Rare Continental Indent NoteUnited States Congress Federal Indent September 27, 1785 $4 Fr. UNL Anderson-Smythe 167. PCGS Extremely Fine 45 Apparent.
The Federal Indents issued from 1782 to 1787 represent an unusual series of Confederation period notes that were created due to the inability of the Continental Congress to redeem its paper money after the war. The new Federal government was still responsible for debt repayments on domestic and foreign bonds, which could only be met using anticipated states' taxations. The notes were created to be payable to the bearer for those taxes in convenient denominations and, in some cases, written in "ninetieths of a Dollar." The indents were issued in September 27, 1785 and October 11, 1787. These are rarely offered. The left side indent design pattern is shaved away on this example, and also noted are "Restorations; Design Redrawn" by PCGS. This is still pleasing to the eye despite the restoration work.
Ex: Eric P. Newman Numismatic Education Society
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