New York Currency
August 28, 1792 - Presbyterian Congregation of Troy
In July 1789 the public lost confidence in the lightweight copper coinage then in circulation and their value plummeted. Earlier 14 coppers were valued at a shilling but during the height of the panic it took 60 coppers to equal a shilling (if you could find someone willing to take the coppers!). In response to this "copper panic" municipalities, banks and churches printed their own small change notes. This is an example of Church money issued by the trustees of the Presbyterian Congregational Church of Troy, New York in Rensselaer County. This was done so the church would not be "stuck" with worthless coppers. One would purchase these notes at the church using silver coins or higher denomination currency at what had been the standard rate (say 14d to the shilling), then one could give their weekly contribution to the church (of one or two pence) without resorting to the worthless coppers. The notes were typeset by C.R. and G. Webster of Albany. At first these notes were signed by Morgan as treasurer while later notes were signed by B. Gorton as treasurer. Denominations issued were: 1d, 2d, 3d and 4d.obv
rev
1 penny NY - Presbyterian Congregational Church of Troy 08/28/92
Signer: Ephraim Morgan, Treasurer
Size: 46 x 75mm (front border dimensions: 42 x 70.5mm; back border dimensions: 43 x 71mm).
Comments: At first these notes were signed by Morgan as treasurer while later notes were signed by B. Gorton.
Purchased throught the Robert H. Gore, Jr. Numismatic Endowment from Early American Numismatic Auctions, Inc. auction of January 18, 1997, lot 329.
