Handsome and Very Rare Vermont ColonialVermont February 1781 2s/6d PMG Very Fine 20 Net.
PMG has assigned the Net grade for "Repaired, Annotation," both of which are correct. The annotation is an extremely light penciled number beneath the signatures that is of no consequence. The repairs are of the top right corner outside the design and at the left and right effecting minor portions of the design. Many, if not most surviving Vermonts, are made up by reassembling the note from pieces of different notes often of different denominations. That is not the case here, and save for the aforementioned extremely well-executed repairs, the note is a solid, VF with strong original signatures and terrific eye appeal. All Vermont notes are very rare, and most known examples are in extremely low grade. 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 burned when received as taxes.
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