Difficult to Locate Vermont 1s NoteVermont February 1781 1s PMG Very Good 10 Net. One of the more eye-pleasing Vermonts that we have had the pleasure of handling. At a glance, it appears to be both a solid Very Fine and to be unrestored. On closer inspection, it becomes apparent that the bottom inch of the note is actually from a different note than the top two-thirds. This is very often the case with Vermont notes, and on this particular example, the face-to-back registration allowed for an almost perfect blending of the two pieces. Vermont notes were printed on thin, weak paper that disintegrated rapidly, and fragments of notes are far more common than whole examples. Early collectors often "cobbled together" whole notes from the pieces that were available to them. Their scarcity is due to the fact that only a single issue was emitted, and that issue, authorized in February of 1781, had its legal-tender status revoked after a little more than a year in circulation. The scarcity was increased by the fact that these notes retained their validity for tax payments, but the Treasury was denied the right to re-issue the bills, and they were burnt when received as taxes. This is one of the better restoration efforts we've seen, and the note really does look like a solid VF. PMG has noted that the note has been reconstructed from two different notes resulting in the 10 NET grade, but the piece is visually extremely pleasing.
Estimate: $8,000 - up.
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