In what some historians consider a catalyst to the American Revolutionary War, a small band of citizens (mostly farmers) from North Carolina took up arms against what they considered corrupt colonial officials. Today it is known as the War of the Regulation or the Regulator Movement.
It was 1766, ten years before the start of the American Revolution, when back-country settlers in North Carolina launched their own bid for economic and political liberty. For almost five long years the Regulator Rebellion pitted thousands of farmers against political and economic elites loyal to the British Crown who opposed the Regulators’ proposed reforms.
It appears the more productive regions of the colony were being taxed at the same rates of those less productive regions. This brought about discontent from those paying more taxes to the crown and thus a rebellion was formed to bring about change. It started with peaceful demonstrations, but culminated in May 1771 when then Governor Tryon formed a colonial militia which defeated more than 2,000 armed farmers and forcing at least 6,000 Regulators and sympathizers to swear allegiance to the government. Seven farmers were hanged.
As with all conflicts, the “War of the Regulation” had to be paid for as well. In 1771, the North Carolina Assembly authorized the issuance of 60,000 pounds in debenture notes for the purpose of paying the expenses associated with putting down the Regulators.
As a result the historical notes from December 1771 offered here were issued. Amazingly, a few have survived today for collectors to enjoy and literally hold early Colonial history in their hands. Whether or not the Regulator Movement was a precursor to the American Revolution is certainly a topic for debate. But one thing cannot be debated, and that is that these historical treasures are truly something to behold and ponder.
The story of how these came to survive has been lost, but I am excited to have discovered this book of fifty notes completely in tact and UNCUT. Each note in these uncut sheets contain a “Two Shilling & Six Pence”, “One Pound”, and “Ten Shillings” and are were printed with engraved plates saying, The Province of North Carolina is indebted to the Poffeffor (possessor) here of ———- (denomination) proc. Money to be paid out of the Public Treafury (treasury) according to Act of Affembly (assembly) pafsed (passed) Dec. 1771.
A vignette is displayed in the lower left corner and signers to the right were Richard Caswell, 1st and 5th governor of North Carolina, as well as, an appointee as one of the delegates to attend the Constitutional Convention in 1787. Other signers were Lewis De Rosset, John Harvey, and John Rutherford all important figures in early Colonial history.
According to The 5th Edition of Early Paper Money of America published in 2008, the fair market value for all notes combined in these uncut sheets is $1,200 for uncirculated, $1,800 for choice specimens and $2,400 for GEM uncirculated.
The notes offered here are all from an original bound book copy which contained 50 uncut sheets. It is reasonable to assess a premium to uncut sheets, but I have not done so. Through much research of auction data, price guides, and discussion with top experts in the field I have determined that these notes are an exceptional value and I have priced them at below current published and realized fair market values.
If you are a believer in the blueprint for successful collectible acquisitions, which is rarity, popularity and historical significance then don’t hesitate in adding as many of these wonderful early Americana rarities to your collection as can be acquired.
The notes in this offering are graded by the premier currency grading service, Paper Money Guarantee (PMG), and the available grades and prices are as follows:
|Uncirculated-64||$1,575 Sold Out|
|Uncirculated-65EPQ||$1,800 Sold Out|
|Uncirculated-66EPQ||$2,450 Sold Out|
Obviously this offer cannot be duplicated and is limited to only 50 with a variety of grades from 58-66. The average grade is in Choice Uncirculated grades of 63 and 64. Only two are available in the 66 grade and they will sell quickly, so d on’t hesitate, please contact your Monaco representative immediately.