June 7th, 1776 Connecticut 1 Shilling 3 Pence Colonial Currency Note - Reinforced Back - 1776 One Shilling Three Pence CT Note - CT-195

This listing is for the photographed 1776 1 Shilling and 3 Pence Connecticut Colonial Currency Note. Dated June 7th, 1776, less than one month before the signing of the Declaration of Independence! The note promises "the possessor of this billm shall be paid by the Treasurer of Connecticut, one shilling and three pence in lawful money on the first day of January, A. D. 1781. Signed by issuer on the obverse and contemporarily signed on the reinforced paper backing. The reverse of the original note is covered by a piece of paper that has been adhered and sewn to it for reinforcement. Good (G) grade/condition, fragile note with contemporary reinforcements, a cancellation slash in the center, and several pieces of tape fixed across the note. Rarer denomination. Rare and amazing piece of history. CT-195.

Holders of circulated banknotes in colonial and early America had a serious aversion to letting their paper currency fall apart, resulting in most banknotes being repaired by gluing or sewing other pieces of scrap paper to the original note, as was the case with this banknote. 

The Colony of Connecticut used the pound, shilling, and pence, as their currency until 1793. But, although the currency titles used in the colonies were the same as those used in Britian, Colonial currency was worth significantly less than British currency at the time. During the Revolutionary War the American colonies began issuing "bills of credit" notes that worked similarly to promissory notes, which promised to pay the bearer the denomination amount within 2 to 4 years, once the country could pay back these debts using income from taxes and international trade. The notes were originally promised with no interest but later issued began to include a 6% interest rate per year. Even after the end of the Revolutionary War and the establishment of the United States of America, states would still issue their colonial currency alongside the continental currency issued by congress in order to fund local and state endeavors rather than national debt. In 1780 congress passed an act banning the issuance and circulation of colonial currency throughout the states, establishing continental currency as the primary form of paper currency in the early republic.

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June 7th, 1776 Connecticut 1 Shilling 3 Pence Colonial Currency Note - Reinforced Back - 1776 One Shilling Three Pence CT Note - CT-195