At first glance my new Maryland $8 note might not seem that different from your average colonial note, or even continental note, with its black text and simple design, and plant/nature security feature on the reverse.... But don't let first appearances fool you, for you are looking at perhaps one of the top, most stable colonial currencies in pre-Revolutionary America. While notes from many other colonies traded at 10-30% discount in the north, and as much as 50% discount in some of the southern colonies, the Maryland paper currency traded on parity with actual coinage. That $8 Maryland Note would actually get you one of these, $8 Spanish Dollars, also known as 8 Reales. No discount, no disappointment....but exactly what it promised. How did Maryland do it? Read the note again, and you will see a curious phrase: "payable in London". That's right, as in London, England. Let me explain. Maryland, unlike many other colonies, actually invested some of their tax revenues in securities with the Bank of England to back up their paper currency, and furthermore they also had specific colonial taxes whose collections were exclusively used towards the redeeming of their colonial paper money. And what that means is that Maryland's paper money was fully trusted because you knew if you had one of their notes the colony would always pay you the full value in silver when it came time to redeem, and that the colony had funds in London as an extra backup to ensure the notes would be redeemed. Which is why Maryland notes were traded on parity with actual silver coins. It was the gold standard of colonial paper money. But if none of that is particularly interesting to you, there is one more thing this bill has that may appeal to your sensibilities....the phrase "Tis Death to Counterfeit" ☠️ And who doesn't love a note that promises the death penalty on it?
I love the note and the write up. As for the death penalty on it, that was not unusual at the time. This Pennsylvania note also warns the counterfeiter: This French Assignat says on the left side in French, "The law punishes the counterfeiter with death." On the right side it goes one step further, "The nation rewards the denouncer," that is, the one who turns in the counterfeiter. Unlike your Maryland note, these became nearly worthless, except that citizens who refused them could be accused of disloyalty and might find themselves on a wagon going to the guillotine.
Oh, I like those a lot. That French revolutionary note is awesome. I had no idea they were a thing. Might have to add that to my list of things to keep an eye out for in the future. Nice Philadelphia note too. And yes, you are right, other colonies had the same message on their notes. My New Jersey 18P note also has it.
What makes this note all the more fascinating is that it was printed by A.C. Green - as in https://en.wikipedia.org/wiki/Anne_Catherine_Hoof_Green who was the only printer in the colonies who was a woman. Her husband Jonas Green passed in 1767 and she continued the business with her son Frederick. Also uniquely for a female in that era, she was painted by a well known painter, Charles Wilson Peale who is more famously known for painting the portrait of George Washington that was used as a model for the portrait on the present one dollar bill.
David Farnsworth - Wikipedia https://share.google/ZyPg46qx3ruUSJUwx That guy was put to death by George Washington for counterfeiting Continental Dollars. There was also some guy put to death in New York in 1756 for Counterfeiting, Owen Sullivan. 1720: Edward Hunt, the first counterfeiter executed in colonial Pennsylvania | Executed Today https://share.google/uSl94IX9HTLNaR2E6 Not the only people either. There's others. Yeah, they took that seriously back then. No jail time, no probation, no pardon.... just the gallows to look forward to.
perhaps this law should be brought back for offenses other that counterfeiting. Like rape and murder. Guilty and gone. If this is too political I apologize.
Great read! Great note! I don't have any Colonial notes yet but they are at the top of my buy list. I love that they use leaves because no two leaves are the same.
A wonderful write up and a great note to have. If they put to counterfeit is death and actually carried it through we wouldn’t have the problem we have today. Here’s my Pennsylvania Colonial Note. It had the same counter warning.
Beautiful notes! I think the problem is much of the modern counterfeiting is probably done internationally by countries or entities who are adversaries. I imagine terrorist groups or governments like North Korea wouldn't care if they said "penalty of death". It would just be a threat to domestic counterfeiters, which are probably doing lower quatities, only a handful at a time to buy sneakers, gas, groceries, etc.
Pennsylvania first issued paper money beginning in 1723 as a means of funding several provincial projects in the colony, the earliest notes were printed by Andrew Bradford. Benjamin Franklin printed a small change note for an Evan Morgan in June 1729 and apparently accepted some in payment, but he did not himself print notes for the colony until 1739. With the 1739 issue Franklin introduced what was then a high tech solution to thwarting counterfeiting, the inclusion of a leaf for printing the reverse of the note - the leaf being unique in it's structure and the print thereof being difficult to duplicate an exact copy of. Counterfeiting of paper money in 18th century was on a scale that is now unimaginable - a plague that never really was quite eradicated during the time. The simplicity of printing techniques during the time, coupled with the trying times, coalesced to driving the colonies into near financial collapse at times - with entire paper money issues being recalled and exchanged for new bills at times. The penalties for forgery became severe - the death penalty is about as strong a measure as can be enacted, but in essence even that harsh measure never completely eradicated the problem - particularly so during the American Revolution a few years later when the British government conspired to circulate counterfeit notes. One of the most fascinating aspects of collecting colonial era paper money is the history, in this instance the note was printed in the shop of Benjamin Franklin and his associate David Hall. David Hall was born in Scotland in 1714 and became a journeyman printer in Franklin's firm in 1743 having just prior emigrated from Scotland. Hall, being a a reliable associate became a full partner of Franklin in 1748 and ran the firm during Franklin's extended travels to Great Britain during the 1750's and 1760's. In all likelihood after 1748 Franklin really had little to do with his printing business in Philadelphia beyond being a passive partner and investor - so unlike my 1746 Delaware note which was printed by Franklin - this note was printed by David Hall. Franklin's name continued being displayed on the notes through the 1764 issue, in 1766 Franklin sold his interest in the firm to David Hall who subsequently brought in William Sellers as a partner in the business. After David Hall's demise in 1772 William Sellers continued the firm under the Hall and Sellers name until his demise in 1804. Hall and Sellers would be the primary printing contractor for Pennsylvania and later Continentals and 1780 Guaranty notes. Notice the word death is in all capital lettres to leave no doubt what the consequences of being caught could be.
