Virginia May 7, 1781 $1,500 PMG Extremely Fine 40. ...
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Virginia May 7, 1781 $1,500 PMG Extremely Fine 40. Part of a $60,000,000 emission authorized by the Act of May 7, 1781, this $1,500 Treasury Bill was originally set to be redeemed for specie by December 30, 1794, at the rate of $1 specie for $40 in bills. Months later, new legislation was passed removing legal tender status, changing the redemption rate to $1 specie for $1,000 in bills, and declaring the notes worthless after October 1, 1782. As a result had this note been redeemed, it would have garnered the holder $1.50 in specie. Under these conditions, the note was perilously close to not being worth the paper it was printed on. Physically, the note is attractively printed on bright paper with clear design details including the signatures of Boling Stark, John Lyne, and J. Hopkins. There is a subtle repair of a tear/split at bottom center on the back. HID08101242017 www.HA.com/TexasAuctioneerLicenseNotice
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