DescriptionVermont February 1781 2s 6d PMG Good 4 Net.
PMG comments "pieces" missing. There are indeed some missing pieces on this Vermont note, but the Net 4 grade is harsh in the extreme. All Vermont notes are very rare, and most known examples are in extremely low grade. The majority of the known notes have been pieced together from several different examples, often of different denominations. Vermonts are unpriced in Newman above the Very Good grade. They are 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 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. There are a few missing edge pieces and a somewhat larger chunk of the lower left corner, but internally this is actually a very nice Vermont note. It is free of repairs or restorations of any kind and it is one of the few natural Vermonts that we have seen.
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