Early Paper Money of America / Pennsylvania / 1789 August 6, Bank of North America

Bank of North America small change bills (referred to as tickets) payable in specie were issued “for the public convenience at this juncture when the circulation of copper coin is nearly suspended.” Benjamin Franklin while serving as minister plenipotentiary in Paris (Passy district) during the major part of the American Revolution purchased two reams of specially marbled wove paper from James Woodmason of London in 1779 to use in printing obligations of the United States for money loaned by France during the American Revolution. The paper arrived in mid-1780 and a small amount was used for that purpose. Franklin took the remainder with him when he returned to America and was used by his grandson, Benjamin Franklin Bache, for printing the issue of small change. Some of the type used on that issue was sloped Roman, a new style developed in France and used sparingly in Franklin’s printery in Passy for U.S. loan obligations before being brought to America. It was then used on the small change issue because no counterfeiter would have such type available. The signature of Tench Francis as cashier was printed. The name of the printer was placed on the back of all bills as was customary but in addition on the ld bills Bache printed his initials and 1789 alternately between ornaments on the lower border of the face and 1789 and BANK in the back borders. The lower border of the back of the 3d bills has PHILADELPHIA alternated between ornaments.

$1/90 (1d) Plate letters A, B, C, D, E, F, G, H, I, K, L & M [12,000]

$3/90 (3d) Plate letters A, B, C & D. Marbled (Polychromed) back [4,000]