 Treasury of Pennsylvania. Act of March 21, 1783. One-fourth Dollar. No.1708. Signed by (at the lower left) Tho.[mas] Smith and at the lower right by Dav.[id] Rittenhouse. 155mm by 75mm. Uniface, printed on tissue thin laid paper with watermark, 'INTEREST/25', at the top of the paper. Indented bill with ornate repeating pattern at the left and identical diamond ornamental pattern along the top edge. At the top left, the serial number position and at the top right 'One-Fourth Dollar.' In the centers, textual obligation in four lines: 'The Bearer is entitled to receive ONE-FOURTH of a/DOLLAR, Specie, at the Treasury of Pennsylvania, after/the First Day of July, 1784, according to Act of Assembly, passed/the Twenty First Day of March 1783.' At the lower left in Gothic font, 'One-fourth Dollar'.
An incredible Specie Bill that acted as a Post Note. These were authorized in eight different denominations with this being the lowest and only change bill denomination. Listed in Newman, page 359. Anderson PA-5 Rarity 8. The Newman Plate Note, so illustrated on page 359 of the fourth edition. Also, courtesy of Eric Newman, this is the Plate Note in Anderson on page 155. Boldly signed by David Rittenhouse, financier, important Philadelphian, and future director of the United States Mint. A truly wonderful note that ties to both the fiscal forms of the early American independent period and Colonial currency. As such, certain to see spirited bidding.
Although not up in grandeur with the 1782 Bank of North America $100 note we sold in January, 2005 at the Ford VIII Sale (nearly $38,000 realized with the buyers charge), this is a very significant fiscal instrument. William Anderson lists only three known denominations and only published this second hand plate note image. Each is listed as a Rarity 8 (1-3 known) and it is likely that as a series there might be less than five known of all denominations combined.
Overall, Very Fine or better. The signature quality is sharp and the only flaw is some ink corrosion on the serial number. Light, uniform toning. Two burn spots, one in the lower left field and in the text. Grade is not a factor when epic rarity and history control the destiny. One of the major rarities listed in Anderson and extremely important. The opportunity to purchase such a note may not pass your way again for another generation.
Ex F.C.C. Boyd Estate.
Born to farmer parents near Germantown, Pennsylvania in 1732, David Rittenhouse rose to be one of America's greatest early scientists, patriots and government functionaries and was mourned by all America upon his death in 1796.
Rittenhouse is perhaps most revered, with Franklin, as one of America's preeminent early scientists. A clock maker by trade, he is most famous for his diverse scientific studies and efforts, ranging from participation in the 1763 survey of the Pennsylvania-Maryland border that later was incorporated into Mason and Dixon's official survey of that state line; measurement of the transits of Venus and Mercury in 1769; and the building of two great orreries, which are mechanical planetaria, the most famous of which is still extant in the collection of Princeton University. Rittenhouse's interests and skills evidently extended to currency as well, as he is known to have engraved the border cuts for the 6 pound notes on New Jersey's March 25, 1776 emission (see lots 4767 and 4768) and according to Newman, designed and engraved the border cuts for the May 10, 1775 issue of Continental Currency.
The portion of Rittenhouse's life that concerns numismatists most is his later involvement in public service, including his tenure as First Director of the United States Mint (1792-1795) at the end of his life. A member of Philadelphia's Committee of Safety and of Pennsylvania's constitutional convention, Rittenhouse served a long stint as Pennsylvania's Treasurer (1777-1789). Despite war and political turmoil, he kept Pennsylvania's accounts quite ably. With the Treasury constantly in fiscal crisis, Rittenhouse was charged with the constant fight to keep Pennsylvania solvent amid inflation, depreciation of Continental and state currencies, the ongoing difficulties with tax collection, counterfeiting, embezzlement, and outright theft. Bills such as the one in this lot were issued in this constant battle against insolvency, and Rittenhouse signed these bills in his role as State Treasurer.
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