Auctioneer Press Release Early American History Auctions

A Revolutionary Numismatic Auction

Jul 09,2021 | 14:00 EDT By Early American History Auctions

Early American History Auctions presents a specialized numismatic auction including 336 lots, closing Saturday, July 24th, 2021. This major sale will feature extensive consignments including historical early American Coins, Colonial and Continental Currency Notes, Fiscal Documents for financing the American Revolutionary War, Silver and Bronze U.S. Mint Medals and Presidential Indian Peace Medals issued by the U.S. Government to various Native American Indian Chiefs. Plus, there are numerous major rarities in the field of Civil War Era Encased Postage Stamps and related Postage Stamp Envelopes.

Lot 309, 1809 Silver James Madison Indian Peace Medal Finest Known AU. 51mm ANACS Genuine. Estimate $30,000-$40,000

180 Lots containing Colonial Era and Continental Congress issued Paper money, dating from 1708 to 1785, will provide a wide array of authentic historical issued notes by the original Thirteen Colonies and includes a rare 1781 Vermont issued note. All together, the notes issued by the Colonies and the Continental Congress during the American Revolutionary War also illustrate a current major financial topic of interest and concern... Inflation and Devaluation of American currency.”

Represented are several Continental Congress issued notes that were “Guaranteed” by the United States, to be paid with 5% interest per annum, provided to several States in 1780 during the Revolutionary War. These special “Guaranteed” currency notes had a printed Interest Payment Table right on their face. Americans today do not know that to receive $1.00 in the new “Guaranteed” note’s face value, older paper money issued notes totaling $40 face value, were required to be turned in to be exchanged. Each $1.00 of new bill value cost $40 in older notes exchanged. A new $20 “Guaranteed” note required $800 face value in older paper money issues to be exchanged.

Lot 33, Colonial Currency, 1708 Massachusetts Colonial Note Major Rarity PCGS EF-40. Estimate $6,500-$8,500

Paper money notes issued during the American Revolutionary War saw more extreme loss of their value due to inflation. A 1781 Virginia paper money issue authorized the printing of $60,000,000 (Sixty Million Dollars) of notes, an unbelievable massive amount in those days. Printed denomination face values soared upwards to a remarkable $2,000 in face value on a single note. Some currency was also deliberately printed on very thin rice paper which tended to rapidly deteriorate and would literally “melt” in your hand if it ever was to become wet. Even worse, these newly issued paper money notes were quickly ordered to be returned to the Treasury just one year later. After that date, the notes would no longer be considered legal tender and they would simply become worthless! Upon redeeming your newly issued paper notes, the exchange rate you would be paid was $1.00 in hard specie (Copper, Gold or Silver) for each $1,000 delivered in paper money. Not a good deal.

Todays collectors can know that the value of these rare notes lies in their history, rarity, quality and the competitive collector market value. These days, Colonial Currency notes are actually increasing in value quite rapidly. This auction is a perfect opportunity to acquire examples of American numismatic history.

By Early American History Auctions