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Rare 1690 Colonial Note Public Offering
By Bank Note Reporter

A never before publicly offered Feb. 3, 1690, Massachusetts Bay 20 shillings note will be sold Sept. 24, 2009 in Philadelphia as part of Stack's paper money and coin auction, in conjunction with the first Whitman Coin & Collectibles Philadelphia Expo.

The note is part of the earliest paper money authorization on the North American continent and is the earliest collectible paper note in the American series. The notes were emitted to pay the disgruntled troops from a failed Canadian raid when there was no hard money available to pay them.

Stack's Philadelphia auction will also prominently feature the first portion of the Chester L. Krause Wisconsin Obsolete Currency Collection (more than 300 lots), an important collection of Civil War sutler notes and manuscripts, a New Jersey proof sheet archive, rare Nationals and federal type notes.

The 1690-dated Massachusetts note will be the first sold at auction since Ford III in May 2004 and only the fourth such note sold publicly in the modern era (two in 1999). The Ford III note, sold by Stack's, brought $161,000. This is the highest auction price realized for a Colonial American bank note.

This example, raised from a lesser denomination as are all notes known of this series, is enumerated on the Ford III catalog census (but not seen) and has only been in private hands until this auction. According to Stack's, there are probably less than 10 examples known from this series with the majority of the notes held in foundations or private collections.

For additional information on the 1690 Massachusetts note, the Krause collection, or the auction, contact Bruce R. Hagen at Stack's, 123 W. 57th St., New York NY 10019. Telephone (212) 582-2580 or e-mail him at bruceh@stacks.com. Stack's Web site is www.stacks.com.

 



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