UBB Store

$8 1776 CONTINENTAL CURRENCY CGA GEM AU58* OPQ SPECTACULAR
When you click on links to various merchants on this site and make a purchase, this can result in this site earning a commission. Affiliate programs and affiliations include, but are not limited to, the eBay Partner Network.
$8 1776 CONTINENTAL CURRENCY CGA GEM AU58* OPQ SPECTACULAR
Price: US $512.99

An exceptional, historic, and gorgeous piece thatwas produced for commercemonthsbefore independence. A genuine & spectacular financial artifact from the days of the revolution.Scarce in any grade, virtuallyunobtainablein this grade. Jaw dropping jewel of the first water.

An emission totaling $5,000,000 payable in Spanish milled dollars, or the equivalent in gold or silver, was authorized by the Continental Congress resolutions of May 9th and 27th, 1776. The issue is similar to that of the November 29, 1775 issue except for the bottom border of the front of the $4 reads from left to right toward the bottom of the note, whereas in all other issues it looks upside down and reads toward the center of the bill. Printed by Hall and Sellers in Philadelphia. The paper, made at Ivy Mills in Chester County, Pennsylvania, contained blue fibers and mica flakes. Detector bills were printed on blue paper. Denominations include the: $1, $2, $3, $4, $5, $6, $7 and $8.

Early American currency went through several stages of development in the colonial and post-Revolutionary history of the United States. Because few coins were minted in the thirteen colonies that became the United States in 1776, foreign coins like the Spanish dollar were widely circulated. Colonial governments sometimes issued paper money to facilitate economic activity. The British Parliament passed Currency Acts in 1751, 1764, and 1773 that regulated colonial paper money.

During the American Revolution, the colonies became independent states; freed from British monetary regulations, they issued paper money to pay for military expenses. The Continental Congress also issued paper money during the Revolution, known as Continental currency, to fund the war effort. Both state and Continental currency depreciated rapidly, becoming practically worthless by the end of the war.

To address these and other problems, the United States Constitution, ratified in 1788, denied individual states the right to coin and print money. The First Bank of the United States, chartered in 1791, and the Coinage Act of 1792, began the era of a national American currency.

There were three general types of money in the colonies of British America: commodity money, specie (coins), and paper money. Commodity money was used when cash (coins and paper money) was scarce. Commodities such as tobacco, beaver skins, and wampum served as money at various times and places.

As in Great Britain, cash in the colonies was denominated in pounds, shillings, and pence. The value varied from colony to colony; a Massachusetts pound, for example, was not equivalent to a Pennsylvania pound. All colonial pounds were of less value than the British pound sterling. The coins in circulation in the colonies were most often of Spanish and Portuguese origin. The prevalence of the Spanish dollar in the colonies led to the money of the United States being denominated in dollars rather than pounds.

One by one, colonies began to issue their own paper money to serve as a convenient medium of exchange. In 1690, the Province of Massachusetts Bay created \"the first authorized paper money issued by any government in the Western World\". This paper money was issued to pay for a military expedition during King William\'s War. Other colonies followed the example of Massachusetts Bay by issuing their own paper currency in subsequent military conflicts.

The paper bills issued by the colonies were known as \"bills of credit\". Bills of credit were usually fiat money; that is, they could not be exchanged for a fixed amount of gold or silver coins upon demand. Bills of credit were usually issued by colonial governments to pay debts. The governments would then retire the currency by accepting the bills for payment of taxes. When colonial governments issued too many bills of credit, or failed to tax them out of circulation, inflation resulted. This happened especially in New England and the southern colonies, which unlike the middle colonies, were frequently at war.

This depreciation of colonial currency was harmful to creditors in Great Britain when colonists paid their debts with money that had lost value. Adam Smith criticized colonial bills of credit in his famed 1776 work The Wealth of Nations. According to Smith, the inflationary nature of the currency was a \"violent injustice\" to the creditor; \"a scheme of fraudulent debtors to cheat their creditors\" (Book II, Chapter II). As a result, the British Parliament passed several Currency Acts to regulate the paper money issued by the colonies. The Currency Act of 1751 restricted the emission of paper money in New England. It allowed the existing bills to be used as legal tender for public debts (i.e. paying taxes), but disallowed their use for private debts (e.g. for paying merchants).

Another Currency Act in 1764 extended the restrictions to the colonies south of New England. Unlike the earlier act, this act did not prohibit the colonies in question from issuing paper money, but it did foroffer them to designate their currency as legal tender for public or private debts. This prohibition created tension between the colonies and the mother country, and has sometimes been seen as a contributing factor in the coming of the American Revolution. After much lobbying, Parliament amended the act in 1773, permitting the colonies to issue paper currency as legal tender for public debts. Shortly thereafter, some colonies once again began issuing paper money. When the American Revolutionary War began in 1775, all of the rebel colonies soon to be independent states issued paper money to pay for military expenses.

For those who love rare money, you\'ve come to the right place. If you cannot leave us positive 5 star DSR response after our transaction is complete, please contact us prior to leaving response so that I may rectify any complaint. Our shipping is $8. as we ship first class or priority to US addresses and we always purchase signature confirmation. We do occasionally offer free shipping on fixed price items. We exclusively use registered mail internationally at $18. No exceptions at this time except we shipexpress both USPS and FedEx upon request both domestically and internationallyat actual cost. We allow unlimited combined shipping, for a single shipping fee at no extra chargefor up to 2 weeks. If you purchase multiple items, please ask us for an invoice reflecting combined shipping prior to paying. We usually ship next day, unless we get overwhelmed with orders such as Mondays,after holidays, when we cannot immediately locate the item, are away at a trade show, or on higher value items that we keep in our bank vaults. While I believe my asking prices are reflective of the current market, it is my desire to place noteswith those who will most appreciate them. Feel free to make any counter-offer through the system if you would like topurchase our item. We do set automatic rejectusually at around the price I am a buyer at, but will usually consider any offer we receive over that number. What you see is what you get. We do not use stock photo\'s except occasionally in the stock certificate category. We cheerfully accept returns for up to two weeks, no questions asked. Due to our business schedule andfamily obligations we are not always instantly accessible, but we almost always respond to questions within 24 hours. If the sale title does not match the face scan, or you see exact duplication of listings, any other obvious or potential errors please tell us, and allow us to correctly edit or re-list before offerding. If you offer in error, you may retract your offer. Those who repeatedly retract offers, will be warned, thenblocked, as we want our other buyers to feel secure that we are not attempting to ascertain their high offers, and that are sales are fair, and transparent. We believe in customer service, fair play,and we aim to please. In very rare cases, we fail to delist fixed price/best offer listings after we\'ve sold them through other venues. In these rare instances we refund immediately upon the realization that it occurred. We solicit want lists. I am a collector myself and understand and appreciate other collectors. We use factory settings on our scanners, and cameras, theitem you receivewill almost alwaysusually look far better than the internet scan. I have long experience in numismatics, and in depth knowledge about the items, people, grading, and inner workings of the rare coin and currency business. I aim to be both informed and informative, and I share non proprietary information freely. I am a strong enthusiastic competitive buyer of collections, hoards, accumulations, & entire dealer inventories.Matchmaking great coins & currency with great collectors is our first business goal. Makingcollecting fun for our clients & ourselves is our second business goal. Creating new collectors is our third goal. We hope our enthusiasm shines through each and every listing, transaction, and interaction. Thanks for your interest!



Buy Now

Related Items