New York Currency
May 31, 1709
New York was the third colony to issue paper currency, following Massachsuetts (1690) and South Carolina (1703). This is the first New York emission. On May 24, 1709 a tax of £6,000 was authorized to fund a military expedition to Canada under Captains Robert Walters, Lawrence Reade, John DePeyster and Robert Lurting. On June 8, 1709 an act was passed to issue a total of £5,000 in Bills of Credit, persuant to the funds authorized on May 24. The June 8th act stated the notes would be acceptable for taxes and other public payments to the treasury and that they were to be dated May 31st. Most likely the legislation was written on that day and the May 31st dating was never changed to reflect the actual date on which the act was passed. The notes were typseset by William Bradford with a wood cut design for the indent. Each sheet consisted of four notes prined on their side with the indent to the left edge. A committee of any three of the four captains were authorized to sign the notes. Denominations issued in this emission were: 5s (in two varieties, one with "&" for the word "and," the other with the word "and" spelled out but having an inverted d), 10s (in two varieties, one with Governor another with Governour), 20s, 40s and £5.
Three other colonies followed New York authorizing their initial paper money emissions in 1709 as follows: July 1, 1709 - New Jersey; July 12, 1709 - Connecticut and on December 5, 1709 - New Hampshire.
5s Serial Number: 3332 NY 05/31/09
Signers: Robert Walter, Johannes DePeyster, Robert Lurting
Size: 162 x 104mm (text block dimensions: 69 x 78mm; the back is blank)
Comments: Numbered and third signature in brown ink. The first signature is in a light red ink and the second in a dark brown ink. All signers were early mayors of New York City. In the fifth line of the text the d in the word and had been inverted. There is a prominent indent in the wood block scroll design area at the top. Click here to view the blank back. In 1954 Wayte Raymond acquired three 5s notes and three 10s notes from this emission. He had each pair of denominations bound in a leather case. This note is from one of those three sets.
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 1038, graded Gem Uncirculated.
10s Serial Number: 3368 NY 05/31/09
Signers: Robert Walter, Johannes DePeyster, Robert Lurting
Size: not given
Comments: Numbered and third signature in brown ink. The first signature is in a light red ink and the second in a dark brown ink. All signers were early mayors of New York City. In the fifth line of the text the d in the word and had been inverted. There is a prominent indent in the wood block scroll design area at the top. There is no image of the blank back. The 1954 Wayte Raymond companion to the 5s note shown above is no. 3369 (a "Governor" variety). This example is a different note representing the other 10s variety with the spelling"Governour" in the next to the last line.
Provenance: Used with permission from the Early American History Auction online catalog for the auction of August 22, 1998, lot 410, where it was graded Choice Crisp Uncirculated.
