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THBInvoice of 137 Bundles of Continental Dollars in the Loan Office by Congress
Lot 156
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$3,500 - $4,000
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About Auction
Live
By Early American History Auctions
Jul 13, 2019
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2019-07-13 12:00:00
2019-07-13 12:00:00
America/New_York
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Bidsquare : Colonial & Continental Currency-Coinage-Historic Peace Medals- Encased Postage Stamps
https://www.bidsquare.com/auctions/early-american-history-auctions/colonial-continental-currency-coinage-historic-peace-medals--encased-postage-stamps-4256
Historic Coins, Colonial & Continental Currency, Political, Americana, Encased Postage Stamps, Peace Medals Early American History Auctions auctions@earlyamerican.com
Historic Coins, Colonial & Continental Currency, Political, Americana, Encased Postage Stamps, Peace Medals Early American History Auctions auctions@earlyamerican.com
View Full Catalog (268)
- Lot Description
American Revolution
Continental Congress Sends New Paper Money "Invoice of 137 Bundles of Continental Dollars" Currency Delivery of May 5, 1780 "Guaranteed by the United States" Notes to the State of Massachusetts Bay
1780 Revolutionary War Dated, Continental Congress Treasury Loan Office, Manuscript Document, Unsigned, Prepared by Michael Hillegas to Nathaniel Appleton, Choice Very Fine.
October 18, 1780-Dated (perhaps started somewhat earlier), Unsigned (Michael Hillegas and Nathanael Appleton). This is an Important original Continental Congress issued Fiscal Document headed, in full:
"Invoice of 137 Bundles of Continental Dollars deposited by John Bradford Esqr. (Continental Treasury Agent for Massachusetts) in the Loan Office by virtue of an order of Congress in favour of Michael Hillegas Esq. & by him endorsed to N. Appleton."
This State of Massachusetts Bay and Continental Currency related Manuscript Document has 2 pages (back to back), measuring 13" x 8", boldly written in deep brown, being a fully detailed accounting of the issued paper money, listing the amounts in each bundle, totaling $1 million to one point, then it continues on through October 18, 1780 in Boston, where an additional sixty bundles are added for a total amount of $1,450,000.
Here, Continental Treasurer Michael Hillegas has sent to Appleton via the local Continental agent John Bradford, the newly issued Continental Currency notes "Guaranteed by the United States" issue of the May 5, 1780 Act. This new paper money issued and sent to replace other Massachusetts received Continental Currency notes that had just been officially devalued. High inflation during the Revolutionary War meant the old notes were to be redeemed at a Ratio of 40 Old Dollars to 1 New "Guaranteed" United States Dollar. The new issue also paid Five Percent Interest per year, with a small printed schedule of interest payments located at the lower left corner on the face side of the new notes (not included). An amazing original source Document of United States Currency being replaced after a massive official devaluation! This historic document directly tied to the issuing of America's very first "bailout" program from the Continental Congress to the State Treasury of Massachusetts (which was conducted with several other States that joined in this same program).
As recorded in the Journals of Congress, "Monday August 21, 1780 John Bradford, Continental Agent, for prizes in the State of Massachusests Bay, for two millions of dollars."
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