Pennsylvania Currency
August 6, 1789-Bank of North America
An emission of small change bills of credit payable in specie issued by the Bank of North America in Philadelphia. This was one of several fractional currencies printed to carry on commerce during the "Copper panic" when the price of copper dropped dramatically and copper half penny coins were either not accepted by merchants or only accepted at far below their denominated value. The notes were printed by Benjamin Bache in Philadelphia on paper supplied by Benjamin Franklin that had a marbled border along the top of the sheet. Four rows of notes were printed on each sheet with four notes per row. The top row of the sheet contained three pence notes, these notes have a polychromed or marbled back (consisting of red yellow and blue swirls in the paper). The remaining three rows of each sheet were one pence notes without marbling. Each note bears the printed signature of Tench Francis, cashier of the bank. Denominations issued were 1d and 3d. They were also designated as one ninetieth and three ninetieths of a Spanish dollar respectively.
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1d unnumbered Plate C PA 08/06/89
Signer: printed signature of Tench Francis
Size: 60x45mm (front border design 57x40mm; reverse border design 57x40mm)
Comments: This is an unnumbered typeset note of plate C. The reverse is printed from the opposite end so that the note has a "coin turn" rather than the &medal turn," which is more common on paper currency. On the front is the printed signature of the bank's cashier. The back states, "Printed by B.F. BACHE, Philadelphia." Denominated as one penny specie, that is, a pence. In lower front border is B*F*B*1*7*8*9 (for the printer B.F. Bache) and on back in top border is 1 [design] 7 * 8 [design] 9 and in the lower border is B*A*N*K .
Provenance: Purchased through the Robert H. Gore, Jr. Numismatic Endowment from the R.M. Smythe, Chicago Paper Money Exposition Auction (#184) of 2/19/99, lot 1046, graded Very Fine.
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1d unnumbered Plate E PA 08/06/89
Signer: printed signature of Tench Francis
Size: not available
Comments: This is an unnumbered typeset note of plate E. The reverse is printed from the opposite end so that the note has a "coin turn" rather than the &medal turn," which is more common on paper currency. On the front is the printed signature of the bank's cashier. The back states, "Printed by B.F. BACHE, Philadelphia." Denominated as one penny specie, that is, a pence. In lower front border is B*F*B*1*7*8*9 (for the printer B.F. Bache) and on back in top border is 1 [design] 7 * 8 [design] 9 and in the lower border is B*A*N*K .
Courtesy of Early American Numismatic Auctions, Inc. Images used with permission from their on-line catalog for the auction of November 16, 1996, lot 698.
