 State of Vermont. February, 1781. Two Shillings and Six-Pence (Half-a-Crown). No.1810, in rectangle. Signed by T.(homas) Porter and Jno. Fasset. 74mm by 93mm. Printed on thin, brittle rice type paper, face and back, in black by Judah P. Spooner and Timothy Green III. Design style similar to the Connecticut and Rhode Island bills of the Revolutionary period. Side cuts of more ornate, floral vines (Ford's ''complex swaying vine'') supporting a frieze with a straight ''VERMONT CURRENCY'' reverse imaged on black. Text and obligation in the center. Seal at lower left with fourteen link chain (not connected) with motto VERMONT CALLS FOR JUSTICE. The back with an ornate frame having denomination, counterfeit warning, imprint and date ''1781''.
The 1990 Sanborn Partridge compiled census had tracked twenty nine examples of this denomination including as many as ten or more in museums or very closely held collections. The census on this denomination has some notes that may be duplicates due to lack of serial number corroboration. This is the second and final example of this denomination in the Ford-Boyd Collection. The other we sold in our Ford Part III sale as lot 843.
From the face, excellent eye appeal. The look of Fine or better, but several paper ''cracks'' are evident when looked at under the light. The note has been reinforced onto white paper, but no pieces have fractured off. Under scrutiny, some period sewing with thread can be seen at the right. The serial number is slightly blurry from the backing glue. The face margins are very generous and the printing quality strong. Obviously, the back cannot be warranted for quality due to the backing. Pencil code, ''iryx'', by Boyd on the verso. A very serviceable type note, complete and eye appealing. The last State of Vermont, 1781 note in the Ford-Boyd Collection.
Ex F.C.C. Boyd Estate.
This note and the other denominations from the series were created by the Act of April 14, 1781 in order to defend the Republic and increase money in circulation. Although the notes have ''State of Vermont'' as the issuer, at this time Vermont considered itself a Republic and not part of the American Confederation. Twenty-five thousand five hundred fifteen Pounds Sterling of Bills of Credit were authorized in eight denominations from One Shilling up to Three Pounds. These were to have a ratio of Six Shillings in bills for every Spanish Milled Dollar (hence the Three Pound note was a dual denomination of Ten Dollars) of silver coin. There was an earlier Act (February 22, 1781) for 5,590 Pounds, approved and similar, but not placed into action. This explains the earlier act date on the notes.
Despite the error, the issue was authorized to carry the date and be legal tender up until June 1, 1782 as noted in the obligation on the bills. After that, though still receivable for taxes, the treasury enacted to prevent recirculation and made an official recall to burn the existing notes. Each of the eight denominations had an official print figure of 3,600 notes. The paper used was the most fragile seen on any late Colonial issue and the bills generally became impossible to circulate after a few months.
The notes' size and designs reflect the size and style used in Connecticut and Rhode Island. Vermont was the ''missing stepchild'' of the Revolution and the seal designs on the face reflect this. The Thirteen Colonies are the linked chain and obviously the separate chain seen on four denominations represents Vermont. Also, note that the motto is in English and obviously calls for prompt inclusion into the American union.
In grading and describing Vermont 1781 notes, nomenclature is slightly different from most other Colonials. These notes tend not to split, tear or rip upon their folding or heavy handling in the same manner as say a Connecticut note. Instead they ''crack'' or have pieces ''chip'' off; it is almost as if you look at them the wrong way they can get a flaw. The chipping can be quite pronounced on some notes due to variance in the rice paper strength. Because of this fact, the existence of an intact, fully Uncirculated note would be monumental.
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