Skip to main content
Go to accessibility options



    Commonwealth of Massachusetts, Treasury Office, Boston - Act of February 6, 1787 6% Interest Loan for "Purpose of paying and subsisting the suppressing the unnatural and dangerous Rebellion" ___Pounds ___1787 Anderson-Smythe MA-45. PCGS Very Fine 30 Apparent.
    One good Revolution deserves another, especially shortly thereafter. In Western Massachusetts, the common agrarian populace seeking debt relief felt victimized by the elite merchant class and the unresponsive state government. Farmers, many of whom were poorly remunerated for military service, were unable to meet the impractical payments demanded, and began losing their lands to debt collectors. Daniel Shays, a former captain in the Continental Army, was the leader of an unsuccessful rebellion against this debt collection system during 1786-1787. Shays's Rebellion in Massachusetts is closely tied to those conditions featuring a large issuance of paper money, loan debt, and an inability to pay taxes in hard money. This loan certificate is a tangible reminder that sometimes loans create loans, that create further loans. The language in the obligation is specific to the rebellion event (but not named), and this numbered 66 and signed remainder by Higginson, Russell and Payne is a rarity. Printed on laid paper with a left edge margin stub showing the serial number and enactment date. 24.0 cm by 19.0 cm. Ornate bordering, intended for an indent, is at the left. The other three borders are simpler and have corner details. The complex obligation has blanks for issuance. The loan authorization amount was 40,000 pounds, as specified in the text. Anderson-Smythe Low Rarity-7 (7-12 known). The Anderson-Smythe plate note is serial number 67. Noted as: "Severed; Repairs; Edge Splits, Tears, and Damage." However, bright overall and historic. This is the first we have cataloged.
    Ex: Eric P. Newman Numismatic Education Society.

    Auction Info

    Auction Dates
    May, 2017
    3rd Wednesday
    Internet/Mail Bids: 14
    Lot Tracking Activity: N/A
    Page Views: 228

    Buyer's Premium per Lot:
    17.5% of the successful bid (minimum $19) per lot.

    Truth Seeker: The Life of Eric P. Newman (softcover)
    A powerful and intimidating dealer of the 1960s, backed by important colleagues, was accused of selling fraudulent gold coins and ingots to unsuspecting numismatists. Who would go up against a man like that and, over the course of decades, prove the fraud? Who would expose a widely respected scholar as a thief, then doggedly pursue recovery of coins that the scholar had stolen from an embarrassed numismatic organization, all over the objections of influential collectors who had bought coins with clouded titles? Eric P. Newman would - and did. Reserve your copy today.
    Sold on May 3, 2017 for: Sign-in or Join (free & quick)
    Track Item

    Heritage membership

    Join Now - It's Free

    1. Past Auction Values (prices, photos, full descriptions, etc.)
    2. Bid online
    3. Free Collector newsletter
    4. Want List with instant e-mail notifications
    5. Reduced auction commissions when you resell your
    Consign now
    • Cash Advances
    • More Bidders
    • Trusted Experts
    • Over 200,000 Satisfied Consignors Since 1976
    Consign to the 2022 April 22 Paper Money Fair - Netherlands World Banknote Signature® Auction - .

    Learn about consigning with us

    I think heritage is the best auction house and has the best service - that’s why I use you. 
    Sara B.,
    Dubai, UAE
    View More Testimonials receives more traffic than any other auction house website. (Source:

    Video tutorial

    Getting the most out of search