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Lot 208: Historic 1780 Revolutionary War Massachusetts Bay Commodity Based Interest Bond
Historic Autographs, Civil War Encased Postage Stamps, Colonial, Revolutionary War, Federal Era, Coins, Currency, Medals
December 10, 2016
Rancho Santa Fe, CA, USALive Auction
1780 Revolutionary War Massachusetts Commodity Bond
January 1, 1780-Dated Revolutionary War. State of Massachusetts Bay. "Commodity" Based Bond. 294 Pounds 6 Shillings 3 Pence. Anderson Reference MA-22. Very Fine.
This "Commodity" Bond was payable in current money according as, "five bushels of corn, sixty-eight pounds and four-sevenths parts of a pound of beef, ten pounds of sheepswool, and sixteen pounds of sole leather." Signed by Dawes and Cranch for committee and H. Gardner as Treasurer. A historic original Revolutionary War Massachusetts 6% Bond, being issued to, "cover the depreciation of pay soldiers received while serving in the Continental Army" according to Anderson. This Commodity certificate was given to Massachusetts Continental soldiers towards payment in Continental Currency, with the assurance that they would receive the proper value of their pay based upon the going rates of various commodities used, as a fix of value. Certificate reads, in part: "in the then current Money of the said State, in a greater or less Sum, according as Five Bushels of CORN, Sixty-eight Pounds and four-sevenths Parts of a Pound of BEEF, Ten Pounds of SHEEPS WOOL, and Sixteen Pounds of SOLE LEATHER shall then cost, more or less than One Hundred and Thirty Pounds current Money, at the then current Prices of said Articles.