Federal Continental Indent "Hardy" Note Made Out for $4 and 82/90thsContinental Congress Federal Indent Anderson 167 $4 82/90 PCGS Apparent Very Fine 30.
We sold another of these Continental Indents in our auction last April which we described: "The fourth example that HCAA has sold and the first of this $2 denomination." The pre-Heritage CAA handled the current note in May 2001, and that description read in part, "This is the first piece we have offered and to our knowledge, the only piece to have appeared at public auction in decades. Eric Newman, in the Early Paper Money of America, 4th Edition, page 71, tells the story of these notes: "After the end of hostilities, the Continental Congress, although unable to redeem its paper money, was faced with the obligation of meeting the interest and principal on its domestic and foreign bonds and paying the current expenses of the national government. Accordingly, the Continental Congress anticipated such expenses by requisitioning the funds with issues of indents in convenient denominations payable to the bearer and receivable for taxes." All issues were signed by either John Hardy or Michael Hillegas. This remains one of the finest examples we have seen. The Apparent grade is for minor ink erosion. Save for that and a few light folds, the note is flawless." That piece which was graded PCGS Apparent 30, just as this currently offered piece. It realized $4465. This example has received the apparent grade for two tiny masked stains on the face toward the lower right corner of the note. It is otherwise a gorgeous VF and the first of these that we can recall seeing in an odd denomination. All of these are printed in a form allowing fractions expressed in ninetieths of a dollar to be manually entered, and all others we have seen have had pen stripes filling that area. This note has utilized that space to make this note payable for $4 and 82/90. That fraction is again expressed next to the printed four dollars at the lower left of the note.
Estimate: $5,000 - up.
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