Early Paper Money of America / New York / 1790 February 20, City of New York

Early Paper Money of America (NNP Edition)|The Common Council of the Corporation of the City of New York approved an aggregate of £9,660 in notes to satisfy “the want of small change” and to prevent the great losses “to the poorer classes of citizens from the circulation of base coppers.” The original authorization of Feb. 26, 1790 was for £1,000 but only £902/2 was printed by Hugh Gaine of New York with 12 notes to the sheet at a cost of 25. Further authorizations were £1,097/18 on May 14, 1790; £1,000 each on Mar. 11, 1791, Oct. 4, 1791, Sept. 23, 1793 and May 26, 1794; then £2,000 on Jan. 12, 1795; £600 on Nov. 11, 1795; and £1,000 on Aug. 29, 1796. Destruction of redeemed notes by burning was recorded from Feb. 17, 1792 intermittently through May 28, 1798. A rumor that the notes were called for redemption was reported on Jan. 21, 1799 and denied. By April 22, 1799 quantities of London-made counterfeits brought about a call for redemption of the entire issue by June 1, 1799. Printed signature of Daniel Phoenix, City Treasurer appears.

1d [367,333]
2d [367,333] ▷CF◁
3d [367,333] ▷CF◁