Likely Finest Known 1785 North CarolinaNorth Carolina December 29, 1785 40s PCGS Choice About New 55PPQ.
Unpriced in both Newman and Friedberg, this note from the final issue of North Carolina Colonials is one of the highlights of this wonderful Southern States Colonial Collection. The notes from this issue, as well as the prior issue, remained in circulation until 1816, which as Newman points out was 29 years after the issuance of Bills of Credit by States was prohibited by the U.S. Constitution. This very lightly handled note with a Justice vignette retains a bold serial number and the signatures of Absalom Tatom and John Hunt. Tatom (1742-1802) served in a number of public service roles during his lifetime. He rose to the rank of captain in the Continental Army during the Revolutionary War. Three years after signing this note, he was a delegate to the convention which considered ratifying the U.S. Constitution.
This piece is the finest yet graded by PCGS for the entire eight-denomination issue. PMG has graded only three notes in total for the entire issue, with none at this level. An extremely rare note in any grade, and this piece is very likely the finest known. The issue is unpriced in Newman, but they cite some auction records: a VF Forty Shillings realized $3220 in October of '06, and an XF 1s realized over $7000 in May of '05. In September 2009, we sold a PMG 50 for $7475. This PCGS 55PPQ should easily break the previous record for this type.
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