGHKEEPSIE:/Printed by John Holt, 1781" is under the vignette. Fully issued and signed by G. Livingston and A. Lawrence. It is interesting to note that this example is serial number 11084 and the former Boyd collection note is 182: quite a wide range. It is perplexing that only five notes from the entire series are known; this denomination the only one with a duplicate. However, in many decades none have appeared, with the exception of the $5 Rising Sun discovery note, which was lesser grade. This is a magnificent looking note and the equal of the Boyd example that sold for $32,200 in October 2006. The other denominations were also met with strong prices. The $2 "Sword" back brought $40,250 and the $8 Justice a resounding $51,750. The auction results for this beautiful series ensures that these notes will always be revered. This is another absolute treasure from the Eric P. Newman Collection and an elite American note from any genre. Ex: Eric P. Newman Numismatic Education Society.
Realized $28,200.00. Newman VI (Heritage Auctions, 4/2015), lot 19520. Description courtesy of Heritage Auctions.