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Vermont February 1781 £3 PCGS Very Fine 35.. ...
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Sold on May 7, 2024 for:
$9,900.00
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Description
Excessively Rare "Fourteenth State" Note
Vermont February 1781 £3 PCGS Very Fine 35.Contrary to popular misconception, Vermont was not one of the thirteen American colonies. Until 1763 it was under French rule as part of New France. The Treaty of Paris ceded French territorial claims east of the Mississippi River to Great Britain in 1763. The following year George III placed the territory, now known as Vermont, under the jurisdiction of New York. Vermont declared its independence on January 17, 1777 and was known, for about six months, as the Republic of New Connecticut. In June, the new name of Vermont was established and a Constitution was approved in July 1777. The independent state of Vermont was in existence until 1791 when admission to the United States as the fourteenth state became a reality on March 4, 1791.
This historical context places the notes from the issue of February 1781 as issues of the independent State of Vermont. £25,155 in legal tender Bills of Credit was authorized by the Act of April 14, 1781. In October 1781, an act forbade the recirculation of notes by the state Treasury and the notes' legal tender status was revoked on June 1, 1782. The notes were, however, still receivable for taxes. These factors combined to dramatically reduce the outstanding amount of notes from this issue. The seal on the face of the note depicts the scales of Justice, thirteen connected rings and a lone ring above, along with the motto VERMONT CALLS FOR JUSTICE. All of this captures Vermont's position that it should be allowed to join the original thirteen colonies as the fourteenth state (which, in fact, was finally accomplished in early 1791). The face and back have typical ornamental engraved border cuts of the period. It was printed by the firm of Spooner and Green (Green was the son of Timothy Green II who printed a number of notes for Connecticut) on thin weak paper which did not wear well in circulation. The note is in remarkably intact condition when all of the factors are considered. The design elements are well printed with strong clear signatures of Thomas Porter and John Fasset present. PCGS mentions restorations, primarily referring to sealed splits at the centerfold.
This note is the highest and only dollar-denominated note from this short series and is presently one of two recorded in the census. In 1990, the Sanborn Partridge census contained ten examples of which at least seven were locked away in institutional collections, unlikely to be seen any time soon.
Notes from Vermont are highly sought after and infrequently offered, with only the major collection cabinets such as those of Eric P. Newman and FCC Boyd usually having played host to one or more denominations from this elusive series. With this note, once part of the Eric P. Newman Collection, an opportunity to add your name to a storied provenance presents itself to the successful bidder. This note sold for $16,450 in our 2017 Eric P. Newman Collection Part 2 Auction and was the object of spirited bidding which we anticipate will be repeated tonight.
Auction Info
2024 May 7 - 10 CSNS US Currency Signature® Auction #3595 (go to Auction Home page)
Auction Dates
May, 2024
7th-10th
Tuesday-Friday
Bids + Registered Phone Bidders: 2
Lot Tracking Activity: N/A
Page Views: 227
Buyer's Premium per Lot:
20% of the successful bid per lot.
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