| Description: |
Engraved signature of 'Tench Francis, Cashier'. Printed on sturdy wove paper. Standard
size, approximately 60mm by 45mm. Printed on both sides. Typeset face within ornamental
pattern border, 'One Penny Specie' at right end. Ornate back, coin turned, with central
pattern, ornate frame around perimeter, denomination and plate letter within. Imprint:
'Printed by B.F. Bache, Philadelphia'. Newman (4th Edition) Page 360. James Haxby PA-465
G8. Not rare as a type, but always very popular. The Three Pence notes had marbled colored
backs and were printed at the top of sheets with One Penny notes. That paper used on the
series was obtained by Benjamin Franklin and also used earlier on the May 10, 1775 Marbled
Border notes. Horizontal paper fold. Lightly aged, but nearly all there with some natural
paper wave. Extremely popular.The Bank of North America was officially chartered in 1782,
but was incorporated in perpetuity by the Continental Congress on December 31, 1781. It
was the first to have this honor in the newly independent republic. The bank's grand
history commenced with American Revolution luminaries dominating its early investors and
at that initialization was a de facto National Bank. The initial issued demand notes used
watermarked paper 'NATIONAL BANK' if further proof be needed (see Ford VIII: Lot 1334,
pages 119-120). Eventually, the Bank of the United States would supplant it. Tench Francis
was a key financier of the period, and Cashier of the Bank was a more important role than
the honorary title of bank president. The Cashier actually was responsible for the bank's
finances.Ex Wayte Raymond Estate, July 25, 1958.
|
