Early Paper Money of America / Connecticut / 1733 July 10

Early Paper Money of America (NNP Edition)|

£30,000 in legal tender Bills of Credit issued pursuant to the Feb. 1732/33, May 1733, and Oct. 1733 Acts to exchange for "New London Society United for Trade and Commerce" circulating notes, to create new mortgage loans, and for public expenses. Redeemable by May 1, 1741. The faces were engraved on two copper plates (great and small) by Nathaniel Mors of Boston. The typeset backs contain the date. October was added to the face and back to distinguish the bills issued after the Oct. 1733 Act. Printed by Timothy Green. Signers were William Pitkin, Nathaniel Stanly, Joseph Tallcott, and Hezekiah Wyllys. Beginning at this time and continuing for over thirty years most paper money legislation was withheld from the public and not published in the printed Acts. Since the 1709 emission the folding of bills had caused bills to tear, resulting in half or quarter sections. These parts circulated independently for proportional values. By a Jan. 1719/20 Act of Massachusetts Bay, the acceptance of sections of Connecticut bills in Boston was limited to half sections or more. In the May 1726 Connecticut Act the Connecticut Treasury was prohibited from receiving any sections of bills after May 1, 1727. The practice of deliberately sectioning bills for change developed, which in turn made sections of counterfeit bills easier to pass. By the May 1736 Act sectioning of bills of 5s and over was prohibited and after May 20, 1737 sections were to be unredeemable. The practice continued, nevertheless, in spite of newspaper warnings, etc. "Broken money" given to Christianize Native Americans was exchangeable by the May 1737 Act. By the Oct. 1737, May 1738, and May 1741 Acts redemption of sections was extended.

2s Dove ▷CF◁
2s6d Cock
3s Squirrel
5s Fox
10s Lamb ▷CF◁
20s Deer
40s Horse ▷CF◁
£5 Lion ▷CF◁