[AMERICAN REVOLUTION]. HOPKINSON, Francis (1737-1791), Signer, New Jersey. Five partly printed documents signed ("Fr.Hopkinson"), Continental Loan Office bills of exchange, 4 of the Pennsylvania and 1 of the New Jersey issue, each constitutung the 2nd bill from a sheet of four, the New Jersey issue in the $24 denomination, the Pennsylvania issues in denominations of $30 (three) and $600 payable to the order of John Bayard, for "Interest due on Money borrowed by the United States," countersigned by Joseph Borden, Thomas Smith and John Bayard, n.p., 29 March 1779 to 26 February 1780. Each an oblong (approximately 3¾ x 8½ in.), accomplished in manuscript, decorative engraved border in left-hand margin printed in black, blue or red ink, left margin preserving original deckle edge, some minor dampstaining, the $600 denomination bill with slightly damaged right edge, otherwise in fine condition. William G. Anderson, The Price of Liberty (Charlottesville, 1983), pp. 88-89.
CONTINENTAL LOAN OFFICE BILLS OF EXCHANGE WITH AN EXTREMELY RARE $600 DENOMINATION
After the promise of loans from the French Government, a financially strained Continental Congress began issuing loan certificates whose interest would be paid through bills of exchange drawn on American credits in France. The bills (in denominations of 18, 24, 30, 36, 60, 120, 300, 600, and $1200) were issued from a loan office in the state where purchased and were printed four to a sheet, each with a watermark corresponding to its number within the group, to discourage forgery. The present examples, from the New Jersey and Pennsylvania issues, are all watermarked "UNITED STATES 2". While Pennsylvania bills are, in general, fairly common, and New Jersey bills relatively uncommon, those bearing the $600 denomination from any state are EXTREMELY RARE (in 1983, Anderson asserted that there were no known examples of the $600 certificate, but one other example, from the same small cache as the present, was sold at Christie's on 22 May 2002 (lot 6)). Together five items. (5)