Cranch, Richard & Baldwin, Loammi

Canceled Watermarked $4 State of Massachusetts-Bay 1780 US Guaranty Note signed by John Adams’ brother-in-law

Price: $90.00 Special Offer - $80.00



Description:
Richard Cranch (1726-1811) Braintree, Mass. watchmaker, legislator & jurist. Harvard College 1744, received 1780 honorary degree. A representative from Braintree to 1788 Constitutional Convention, with Mass. General Court 1778-1782, 1786. Member of Mass. Senate 1787, Justice of Suffolk County Court of Common Pleas 1779-1793, Quincy Postmaster 1794. Married Mary Smith, sister of Abigail Smith who married John Adams; Cranch introduced Adams to Abigail. Son William (1769-1855) of Washington was associated with Robert Morris in Washington D.C. real estate transactions 1794-97, Commissioner of Public Buildings 1801, Jr. Asst. Judge of Circuit Court for District of Columbia 1801, Chief Justice 1805- 55. Loammi Baldwin (1744-1807) “Father of American Civil Engineering”, politician, soldier in Revolutionary War. Harvard MA 1785. Propagated the Baldwin apple throughout the northeast. Commanded oburn militia at 1774 Battle of Lexington and Concord as major. Enlisted in 26th Continental Regiment at beginning of the War, rapidly advanced to lieutenant-colonel, and, in Aug. 1775, commissioned regimental colonel. On night of Dec. 25, 1776, Washington and his army crossed the Delaware to the New Jersey side, and fought the Battle of Trenton. Baldwin and his regiment participated in both the crossing and the fight. In 1777, he resigned from the army because of ill health. Appointed high sheriff of Middlesex County 1780, 1st to hold office after adoption of state constitution. Represented Woburn in Mass. General Court 1778-84. He surveyed and was responsible for the construction of the Middlesex Canal 1794-1803, later worked on Boston's fortifications. Elected Fellow of the American Academy of Arts and Sciences 1782. 3 x 3 ˝ canceled watermarked $4 State of Massachusetts-Bay 1780 United States Guaranty Note signed by Loammi Baldwin, Richard Cranch, and, on verso, by Peter Boyer, printed by Hall & Sellers. Massachusetts-Bay the 1st New World paper money issuer, and the 1st government sponsored issuer of paper money. Though Massachusetts-Bay issued the earliest paper money, issues were fairly conservative which explains their relative scarcity today. The Continental Congress authorized and agreed to guarantee "state" issues of 1780 and these superseded previous state issues and Continentals issued by the "United Colonies" and then "United States" which had fallen out of favor. They lost nearly all of their value, finally redeemed after the 1790's at 1/100th of face value. Issues of Continental paper money began in 1775, supposed to be paid with funds from tax revenue. In reality that never happened, the Continental Congress failed to follow through on a broad taxation scheme, and as a result it was practically valueless. Rampant inflation necessitated a new issue of paper money by March 1780 resolution of the Continental Congress. Older "Continentals" were called in and exchanged at a rate $40:$1. These notes were issued with date of 5 May 1780 and with 3 signers, 2 for the State of Massachusetts and one for the United States. 1st signature on this note is of Loammi Baldwin, 2nd is of Richard Cranch; the 3rd is one Peter Boyer. The Latin legend, Aut mors aut vita decora means "Either death or an honorable life."

Condition: Very good, diamond cancellation does not affect any signatures, light dampstaining at left side
Type:Signed Banknote






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