Early Paper Money of America / Vermont / 1781 February

Early Paper Money of America (NNP Edition)|

£25,155 in legal tender Bills of Credit authorized by the Act of April 14, 1781 for carrying on the War and increasing the amount of paper money in circulation. Redeemable by June 1, 1782 on the basis of 1 Spanish milled dollar or its gold equivalent for 6s in bills. By an earlier Act of February 22, 1781 a total issue of only £5,590 was approved with similar provisions but was not acted upon. When the £25,155 issue was printed the date of the earlier Act was included by error. This error was subsequently ratified by the Act of June 27, 1781. Legal tender was revoked as of June 1, 1782 by the Act of February 28, 1782, but the bills retained their validity for tax payments. By the Act of October 27, 1781 the Treasury was denied the right to recirculate the bills and a committee to burn them was appointed.

The engraved seal shows 13 joined links and one loose link exemplifying Vermont's objection to being excluded from being one of the original colonies asserting statehood. The motto VERMONT CALLS FOR JUSTICE emphasized this desire for recognition. On the face of 1s, ls6d, 10s and 40s the motto on the seals is in black. On the face of 1s3d, 5s, 20s and £3 the motto on the seals is in white. The latter denominations have larger seals, which contain a balance to represent JUSTICE in the motto. The engraved border cuts on the face and back surround set type within them. On the lowest five denominations the redemption basis was stated as 6s8d per ounce in silver and the highest three denominations used the equivalent statutory language of Spanish milled Dollars at 6s per dollar. Printed on thin weak paper by Judah P. Spooner and Timothy Green III (son of Timothy Green II, who printed some Connecticut bills). Signers were John Fasset, Peter Olcott, Thomas Porter, and Ebenezer Walbridge.

2s6d Half a Crown [3,600]
5s         [3,600]
10s         [3,600]
20s         One Pound [3,600]
40s         [3,600]
£3         Ten Dollars [3,600]