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    Elizabeth, NJ- Borough of Elizabeth 1 Penny March 25, 1790 Wait 526 PMG Very Fine 25.
    This is the first of a number of small change notes from New Jersey, New York, and Pennsylvania that can be found at the end of the colonial section for each respective state. Following the copper panic of 1789, many communities and institutions issued small change notes. Due to the devaluation of copper, most people would not accept copper coins at their usual rates and another medium of exchange was needed.

    Although PMG identified this note as having been issued from Pennsylvania, the note is actually from New Jersey and is listed in George Wait's New Jersey's Money. One of five denominations issued, the notes were printed by S. Kollock of Elizabeth Town. Aaron Ogden's name appears as clerk on these pieces. The designs on the back include a skull and crossbones. The Smythe March 1993 sale of DuPont's collection of small change notes included several examples, among them a VF that brought $260.

    Auction Info

    Auction Dates
    August, 2010
    11th-16th Wednesday-Monday
    Bids + Registered Phone Bidders: 3
    Lot Tracking Activity: N/A
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