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15605

North Carolina 1780 $50 Independence PCGS Very Fine 30.. ...

2011 September Long Beach Signature Currency Auction #3514

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Auction Ended On: Sep 7, 2011
Item Activity: 4 Internet/mail/phone bidders
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Location: Long Beach Convention Center
100 S. Pine Avenue
Long Beach, CA 90802

Description:
Extremely Rare 1780 "Independence" $50
North Carolina 1780 $50 Independence PCGS Very Fine 30.
This small issue consisted of the balance of the total that was authorized for the August 8, 1778 issue that was not printed due to the smallpox epidemic, £24,876 5s. The 1780 notes were authorized on April 17, 1780. Not all of the $16 notes had been printed for the 1778 issue, etc., however only $50 notes were authorized for this issue due to inflation. According to Watson in Money and Monetary Problems in Early North Carolina, in 1778 the paper notes circulated at a rate of 3.5 to 1 for specie. A mere two years later, when this issue was authorized, the rate had increased to 6 to 1 (by 1782 that had increased to a staggering 600 to 1). Richard Cogdell stated that "A string of Fish which used to cost 12d is now 1920d, or 20 Dollars."

The only change from the 1778 notes was the 1780 date on the back, with the August 8, 1778 date remaining on the face. There were three different varieties of $50 notes. This is the variety with the motto, "Independence." Only 498 examples were printed of each of the three varieties and the present piece is the only one of the issue that we have ever handled. An extreme rarity which realized $8050 in its only other auction appearance which was in October 2006.
From the Kings Mountain Collection

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