High Grade Vermont NoteVermont February 1781 2s 6d PCGS Apparent Very Fine 30.
This note is a highlight of a spectacular collection of high grade Colonials (and Vermont) offered here this evening. When we last offered the note, it topped the five figure mark and was described, "This Vermont note has four wide margins, a characteristic that is seldom seen on notes from this state. The back design is also nicely centered. All Vermont notes are very rare and most known examples are in extremely low grade. The majority of the known examples have been pieced together from several different notes, often of different denominations. They were printed on thin, weak paper that quickly disintegrated in circulation. Their scarcity is due to the fact that only a single issue was emitted, and that issue, authorized in February 1781, had its legal tender status revoked after a little more than a year in circulation. Their scarcity also was increased by the fact that these notes retained their validity for tax payments, but the Vermont Treasury was denied the right to reissue the notes and they were burned when received for tax payments. This strongly embossed example has had a few nicely performed split repairs. We had a raw XF go for over $15,000 in May 2005 making this a great note for the serious Colonial collector to consider." Though it settled at $10,350 in the low point of the post recession market, it should easily sail past that number this evening with lower examples commanding $12,925, and $14,375 since.
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