Early Paper Money of America / New Jersey / 1737 March 25

Early Paper Money of America (NNP Edition)|

£50,000 (£40,000 plus £10,000 to exchange for worn bills) was issued in Proclamation money authorized by the Act of Aug. 13, 1733 subject to Royal approval, which was finally granted on May 4, 1735. Although he news of approval came promptly after authorization, the formal document was deliberately withheld by an obstinate American official until was ordered on June 28, 1736 and again on August 24, 1736 to deliver it. The issue was secured by mortgage loans and known as the "Third Bank." Legal tender "between man and man" until Mar. 25, 1753 and invalid after Sept. 25, 1753. The weight equivalent in silver plate is the same as was provided for prior issues. Printed by Benjamin Franklin whose Pennsylvania Gazette on July 22, 1736 said that he was "at Burlington with the Press, laboring for the public Good to make Money more plentiful." In this issue Franklin invented and introduced the art of nature printing from leaf casts by transferring a sage leaf image to the back of the bills. The Assembly was "to get said bills printed in the best and cheapest manner" and paid Franklin £160 for the work. William Bradford claimed he would have printed the bills for 100 or less and that the contract was political. Franklin convinced the Assembly that the protection of his nature prints against counterfeiting was worth the higher cost. Thomas Leech made the face cuts. No examples of this issue are known but in 1772 on the death of Robert Hude 2,724 bills of this issue including all denominations were found partially or fully signed in his effects and were ordered burned by the Provincial Council. Signers were John Allen, Isaac Decow, Robert Hude, and John Stevens. Alternate signers were William Cox and Robert Smith.

1s [32,500] ▷CF◁
1s6d [25,000]
3s [20,000]
6s [15,000]
12s [15,000]
15s [10,000]
30s [5,000]
£3 [2,500]
£6 [1,250]