Early Paper Money of America / Connecticut / 1732 August New London Society for Trade and Commerce

Early Paper Money of America (NNP Edition)|

£10,000 (£30,000 authorized) in indented circulating notes loaned on twelve-year mortgages by the “New London Society United for Trade and Commerce,” a private organization founded in 1730 and incorporated in May 1732 by the Connecticut General Court. The notes were equal to all public Bills of Credit of the New England colonies and to silver at 16s per ounce. The engraved face and the typeset back were printed by Timothy Green. The seal consists of a ship with the motto AMOR PATRIAE VICIT (Love of country has conquered). Various shapes and designs on both face and back were used on each denomination to deter alteration. This issue caused legislation in Feb. 1732/33 prohibiting private note issues and repealing the charter.

The Colony authorized its own July 10, 1733 emission to be used in exchange for the New London Society notes. By the Acts of Oct. 1735, Oct. 1740, and May 1741 the Society notes were decreed to have the same status as counterfeit bills. Signers were Thomas Seymour, John Curtis, John Bissel, Solomon Coit, John Lee, Joseph Wright, and Thomas Traynor.

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