Continental Currency April 11, 1778 Yorktown Issue Five Dollars PMG Choice VF-35

Currency:USD Category:Collectibles Start Price:650.00 USD Estimated At:800.00 - 1,000.00 USD
Continental Currency April 11, 1778 Yorktown Issue Five Dollars PMG Choice VF-35
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Continental Currency
April 11, 1778 “Yorktown” $5 Continental Currency Issue
Continental Congress Currency. April 11, 1778. Yorktown Issue. Five Dollars. Genuine. PMG graded Choice Very Fine-35.
Fr. CC-72. This “Yorktown” issue Continental note is well printed and nicely centered having even overall circulation. The signatures and the serial number are in red and brown. Holder states previously mounted, edge damage. However, we point out the edge is the deckled paper of the marginal sheet edge “as made.” A nice looking example and far more vivid than most genuine “Yorktowns.”
Emissions totaling $25,000,000 payable in Spanish milled dollars, or the equivalent in gold or silver, was authorized by Continental Congress resolutions passed at Yorktown on April 11, May 22 and June 20, 1778 and resolutions passed at Philadelphia on July 30 and September 5, 1778.

This issue is known as the “Yorktown” issue. Because of the extensive counterfeiting discovered in the May 20, 1777 issue this issue includes new engraved border cuts on the obverse and on the reverse newly redesigned letter type, typeset ornaments, border designs and new nature prints. Also, because of inflation denominations below $4 were eliminated and $20 and $40 notes were added. Even with the new designs there was extensive counterfeiting so that these bills were included in the January 2, 1779 recalled mentioned above in the May 20, 1777 issue. Also, this was the first issue, which was not even accepted at face value by the Continental Congress at the date of issue.

By April of 1778 the Congress officially valued the currency at $2.01 in Continental dollars for $1 in specie. The devaluation of continental currency had begun in most states, as early as January 1777; by April of 1778 in some states the exchange was as high as $6 continental to $1 specie. Printed by Hall and Sellers who moved to Yorktown with the Congress from September 30,1777 - June 27, 1778. The paper, made at Ivy Mills in Chester County, Pennsylvania, contained blue fibers and mica flakes. Detector bills were printed on blue paper. Denominations include the: $4, $5, $6, $7, $8, $30 and $40.